Nextracker Acquires Ojjo to Expand Utility-Scale Solar Tracker Foundations Business
FREMONT, Calif.–(BUSINESS WIRE)–Nextracker (NASDAQ: NXT), a global provider of intelligent solar tracker and software solutions, today announced it has acquired Ojjo in an all-cash transaction for approximately $119 million. The purchase price is subject to working capital and other customary purchase price adjustments. Ojjo is a U.S.-based renewable energy company specializing in foundation technology and services used in utility-scale ground-mount applications for solar power generation. Combining Nextracker’s industry-leading smart solar tracker system with Ojjo’s foundation technology will enable engineering procurement construction companies (EPCs) and solar power plant developers to benefit from a more complete, integrated solution for various soil conditions when developing, designing, and installing their projects.
“We are thrilled to welcome Ojjo to Nextracker,” said Dan Shugar, founder and CEO of Nextracker. “Our customers greatly value proven integrated solutions to improve project design, simplify procurement, and reduce risk for their projects. This partnership builds on our successful product collaboration with Ojjo. Their team brings geotechnical products and expertise in foundation systems that are especially well-suited to rocky sites, with control system intellectual property that is broadly applicable to a range of equipment. This acquisition furthers our successful global tracker foundation business with next-generation, differentiated technology.”
Building on a multi-year relationship with Ojjo involving testing, evaluation, and collaboration on joint customer solar projects, adding Ojjo’s patented foundations portfolio will provide Nextracker customers with a holistic solar tracker and foundations systems solution. Ojjo technology and foundation solutions will be offered with Nextracker’s NX Horizon™ integrated solar tracker systems and advanced software solutions, and will also continue to be available to customers for use with other compatible solar trackers.
“I am proud of what the Ojjo team created. Nextracker is by far the best partner to drive this technology to its fullest potential in the utility-scale marketplace,” said Mike Miskovsky, outgoing Ojjo CEO, who will be providing transitional support to Nextracker into the next fiscal quarter.
Strategic and Financial Benefits Summary
- Expands Nextracker’s addressable market opportunity for challenging soil conditions
- Advances Nextracker’s existing foundations capabilities and is expected to accelerate the future development and innovation of new solar foundation solutions to meet customer demand
- Creates value for Nextracker and Ojjo customers through integrated tracker and foundations systems offering, and a more cost-effective model
- Expands sustainable light-on-land solution that eliminates pre-drill and refusals, and significantly reduces subsurface risk
- Scales Nextracker’s patented technology portfolio to over 600 total patents issued and pending
The transaction closed on June 20, 2024, and is not expected to be material to fiscal 2025 results.
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed-generation solar projects around the world. Our products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. With an operating fleet in forty countries, Nextracker leads the solar industry with solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit www.nextracker.com and www.ojjo.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the acquisition of Ojjo by Nextracker, future financial and operating results of Ojjo and Nextracker, and benefits of the transaction and future opportunities for the combined company. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including: the ability of Nextracker to successfully integrate Ojjo’s operations and employees; unexpected costs, charges or expenses resulting from the transaction; Nextracker’s ability to successfully grow its or Ojjo’s business; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; the retention of key employees, customers or suppliers; and legislative, regulatory and economic developments, including changing business conditions in our industry or markets overall and the economy in general. Other risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextracker’s most recent Quarterly Report on form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.
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