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Nextracker
Company typePublic company
RevenueUS$2,500 million (2024)
US$587 million (2023)
US$306 million (2023)
Total assetsUS$2,520 million (2023)
Total equityUS$992 million (2023)
Number of employees
1,050
Websitenextracker.com
Footnotes / references
[1]

Nextracker (NXT) is an American solar tracker manufacturing company based in Fremont, California.[2]

History

[edit]

In 2014, Solaria Corporation spun off their tracker technology to create Nextracker, with Dan Shugar as the CEO.[3]

Flextronics purchased Nextracker in 2015 for $330 million.[4] Nextracker expanded in more than 20 U.S. manufacturing lines in Texas, Arizona, Pennsylvania, Illinois, Tennessee, and Nevada between January 2021 and August 2024.[5] 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.[6]

In February 2023, the company raised $638 million in a U.S. initial public offering, selling 26.6 million shares of Class A common stock at $24 per share, resulting in a corporate valuation of more than $3.5 billion. It debuted on the Nasdaq Global Select Market on February 9, 2023, under the ticker symbol, NXT.[7][8]

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.[9][6]

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.[9]

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.[10]

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.[11][12] The product was developed to mitigate the rising cost of insuring solar arrays from hail and other weather-related damage.[13] The same technology is also used to stow panels during grid outages without operator intervention.[10]

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.[9] 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[10]

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.[14]

Sustainability and legacy

[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 Trust Product Carbon Footprint Label certification.[15][16]

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.[17]

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.[18]

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.[19]

References

[edit]
  1. ^ "Annual Reports". nextracker.com.
  2. ^ Deffenbaugh, Ryan (2024-02-01). "NXT Stock: Why Solar Stock Nextracker Is Surging Today". Investor's Business Daily. Retrieved 2024-08-28.
  3. ^ 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. Potomac, Maryland: New Degree Press. pp. 235–246. ISBN 979-8885046398.{{cite book}}: CS1 maint: date and year (link)
  4. ^ "Flextronics Buys NEXTracker for $330 Million". Greentech Media. Retrieved 2024-08-29.
  5. ^ 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.
  6. ^ a b "2024 Nextracker Annual Report". nextracker.com. Retrieved 29 August 2024.
  7. ^ "Nextracker Jumps Up to 29% After Upsized $638 Million US IPO". Bloomberg. 2023-02-09. Retrieved 2024-08-29.
  8. ^ "Solar tech firm Nextracker raises $638 mln in upsized U.S. IPO". Reuters. 8 February 2023. Retrieved 29 August 2024.
  9. ^ a b c "Nextracker Is the Market Leader in the Growing Solar-Tracking Industry". Morningstar. 16 September 2024. Retrieved 23 October 2024.
  10. ^ a b c Jacobo, Jonathan Tourino (2023-09-07). "Nextracker Unveils Next Generation Tech Suite to Address Hail, Undulating Terrain, and Rapidly Changing Atmospheric Conditions". PV-Tech. Retrieved 2024-10-23.
  11. ^ 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.
  12. ^ 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.
  13. ^ Vandewege, Renny. "Reducing Hail Risk Can Save Millions For Solar Industry". Forbes. Retrieved 2024-08-29.
  14. ^ Pickerel, Kelly (2018-09-25). "NEXTracker has successfully trained 500 installers in its global tracker program". Solar Power World. Retrieved 2024-08-29.
  15. ^ "Nextracker cuts solar tracker carbon by 35% with recycled steel and electric furnaces". pv magazine USA. 2024-04-23. Retrieved 2024-08-29.
  16. ^ "Nextracker Launches Industry's First Low Carbon Solar Tracker Solution". Yahoo Finance. 2024-04-23. Retrieved 2024-08-29.
  17. ^ "Nextracker and NREL Partnership Inspires New Look at PV Tracker Industry Design Standards". National Renewable Energy Laboratory. 29 August 2024. Retrieved 29 August 2024.
  18. ^ 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.
  19. ^ magazine, pv (2022-08-17). "Nextracker and FIT Institute of Technology Launch Brazil Center for Solar Excellence". pv magazine International. Retrieved 2024-08-29.
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