Shoals Technologies Group Appeals ITC Reversal Decision to Federal Circuit and Receives Institution in New ITC Action Against Voltage

Enforcement of Intellectual Property Remains Priority for Advancement of US Solar Industry

PORTLAND, Tenn., Feb. 11, 2025 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (Shoals) (Nasdaq: SHLS), a global leader in electrical balance of system (EBOS) solutions for the energy transition market, announced today that it has filed a Petition for Review and Notice of Appeal to the United States Court of Appeals for the Federal Circuit. The appeal seeks review of the International Trade Commission (ITC) decision to reverse the Administrative Law Judge’s (ALJ) prior determination that Voltage’s LYNX trunk bus products infringe Shoals’ ’153 Patent.

In the filing, Shoals requests that the Federal Circuit Court of Appeals review and overturn the ITC’s interpretation of the Shoals ’153 Patent. The review would be on a “de novo” basis, meaning the court will review the interpretation without deferring to the ITC’s latest determination. A favorable appeal should result in the Federal Circuit either finding infringement or remanding the case to the ITC to apply the ALJ’s interpretation of the ‘153 Patent. Shoals is confident that under the proper interpretation, the ALJ’s initial determination finding that Voltage did in fact violate Section 337 of the Tariff Act of 1930 by importing infringing LYNX trunk bus products into the United States, will be upheld.

The ITC also announced today that it has decided to institute a new investigation into Voltage’s infringement of Shoals’ two newly issued ’375 and ’376 patents as alleged in Shoals’ complaint filed with the ITC on January 9^th. These new patents relate to an improved trunk bus lead assembly for solar energy projects, and Shoals believes they provide protection against both existing designs as well as any alternative designs that Voltage may create seeking to bypass the original ’153 Patent.

“This appeal and the filing of the new ITC complaint confirm Shoals’ commitment to enforce our intellectual property rights and to prevent the illegal importation of trunk bus lead assemblies that infringe these rights,” Brandon Moss, CEO of Shoals Technologies Group stated. “We will continue to protect our American jobs, facilities, production and innovation from attack by a foreign producer and importer of infringing products.”

About Shoals Technologies Group

Shoals Technologies Group is a leading provider of electrical balance of systems (EBOS) solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group is a recognized leader in the renewable energy industry. For additional information, please visit: https://www.shoals.com.

Forward-looking Statements:

This press release contains certain forward-looking statements, that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management.

These forward-looking statements relate to, among other things, the outcome and timing of the new patent infringement case filed with the ITC, as well the Company's existing patent infringement case filed with the ITC and related appeal, the Company’s future growth, including growth of the Company’s IP portfolio, and possible effects on the Company’s business strategies and operations. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company’s expectations include, among other things; we are subject to risks associated with the appeal filed with the Court of Appeals for the Federal Circuit and the patent infringement complaints that we filed with the U.S. International Trade Commission and District Courts; if we fail to, or incur significant costs in order to, obtain, maintain, protect, defend or enforce our intellectual property and other proprietary rights, including those that are subject to the patent infringement actions we filed with the Federal Circuit, ITC and District Courts, our business and results of operations could be materially harmed; changes in the U.S. trade environment, including the imposition of trade restrictions, import tariffs, anti-dumping and countervailing duties could adversely affect the amount or timing of our revenue, results of operations or cash flows; and the market for our products is competitive, and we may face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share.

These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company’s management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that the Company’s actual future results may be materially different from what the Company expects. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Media Relations
Lindsey Williams Companies , VP of Marketing and External Communications
Lindsey.williams@shoals.com

Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
investors@shoals.com