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Nextracker Inc. (NXT) is an American solar tracker manufacturing company based in Fremont, California.[2]

Key Information

History

[edit]

In 2014, Solaria Corporation spun off their tracker technology to create Nextracker, with Dan Shugar as the CEO.[3]

Flextronics purchased Nextracker in 2015 for $330 million.[4] In 2016, Nextracker acquired BrightBox Technologies, Inc., which develops predictive modeling software and machine-learning technologies.[5] This acquisition led to the development and 2017 launch of TrueCapture, an intelligent, self-adjusting tracker control system that continuously refines the tracking algorithm of each individual solar array in response to existing site and weather conditions, delivering 2% to 6% energy gains.[6]

Nextracker expanded in more than 20 U.S. manufacturing lines in Texas, Arizona, Pennsylvania, Illinois, Tennessee, and Nevada between January 2021 and August 2024.[7] As of March 31, 2024, the company’s total global manufacturing capacity was approximately 1,000 MW per week, supporting up to 50 GW of annual shipments.[8]

In February 2023, the company raised $638 million in a U.S. initial public offering, selling 26.6 million shares of Class A common stock at $24 per share, resulting in a corporate valuation of more than $3.5 billion. It debuted on the Nasdaq Global Select Market on February 9, 2023, under the ticker symbol, NXT.[9][10]

In late 2024, a class action lawsuit was filed against Nextracker and several of its executives, including Dan Shugar, in the U.S. District Court for the Northern District of California. The complaint alleges violations of federal securities laws, asserting that the company and its leadership made materially false or misleading statements during the class period, which allegedly led to investor losses. The lawsuit claims that the defendants, including Shugar, failed to disclose adverse facts about the company's business and operations, thereby misleading investors. [11]

Technology

[edit]

As of March 31, 2024, Nextracker had more than 600 patents related to solar tracking hardware systems, including innovations that increase energy yields, reduce costs, and expand tracking system applications.[12][8]

Solar trackers

[edit]

The company pioneered decentralized, single-axis trackers that connect each row of solar panels to its own motor and control system. This design allows each solar panel row to move independently to position the panels toward the sun, maximizing energy yield for the entire fleet.[12]

The company’s terrain-following trackers adapt to a site’s natural contours, reducing grading requirements, minimizing environmental impact, and expanding the viability of solar projects on landscapes with extreme terrain.[13]

In 2024, Nextracker introduced tracker technology that uses weather-forecasting data and AI to automatically adjust solar panel angles into a stow mode ahead of hailstorms to avoid direct hits.[14][15] The product was developed to mitigate the rising cost of insuring solar arrays from hail and other weather-related damage.[16] The same technology is also used to stow panels during grid outages without operator intervention.[13]

Software, controls & training

[edit]

The company’s software monitors weather conditions, checks for blind spots, and directs the position of individual rows of solar panels to optimize energy yield.[12] A new tracking function added in 2023 adjusts trackers to variations in cloud cover across an entire power plant, enabling plants to chase clouds for added gains without compromising tracking performance during clear sky conditions[13]

PowerworX Academy

[edit]

The company’s PowerworX Academy provide operators of utility-scale solar power plants from around the world with training in tracker installation, commissioning, operations and maintenance. Graduates receive professional development credits from the North American Board of Certified Energy Practitioners.[17]

Acquisitions

[edit]

In 2016, Nextracker acquired BrightBox Technologies Inc., a predictive modeling software and machine-learning technologies company. Located in Berkeley, California, BrightBox develops technologies that increase the energy yield of solar projects.[18][19]

In 2024, Nextracker acquired Ojjo, a San Rafael, California-based renewable energy company that specializes in foundation technology and services used in utility-scale solar power projects. Ojjo’s truss systems use half the steel of conventional foundations and are designed to minimize grading requirements in utility-scale projects. The all-cash transaction was valued at US$119 million.[20][21]

In 2024, Nextracker acquired solar PV foundations supplier Solar Pile International, located in Leetsdale, Pennsylvania, for US$48 million. The acquisition supports Nextracker’s plans to provide integrated solutions for a broad range of soil conditions at utility-scale projects.[22][23]

