Draft:Nextracker
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| Submission declined on 30 August 2024 by Bobby Cohn (talk). This submission is not adequately supported by reliable sources. Reliable sources are required so that information can be verified. If you need help with referencing, please see Referencing for beginners and Citing sources.
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Comment: Appreciate you declaring your COI. Note to future reviews, the {{coi (paid)}} template has been place on the talk page. However, claims about the company must be verified by WP:RS, especially fiscal claims. Infoboxes are not exempt from this requirement. Bobby Cohn (talk) 20:04, 30 August 2024 (UTC)
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| Company type | Public company |
|---|---|
| Nasdaq\NXT | |
| Industry | Renewable Energy |
Key people | Dan Shugar (Chief executive officer & Co-founder) Howard J. Wenger (President & Director) Nicholas Miller (Chief operating officer & Co-founder) |
| Revenue |  US$2.5 Billion (Fiscal Year Ended March 31, 2024)[1] |
| US$587 Million(Fiscal Year Ended March 31, 2024)[1] | |
| US$306 Million(Fiscal Year Ended March 31, 2024)[1] | |
| Total assets | US$2.52 Billion(Fiscal Year Ended March 31, 2024)[1] |
| Total equity | US$992 Million(Fiscal Year Ended March 31, 2024)[1] |
Number of employees | 1,050[1] |
| Website | Nextracker.com |
Nextracker (Nasdaq: NXT) is a renewable energy company based in Fremont, California. The company’s intelligent solar-tracker and software solutions track the sun’s movement across the sky and adjust the position of photovoltaic (PV) panels to increase their energy yield. Nextracker supplies its technologies to utility-scale solar power plants and distributed generation solar projects worldwide.[3]
As of March 31, 2024, the company had shipped solar tracking systems for more than 100 gigawatts (GW) of capacity to 40 countries across six continents, making Nextracker the world’s largest manufacturer of solar trackers.[4][5]
History
[edit]The company’s solar tracker technology was developed in 2013 by a Solaria Corp. team led by solar pioneer Dan Shugar, then-CEO of the Fremont, California-based solar equipment manufacturer.[6] In 2014, Solaria spun off the tracker technology to create Nextracker, with Shugar as its CEO.[7]
Growth in the utility-scale solar sector boosted demand for solar trackers, which can increase a PV system’s output up to 30 percent, compared to fixed-tilt array photovoltaic systems.[8] To meet rising demand, NEXTracker doubled its manufacturing capacity to 200 megawatts (MW) per month in 2014.[9]
Flex Ltd. (Nasdaq: FLEX), an Austin, Texas-based diversified manufacturing company, purchased Nextracker in 2015 for $330 million.[10] By September 2015, Nextracker production increased to more than 500 MW a month. At that time, solar trackers were present in approximately 20% of all ground-mounted solar installations worldwide.[11]Three years later, in 2018, 70% of all new utility-scale PV capacity utilized single-axis trackers, reported Berkeley Labs’ 2019 Utility-Scale Solar report.[12]
To meet demand, Nextracker opened or expanded more than 20 U.S. manufacturing lines in Texas, Arizona, Pennsylvania, Illinois, Tennessee, and Nevada between January 2021 and August 2024 for a total U.S. manufacturing capacity of 30 GW annually.[13][14] Manufacturing lines in Australia, India, Brazil and Saudi Arabia produce an additional 20 GW of capacity each year[15]. As of March 31, 2024, the company’s total global manufacturing capacity was approximately 1,000 MW per week, supporting up to 50 GW of annual shipments.[2]
In 2022, Nextracker secured a $500 million investment from the TPG Rise Climate Fund valuing the company at $3 billion.[5] In February 2023, the company raised $638 million in a U.S. initial public offering (IPO), selling 26.6 million shares of Class A common stock at $24 apiece, resulting in a corporate valuation of more than $3.5 billion. Nextracker debuted on the Nasdaq Global Select Market on Feb. 9, 2023 under the ticker symbol NXT.[7][16][17]
In January 2024, Flex completed the spin-off of all its remaining interests in Nextracker to Flex shareholders on a pro-rata basis.[18]
Technology
[edit]As of March 31, 2024, Nextracker had more than 600 patents related to solar tracking hardware systems, including innovations that increase energy yields, reduce costs, and expand tracking system applications.[4][2]
Solar trackers
