10:57 AM EDT, 09/04/2024 (MT Newswires) -- Shoals Technologies ( SHLS ) said it has signed a nonbinding memorandum of understanding with Riyadh-based United Utilities Environmental Services to develop localized solar electrical balance of systems manufacturing for Saudi Arabia and the region.

Saudi Arabia has planned to develop up to 130 gigawatts of renewable power generation in the next six years, with solar power being a significant portion, the company said Wednesday.

Shoals said its plug-and-play, prefabricated EBOS solutions will help to accelerate the development.

Shares of Shoals Technologies ( SHLS ) were down more than 2% in recent trading.

Price: 6.06, Change: -0.18, Percent Change: -2.81