New Mexico Finally Has A Billionaire Resident – Solar Tycoon Ray Corio

By on May 14, 2021 in ArticlesBillionaire News

As of this writing, there are approximately 2,755 billionaires in the world. Of those 2,755, roughly 724 live in the United States. And up until recently, not one called the great state of New Mexico home.

Ray Corio is the 59-year-old founder of Array Technologies. As of this writing his $1.1 billion net worth officially makes him the 2,524th richest person in the world.

Corio moved to Albuquerque from New Jersey in 1979 and founded Array in 1989 at the age of 28 with $16,000 of his own money. Array Technologies is one of the world's largest manufacturers of ground-mounting systems that are used in solar energy projects. Corio's company controls 30% of the solar tracker market in the United States.

solar panels of a photovoltaic power plant (Photo by LOIC VENANCE/AFP via Getty Images)

Corio's road to becoming a billionaire was solidified in October 2020 when he took Array Technologies public. The IPO raised more than $1.2 billion. Today the company has a market cap of $3 billion.

The company generated $827.7 million in revenue in 2020. As of June 2020, the company employed 350 people in its 43,000-square-foot manufacturing space and 26,000 square feet of warehouse and office space.

Corio stepped down as CEO before the IPO but remains on Array's board of directors. He sold several hundred million dollars worth of stock during the IPO and in a secondary offering.

Today he owns roughly 11% stake of the company's outstanding shares.

Corio is the very definition of a self-made billionaire entrepreneur. The longtime Albuquerque resident keeps a low profile and told the local newspaper that he hopes his story inspires other entrepreneurs to follow their dreams, work hard, and see what comes of it. Corio said his success is all about following what you're passionate about.

Before Corio became a billionaire, New Mexico was one of just seven states without a billionaire. Mack Chase of Mack Energy Corporation is the next richest person from New Mexico with a $910 million net worth. Peyton Yates of Yates Drilling Company and Yates Petroleum Corporation is the third wealthiest person in New Mexico with a net worth of $710 million.

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