[edit]The company pioneered decentralized, single-axis trackers that connect each row of solar panels to its own motor and control system. This design allows each solar panel row to move independently to position the panels toward the sun, maximizing energy yield for the entire fleet.[4]
The company’s terrain-following trackers adapt to a site’s natural contours, reducing grading requirements, minimizing environmental impact, and expanding the viability of solar projects on landscapes with extreme terrain.[19]
In 2024, Nextracker introduced tracker technology that uses weather-forecasting data and AI to automatically adjust solar panel angles into a stow mode ahead of hailstorms to avoid direct hits.[20] [21] The product was developed to mitigate the rising cost of insuring solar arrays from hail and other weather-related damage.[22] The same technology is also used to stow panels during grid outages without operator intervention.[19]
Software, controls & training
[edit]The company’s integrated software serves as the brain for a solar tracking system. It monitors weather conditions, checks for blind spots, and directs the position of individual rows of solar panels to optimize energy yield.[4] A new tracking function added in 2023 adjusts trackers to variations in cloud cover across an entire power plant, enabling plants to chase clouds for added gains without compromising tracking performance during clear sky conditions[19]
PowerworX Academy
[edit]The company’s PowerworX Academy provide operators of utility-scale solar power plants from around the world with training in tracker installation, commissioning, operations and maintenance. Graduates receive professional development credits from the North American Board of Certified Energy Practitioners.[23]
Acquisitions
[edit]In August 2024, Nextracker acquired Solar Pile International, a U.S.-based foundations supplier for US$48 million. Solar Pile is headquartered in Leetsdale, Pennsylvania.[24]
In June 2024, Nextracker acquired Ojjo, Inc., U.S.-based renewable energy company that provides foundation technology and services for utility-scale, ground-mount solar power applications.[25]
Sustainability & Impact
[edit]In April 2024, Nextracker introduced a solar tracker system with a carbon footprint that is up to 35% lower than traditional trackers. The low-carbon tracker system, which is produced with an electric arc furnace manufacturing process and uses recycled steel, received the Carbon TrustProduct Carbon Footprint Label certification.[26][27]
In 2023 and 2024, the National Renewable Energy Laboratory (NREL) teamed with Nextracker to advance PV tracker reliability during severe weather events. The company built two self-powered PV tracking systems that were deployed at the NREL’s National Wind Technology Center in Golden, Colorado for a large-scale study on the impact of severe weather on the equipment.[28]
In 2023, Nextracker partnered with Samarthanam Trust for the Disabled to install solar PV systems at Government Primary Health Centres in Kondapur and Atmakur, both located in Sangareddy district of India. These 6kW PV systems donated by Nextracker help bring healthcare services to 50,000 underserved residents in the region.[29]
In 2022, Nextracker partnered with Flex Instituto de Tecnologia to launch the Brazil Center for Solar Excellence, South America’s largest solar tracker research and development facility. Located in Sorocaba, Brazil, the research center, test lab, and training facility addresses every stage of a solar tracker system’s lifecycle.[30]
References
[edit]- ^ a b c d e f "Nextracker, Inc. 2024 10K". nextracker.com. 31 March 2024. Retrieved 2 September 2024.
- ^ a b c "2024 Nextracker Annual Report". nextracker.com. Retrieved 29 August 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ Deffenbaugh, Ryan (2024-02-01). "NXT Stock: Why Solar Stock Nextracker Is Surging Today". Investor's Business Daily. Retrieved 2024-08-28.
- ^ a b c d "Nextracker Is the Market Leader in the Growing Solar-Tracking Industry". Morningstar, Inc. 2024-01-24. Retrieved 2024-08-28.
- ^ a b Deffenbaugh, Ryan (2023-09-29). "NXT Stock: Solar Firm Nextracker Powers Up Growth After IPO". Investor's Business Daily. Retrieved 2024-08-28.
- ^ Weirich, Tom (22 September 2022). We Took the Risk: The Stories Behind the Early Risk Takers in the U.S. Renewable Energy Industry and the Leadership Traits that Made Them a Success (in Eng). Potomac, Maryland: New Degree Press. pp. 235–246. ISBN 979-8885046398.
{{cite book}}: CS1 maint: date and year (link) CS1 maint: unrecognized language (link) - ^ a b Engel, John (2023-03-27). "Dan Shugar is just getting started". Renewable Energy World. Retrieved 2024-08-29.
