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Array Technologies, one of New Mexico鈥檚 few publicly traded companies, cut the ribbon Wednesday on a new $50 million factory on Albuquerque鈥檚 West Side.

But the ceremony inside the air-conditioned, 216,000-square-foot facility 鈥� attended by Mayor Tim Keller, U.S. Sen. Martin Heinrich, D-N.M., and company executives 鈥� comes as Array grapples with a volatile market for solar energy companies.

Wall Street investors have been putting money in and out of solar energy stocks as they attempt to read the ever-changing policy landscape, Array CEO Kevin Hostetler said in an interview. Specifically, he cited a Federal Communications Commission ban on foreign-produced power inverters and pending tariffs on imported polysilicon.

In February, Array鈥檚 stock was trading at over $12 per share. On Wednesday after market close, Array鈥檚 stock, traded on the Nasdaq, was priced at $4.48 per share, down 4.6% from the opening bell.

鈥淭his is an industry that has to resolve several of the economic changes that have been announced in the past two months,鈥� Hostetler said. 鈥淥nce those get figured out, once there鈥檚 a more balanced view towards solar, you鈥檒l see that rebalance.鈥�

The company, which manufactures solar tracking equipment, was founded in Albuquerque 35 years ago. It has since grown into one of New Mexico鈥檚 unicorn companies, trading on the Nasdaq under the ticker symbol ARRY and selling its products to utility-scale solar projects worldwide.

Hostetler maintained that the company鈥檚 balance sheet remains strong. Array reported $342.1 million in net revenue and $63.3 million in earnings for the .

鈥淭he underlying performance of the company, if you look at that, has never been stronger,鈥� Hostetler said of Array鈥檚 earnings figures. Citing demand for its products, he pointed to a 鈥渞ecord backlog, record new product development, incredible margins.鈥�

Policy whiplash

Renewable energy investors are feeling whiplash, caught between the Biden administration鈥檚 2022 Inflation Reduction Act and the Trump administration鈥檚 hostility toward renewable energy.

That law created a suite of tax credits for renewable energy companies such as Array to reshore manufacturing operations; Trump鈥檚 One Big Beautiful Bill Act rescinded and sunsetted many of those credits, including portions of the 45X Advanced Manufacturing Production Credit, which incentivizes domestic manufacturing of energy components.

鈥淗onestly, without that support, this would not have been possible,鈥� Hostetler said, citing the Biden-era 45X credit. 鈥淲e would not have done this facility. We would not have had the backstop to say this is what economically makes this fire.鈥�

Heinrich, the ranking member of the U.S. Senate Committee on Energy and Natural Resources, said the Republican majority in Congress does not have an appetite to encourage renewable energy manufacturing. 

鈥淲e have to have a smart industrial policy, and I think 45X represents that,鈥� Heinrich said in an interview. 鈥淵ou can see the proof is in the pudding in a facility like this, with so much investment, tripling their manufacturing footprint, and doing it all domestically.鈥�

鈥楢 huge step forward鈥�

The new factory, at 701 Atrisco Vista NW, is three times the size of Array鈥檚 prior Albuquerque site in the city鈥檚 Midway Business Park. Hostetler said the company will close that factory, and that employees of its old facility are working at the new one.

Gary Bennett, Array鈥檚 chief supply chain officer, said in an interview that the expansion will allow it to manufacture more parts than it previously produced 鈥� cutting out some third parties from the company鈥檚 manufacturing operations.

Last year, the company paid $179 million to acquire APA Solar, an Ohio-based maker of solar racks and other foundation infrastructure 鈥� its first move beyond manufacturing tracker components.

鈥淚t鈥檚 a huge step forward, not only in size but also in capabilities,鈥� Bennett said.

The new facility, which employs roughly 300 workers, also puts the company closer to the West Coast solar market as utilities in the region transition to renewables.

鈥淲e鈥檝e entered into the stamping space,鈥� he said. 鈥淲e are making the steel components. We鈥檙e getting raw coil from U.S. manufacturers.鈥�

New Mexico鈥檚 Economic Development Department awarded Array $2.5 million in Local Economic Development Act funds for the expansion. The city of Albuquerque and Bernalillo County also awarded Array $250,000 each in LEDA funds.

The county also approved $14 million in industrial revenue bonds, which give the company breaks from paying certain local taxes.

Barbara Baca, a county commissioner who attended the opening, said Array鈥檚 expansion shows 鈥渨hat鈥檚 possible when the county, the city of Albuquerque and the state work together toward shared economic goals.鈥�

鈥淭he project shows that Array can continue to grow right here at home instead of relocating out of state,鈥� Baca said.

Justin Horwath covers tech and energy for the Journal. You can reach him at jhorwath@abqjournal.com.