Acquisition supports industry transition to steel solar panel frames to accelerate installation, enhance durability, reduce carbon footprint, and enable local supply chains
Nextracker (NASDAQ:NXT), a leading solar technology platform provider, today announced its expansion into the solar panel frame market with the acquisition of Origami Solar, Inc., a pioneer in roll-formed steel frame technology, in an all-cash transaction of approximately $53 million including future contingent earnout consideration.
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Nextracker acquisition of Origami Solar supports industry transition to steel solar panel frames to accelerate installation, enhance durability, reduce carbon footprint, and enable local supply chains. (Photo: Nextracker)
Steel frames offer a high-performance alternative to traditional extruded aluminum frames, delivering superior strength and durability, competitive cost, a robust localized supply chain, and significantly lower carbon footprint. The use of steel as a frame material also has the potential to unlock innovation around new solar panel mounting approaches, including robotic assembly, with related improvements in mounting speed and labor cost.
Origami's frame designs are the result of four years of dedicated development and refinement, including extensive third-party laboratory testing. Engineered as a drop-in replacement for conventional aluminum frames, Origami's frames mirror standard industry form factors, allowing seamless integration into existing manufacturing lines and helping to facilitate broad and rapid adoption of steel frame technology. Origami's frames have been tested and qualified by leading panel manufacturers, and with U.S.-based fabrication capacity in place, Nextracker is well positioned to support rapid scaling.
Nextracker brings significant long-term experience and engineering expertise related to the critical panel-tracker interface. The acquisition of Origami Solar brings dedicated panel frame design and engineering talent to Nextracker to drive continued innovation around optimized panel-tracker solutions.
"Solar panel frame technology has been relatively unchanged for over 45 years," said Dan Shugar, founder and CEO of Nextracker. "During that time, the size and dynamic wind loads on solar panels have increased dramatically, especially in utility-scale tracking applications. From a structural engineering perspective, the shift from aluminum to steel is compelling — steel offers greater strength at competitive cost and significantly reduced carbon intensity. Most importantly, it helps to unlock opportunities for localized manufacturing from steel coil through final fabrication, while delivering real customer benefits like faster panel installation and improved long-term system performance. And with an estimated total addressable market (TAM) in excess of $750 million in the U.S. alone, we see this as a substantial new business opportunity for Nextracker."
"Origami Solar was founded to drive the commercialization of steel frame technology and to realize the customer value and benefits this new technology can offer," said Gregg Patterson, CEO of Origami Solar. "Our team has solved key challenges around design, performance, and high-volume production. By joining forces with Nextracker, we have a great opportunity to scale this innovation faster with their global supply chain ecosystem and deep customer relationships and to commercialize a solution that makes a real impact."
For more information and to learn more about steel frame technology at Nextracker, contact [email protected].
About Nextracker
Nextracker innovates and delivers a leading solar power technology platform with integrated tracker, electrical solutions, and yield management and control systems for utility-scale and distributed generation projects. Our advanced technology enables solar power plants to follow the sun's movement across the sky and optimize performance. With systems operating in more than 40 countries worldwide, Nextracker offers innovative solutions that accelerate solar power plant construction, increase energy output, and enhance long-term reliability. For more information, visit Nextracker.
About Origami Solar
Origami Solar is the leading developer of an innovative steel solar panel frame that is transforming the solar industry with a transparent, domestic recycled steel supply base, precise high-speed production, increased strength and performance, and dramatically lower greenhouse gas emissions. By sourcing steel from an established regional ecosystem, solar module manufacturers can eliminate supply chain risk, decarbonize their modules, and qualify for important domestic content incentives. Origami's experienced leadership team has successfully developed utility-scale solar projects, commercialized PV components, and launched and scaled several renewable energy companies. For more information, visit www.origamisolar.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 Origami Solar by Nextracker, future financial and operating results of Origami Solar and Nextracker, the benefits of the transaction and future opportunities for the combined company, including the benefits our customers may realize as a result of integrating Origami Solar's business into Nextracker's, the addressable market for solar panel frame technology, the adoption of steel frame technology in the solar power market, Nextracker's ability to scale the manufacturing of solar panel frame products and Nextracker's ability to design and commercialize integrated panel-tracker solutions. 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 Origami Solar's operations and employees; unexpected costs, charges or expenses resulting from the transaction; Nextracker's ability to successfully grow its or Origami Solar'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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