Nextracker Acquires Ojjo to Expand Utility-Scale Solar Tracker Foundations Business

Fremont, California, June 20, 2024 – Nextracker (NASDAQ: NXT), a global leader in intelligent solar tracker and software solutions, has announced the acquisition of Ojjo in an all-cash deal valued at approximately $119 million, subject to customary working capital and other adjustments. Ojjo, a U.S.-based company specializing in foundation technology for utility-scale solar power generation, will now be integrated with Nextracker’s advanced solar tracker system. This merger aims to provide a comprehensive solution for various soil conditions, benefiting engineering procurement construction companies (EPCs) and solar power plant developers in the development, design, and installation of their projects.

Dan Shugar, founder and CEO of Nextracker, expressed his excitement, stating, “We are thrilled to welcome Ojjo to Nextracker. Our customers highly value integrated solutions that improve project design, simplify procurement, and reduce risk. This acquisition enhances our successful collaboration with Ojjo, adding their expertise in geotechnical products and foundation systems, especially for rocky sites, along with valuable control system intellectual property.”

This acquisition follows a multi-year relationship between Nextracker and Ojjo, involving extensive testing, evaluation, and joint customer projects. Ojjo’s patented foundation solutions will now be offered alongside Nextracker’s NX Horizon™ solar tracker systems and advanced software solutions, while also remaining available for other compatible solar trackers.

Mike Miskovsky, outgoing CEO of Ojjo, praised the acquisition, saying, “I am proud of what the Ojjo team has accomplished. Nextracker is the best partner to fully realize this technology’s potential in the utility-scale marketplace.” Miskovsky will provide transitional support to Nextracker through the next fiscal quarter.

Strategic and Financial Benefits:

• Market Expansion: Broadens Nextracker’s opportunities in challenging soil conditions.
• Enhanced Capabilities: Strengthens Nextracker’s foundation capabilities and accelerates the development of innovative solar foundation solutions.
• Customer Value: Delivers integrated tracker and foundation systems, offering a cost-effective model.
• Sustainable Solutions: Promotes a sustainable light-on-land solution, eliminating pre-drilling and refusals, and reducing subsurface risk.
• Patent Portfolio Growth: Expands Nextracker’s patent portfolio to over 600 issued and pending patents.

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.