FTC Solar, Inc. (NASDAQ:FTCI) shares are racing higher in after-hours trading Tuesday following the announcement of a multi-year tracker supply agreement with Strata Clean Energy.

The Details: FTC Solar was selected by Strata Clean Energy to supply approximately 500 megawatts of its Voyager 2P solar tracker technology for multiple project sites in the U.S.

FTC Solar will be the preferred 2P solar tracker supplier over a three-year initial term, which could expand to over a gigawatt of volume. Strata is expected to utilize a combination of FTC Solar's tracker solutions and SunPath software.

The company said the first project under the three-year agreement is expected to begin in the fourth quarter of 2024.

"We are honored to be selected by Strata, a solar development, EPC, and O&M leader, to further strengthen our relationship with a multi-year agreement," commented Yann Brandt, FTC Solar's President and CEO.

"FTC has differentiated and value-enhancing trackers and will go above and beyond for customers, enabling solar projects to be installed safely and quickly. We look forward to demonstrating our full capabilities to help make each project a resounding success for Strata."

FTCI Price Action: According to Benzinga Pro, FTC Solar shares are up 126.52% at 51 cents at the time of publication Tuesday.

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