ALLEN, Texas (December 12, 2022) – The Allen Economic Development Corporation (AEDC) announced today that Sol-Ark, a global leader in the design and manufacturing of solar and energy storage technology solutions, is moving its headquarters to Allen and occupying over 300,000 SF of office and manufacturing space.
“Sol-Ark is the type of innovative company that will thrive in Allen,” said Daniel Bowman, AEDC Executive Director. “We know that solar power technology is a booming sector within the energy industry and we are thrilled to have Sol-Ark investing in our community and becoming one of Allen’s largest employers.”
Sol-Ark has leased 180,000 SF of warehouse space at 915 Enterprise Blvd. for production, research/design, product support and repairs. This warehouse facility is located just blocks away from the 115,000 SF building they have now leased for their corporate headquarters at 805 N. Central Expwy. The company plans to install solar panels on both buildings, as well as a solar tracker array.
“Allen is the perfect place for our growing business because of its central location within the Metroplex and the opportunity to create a collaborative corporate campus,” said Sol-Ark CTO Tom Brennan. “Because we are a expanding rapidly, being surrounded by a highly skilled workforce was also an important factor in the site selection process.”
Sol-Ark is a veteran-owned and privately held company, founded in 2013 by local power engineers who were determined to prepare and protect families and businesses from utility power outages without reliance on fuel-based generators. Today, the company manufactures a wide range of solar-related electronics including inverters and load control systems for residential, commercial and industrial uses.
The company is rapidly growing by introducing new products such as electric vehicle chargers, and by entering new global markets. Sol-Ark is in the process of preparing for an initial public offering (IPO) to fuel the company’s future growth and as a vehicle to share company stock with employees. It plans a pre-IPO sale in Q1 2023 and full IPO in 2024.
Executives are also participating in funding available through the Federal Inflation Reduction Act, which encourages the reshoring of production operations for green-energy related equipment and is aimed at stimulating consumer demand.
The addition of Sol-Ark’s headquarters and manufacturing increases the city’s commitment to future-looking energy operations. Allen is also home to the headquarters of CapturePoint, a company focused on carbon capturing recovery systems for industrial users, and to MD7, a global telecommunications firm that recently added electric vehicle charging stations at an area of focus.
New commercial projects supported by AEDC this past year, includes Allen Tech Hub, a 105,000 square-feet Class A office building in the Watters Creek District opening late 2022, and The Farm in Allen, which recently broke ground on the first phase of the development. The HUB, an open-air, family friendly entertainment venue with live music, televised sports and movies, located within The Farm’s entertainment district is now open.
In total, Allen has over nine million square feet of Class A office space planned within four different mixed-use projects.
About Allen Economic Development Corporation
The Allen Economic Development Corporation (AEDC) is funded through a citywide half-cent sales tax and charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and generates additional tax revenue to the community. To learn more, visit www.AllenEDC.com.
Headquartered in Plano, Texas, Sol-Ark is a solar and energy storage technology firm designing and manufacturing multiple inverter lines and load management devices. Founded in 2013 by local U.S. Veterans with deep experience in power electronics, semiconductors, and hardware design, the Sol-Ark team was determined to prepare and protect their own families and businesses from utility power outages by providing reliable and robust solutions. The Sol-Ark all-in-one hybrid inverters are best-in-class technology with speed, efficiency, and power as their main advantages, as well as great versatility. Continuing to expand the innovative offering in depth and capability, Sol-Ark added string inverters and micro-inverters enabling a broad diversity of application types. The Sol-Ark mission is to continue making the most reliable, innovative, and robust solar and energy storage solutions to protect families and their businesses. We are “Powering Families Through Life™”. Dedicated to providing world-class customer support and continuing innovation, the Sol-Ark team is carrying out the vision of making solar plus energy storage affordable for all.