Status: Closed | Initiation Price: $4.03 | Result: +36.2%
Coverage ended on July 23, 2025, as communicated through a performance review. The original text is reproduced below for reference:
FTCI is another stock I wouldn’t have covered due to its exposure to macro dynamics. At the time, I believed solar was a bipartisan issue, as repeatedly emphasized by Yann Brandt, CEO, in his SolarWakeup newsletter. However, his policy outlook has since shifted. Initially, he stated that “2025 has the solar industry heading in the right direction and me on the road,” but now he accuses Republicans of wanting to “tax the sun” and urges readers to “contact [their] Senators and get [their] voice heard.” That level of political exposure is too much for a macro-agnostic portfolio. Exiting at ~33% profit.
FTC Solar, Inc. (NasdaqCM:FTCI) is a global provider of solar tracker systems. To address potential concerns about renewable companies due to Trump’s reelection, I’ve pasted below the policy outlook shared by Yann Brandt, FTCI’s new CEO, in his SolarWakeup newsletter:
From 2017 to 2020, solar grew from about 11GW to 19GW
Last year solar was a $60bn market and the main generation source driving the build out for the growing demand for electricity
The ITC has been extended while both parties have been in power, including during Trump’s first term
Tariffs and duties have been put in place while both parties have been in control of the White House
There are nearly 45GW worth of domestic plants operational and some estimates have 85% of those investments in republican congressional districts
Last month, 18 members of the House GOP signed on to support the solar tax credits in a letter to the Speaker of the House
Yann concluded, "solar is a bipartisan issue amongst legislators, politicians and voters. […] The headlines may be grim at the moment but solar has only grown since Trump was first elected in 2016 and is poised to continue to grow now."
Last week’s tweet by Elon Musk highlights the bipartisan nature of solar: ”Solar power will be the vast majority of power generation in the future.”
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