Business
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
About this update from Flex Ltd.
[{"type":"text","content":" FREMONT, Calif.--(BUSINESS WIRE)--\nNextracker (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.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240620323461/en/Owned and operated by SB Energy, the Titan Solar Power Plant features Nextracker's NX Horizon smart solar tracker paired with Ojjo's Earth Truss foundation system. (Photo: Nextracker)\n\"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.\"\n\n\nBuilding 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.\n\n\n“I am proud of what th...