Shoals Technologies Group, Inc.

# Signal Note: Driehaus Capital Initiates SHLS Position Driehaus Capital's $11.9M entry into Shoals Technologies suggests conviction in solar/renewable energy infrastructure, outside traditional biotech. SHLS manufactures electrical balance-of-system components for utility-scale solar, positioning it to benefit from IRA incentives and grid modernization tailwinds rather than clinical catalysts. This move indicates Driehaus sees value in cleantech infrastructure plays within its growth mandate, though SHLS lacks the near-term binary clinical/regulatory catalysts typical of biotech signals.