PV tracker manufacturer Nextracker has acquired US-based solar foundation company Ojjo to expand its utility-scale solar foundations business.
The acquisition will be carried out in an all-cash transaction for nearly US$119 million. Nextracker said combining its solar tracker technology 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.
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Ojjo’s technology will be offered alongside Nextracker’s NX Horizon solar tracker and software solutions.
The acquisition further accelerates the solar tracker manufacturer’s expansion which recently opened a second manufacturing line in the US state of Nevada in collaboration with industrial manufacturing services company Unimacts. The second tracker manufacturing line brings the total manufacturing capacity to 2GW, after opening the first facility in Las Vegas in September 2023.
The purchase price is subject to working capital and other customary purchase price adjustments and is not expected to be material to fiscal 2025 results.
Dan Shugar, founder and CEO of Nextracker, said: “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.
Ojjo came up with a solar foundation built as a truss, which looks similar to a reversed V shape, as shown in the picture above. PV Tech Premium spoke last year with Mike Miskovsky, chairman and CEO at Ojjo, about the company’s technology and its application in more complicated soil and shallow bedrock.
Furthermore, Nextracker published last month its financial results for the fiscal year 2024 – which runs until 31 March 2024 – and increased its backlog by more than 50%. Compared to the previous fiscal year, the backlog went from US$2.56 billion in FY23 to over US$4 billion in FY24.
