Solar Gets Special 3PL Treatment From BroadRange Logistics
It’s a competitive move as solar power continues to grow in importance.
In a world of climate change and ESG considerations by investors, solar power has gained in importance. Under the Inflation Reduction Act, there were significant expansions of tax credits for solar voltaic installation.
When you see a sector expand, there’s the chance it could lead to a business opportunity. That’s what warehousing and logistics firm BroadRange Logistics is trying to do. The company has announced that it will unveil its solar industry-focused third-party logistics (3PL) warehouse including new services such as inventory financing and warehousing cost deferrals tailored to all types of solar and clean energy companies.
The company runs nine warehouses across five states, a total of six million square feet. It focuses on short- and long-term warehousing space without contracts or minimums. BroadRange claims that its locations taken together enable it to reach 92% of the U.S. population and 72% of the Canadian population within two days. Customers range from “emerging e-commerce brands” to Fortune companies. It provides inventory warehousing, fulfillment, and value-added services like pack-pack-ship.
“Our ultimate goal is to support the growth of both large and small solar companies and remove any hurdles they might experience,” said CEO Ari Milstein in prepared comments.
According to a recent study from trade group Solar Energy Industries Association, the amount of solar capacity installed in the second quarter of 2023 was up 20% year over year. “With nearly 12 GW dc installed in the first half of the year, 2023 volumes are set to grow year-over-year, reversing the contraction the industry experienced in 2022.”
The group claimed that solar comprised 45% of all new electricity-generating capacity added to the U.S. grid in the first half of 2023.
“The commercial solar segment installed 345 MW dc, declining 9% compared to Q2 2022 and 20% compared to Q1 2023,” the report said. “While capacity decreased quarter-over-quarter, the total number of projects installed increased 7%, indicating relatively stable volumes for the segment.”