- ^ "Flextronics Buys NEXTracker for $330 Million". www.greentechmedia.com. Retrieved 2024-08-29.
- ^ "NEXTracker Raises $25M in Growth Capital". www.vcnewsdaily.com. Retrieved 2024-08-29.
- ^ Kanellos, Michael. "Flextronics: A Quiet Giant In Solar". Forbes. Retrieved 2024-08-29.
- ^ "Flextronics Buys NEXTracker for $330 Million". www.greentechmedia.com. Retrieved 2024-08-29.
- ^ Content, Sponsored (2020-10-26). "Why solar trackers are a difference-maker for utility-scale solar projects". Solar Power World. Retrieved 2024-08-29.
- ^ Linder, Lauren (2024-04-26). "JM Steel announces expansion in Pittsburgh area as demand for solar energy increases - CBS Pittsburgh". www.cbsnews.com. Retrieved 2024-08-29.
- ^ Ludt, Billy (2024-05-15). "Nextracker expands Pennsylvania plant to meet new solar demand in the region". Solar Power World. Retrieved 2024-08-29.
- ^ www.ETEnergyworld.com. "Nextracker triumphs over Red Sea disruptions, sets sights on expansion in India's solar market: CEO Dan Shugar - ET EnergyWorld". ETEnergyworld.com. Retrieved 2024-08-29.
- ^ "Nextracker Jumps Up to 29% After Upsized $638 Million US IPO". Bloomberg.com. 2023-02-09. Retrieved 2024-08-29.
- ^ "Solar tech firm Nextracker raises $638 mln in upsized U.S. IPO". Reuters. 8 February 2023. Retrieved 29 August 2024.
{{cite news}}: CS1 maint: url-status (link) - ^ "Flex completes spin-off of remaining interest in Nextracker". evertiq.com. 2024-01-03. Retrieved 2024-08-29.
- ^ a b c "Nextracker Unveils Next Generation Tech Suite to Address Hail, Undulating Terrain, and Rapidly Changing Atmospheric Conditions". Yahoo Finance. 2023-09-05. Retrieved 2024-08-29.
- ^ Gearino, Dan. "Extreme Hail Storms Are Wrecking Solar Farms—but Defending Them May Be Easier Than It Seems". Wired. ISSN 1059-1028. Retrieved 2024-08-29.
- ^ Dvorak, Phred (29 July 2024). "The Rush to Shore Up the Power Grid Against Hurricanes, Heat and Hail". The Wall Street Journal. Retrieved 29 August 2024.
{{cite news}}: CS1 maint: url-status (link) - ^ Vandewege, Renny. "Reducing Hail Risk Can Save Millions For Solar Industry". Forbes. Retrieved 2024-08-29.
- ^ Pickerel, Kelly (2018-09-25). "NEXTracker has successfully trained 500 installers in its global tracker program". Solar Power World. Retrieved 2024-08-29.
- ^ Jacobo, Jonathan Touriño (2024-08-02). "Nextracker acquires PV foundations supplier Solar Pile International". PV Tech. Retrieved 2024-08-29.
- ^ Ludt, Billy (2024-06-20). "Nextracker acquires solar foundations manufactuerer Ojjo". Solar Power World. Retrieved 2024-08-29.
- ^ "Nextracker cuts solar tracker carbon by 35% with recycled steel and electric furnaces". pv magazine USA. 2024-04-23. Retrieved 2024-08-29.
- ^ "Nextracker Launches Industry's First Low Carbon Solar Tracker Solution". Yahoo Finance. 2024-04-23. Retrieved 2024-08-29.
- ^ "Nextracker and NREL Partnership Inspires New Look at PV Tracker Industry Design Standards". National Renewable Energy Laboratory. National Renewable Energy Laboratory. 29 August 2024. Retrieved 29 August 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ Jaffer, Askari (2023-09-05). "Nextracker Donates to Public Health Centers in Telangana, Uplifting 50,000 Lives with Sustainable Solar Solutions". www.thehansindia.com. Retrieved 2024-08-29.
- ^ magazine, pv (2022-08-17). "Nextracker and FIT Institute of Technology Launch Brazil Center for Solar Excellence". pv magazine International. Retrieved 2024-08-29.