In 2025, Nextracker acquired Bentek Corporation, a San Jose, California-based provider of electrical balance of systems (eBOS) solutions for solar power plants, in an all-cash transaction valued at approximately $78 million. The acquisition supports Nextracker’s efforts to expand its portfolio of integrated, cost-efficient solar technologies.[24][25][26]

Sustainability and legacy

[edit]

In April 2024, Nextracker introduced a solar tracker system with a carbon footprint that is up to 35% lower than traditional trackers. The low-carbon tracker system, which is produced with an electric arc furnace manufacturing process and uses recycled steel, received the Carbon Trust Product Carbon Footprint Label certification.[27][28]

In 2023 and 2024, the National Renewable Energy Laboratory (NREL) teamed with Nextracker to advance PV tracker reliability during severe weather events. The company built two self-powered PV tracking systems that were deployed at the NREL’s National Wind Technology Center in Golden, Colorado for a large-scale study on the impact of severe weather on the equipment.[29]

In 2023, Nextracker partnered with Samarthanam Trust for the Disabled to install solar PV systems at Government Primary Health Centres in Kondapur and Atmakur, both located in Sangareddy district of India. These 6 kW PV systems donated by Nextracker help bring healthcare services to 50,000 underserved residents in the region.[30]

In 2022, Nextracker partnered with Flex Instituto de Tecnologia to launch the Brazil Center for Solar Excellence, South America’s largest solar tracker research and development facility. Located in Sorocaba, Brazil, the research center, test lab, and training facility addresses every stage of a solar tracker system’s lifecycle.[31]

References

[edit]
[edit]
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Nextracker

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from Grokipedia
Nextpower (formerly Nextracker) is an American technology company specializing in the design, manufacturing, and sale of intelligent and software solutions for utility-scale solar power projects, aimed at optimizing energy yield efficiency. Founded in 2013 by Dan Shugar and headquartered in Fremont, California, the company was acquired by in 2015 for $330 million to expand Flex's solar offerings. It went public through an initial public offering (IPO) on the Nasdaq under the ticker symbol NXT in February 2023, raising approximately $638 million, and fully separated from Flex via a of remaining shares in January 2024, becoming an independent entity. It rebranded to Nextpower in November 2025. Nextpower has grown to become the global market leader in , with installations exceeding 150 GW worldwide as of 2025.

History

Founding and Early Development

Nextracker was founded in 2013 by Dan Shugar, along with co-founders Marco Garcia, Marco Miller, Mike Mehawich, Alexander Au, and Tyroan Hardy, as a startup focused on developing to enhance the efficiency of . Shugar, a veteran in the since 1988, established the company in Fremont, California, aiming to address limitations in fixed-tilt solar installations by pioneering that allows panels to follow the sun's east-to-west path, thereby typically increasing energy yield by 15-25% compared to static systems. In its early years, Nextracker concentrated on prototyping and testing its within the recovering following the , a period marked by renewed investment in utility-scale projects amid falling . The company secured initial funding to support these efforts, including a of $7.12 million on February 21, 2014, followed by a $25 million in December 2014 from investors such as SJF Ventures, Tennenbaum Capital Partners, Sigma Partners, and DBL Investors, which enabled doubling manufacturing capacity to 200 MW per month and entry into agreements with major clients like . During this formative phase in the early 2010s, Nextracker encountered significant industry challenges, including fierce competition from low-cost imported , particularly from and Southeast Asia, which led to pricing pressures and a contraction in manufacturing capacity for and related hardware. Supply chain vulnerabilities, such as reliance on international sources for steel and aluminum essential for tracker structures, were compounded by tariffs and trade policies like the 2012 Section 201 safeguards, which failed to fully shield domestic players from bankruptcies and production shifts abroad. These hurdles tested the startup's resilience as it navigated a volatile market before its acquisition by in 2015.

Acquisition by Flex and Expansion

In September 2015, acquired Nextracker for approximately $330 million, including an $85 million , to bolster its renewable energy portfolio with advanced . This integration allowed Nextracker to leverage Flex's global manufacturing expertise and resources, enabling the company to scale production of its while maintaining its focus on utility-scale projects. During the 2016-2022 period, Nextracker significantly expanded its manufacturing footprint and penetrated key international markets, particularly in and Australia, to meet growing demand for . In 2017, the company announced plans to locally manufacture additional structural components of its in India through partnerships with five local suppliers, which supported rapid deployment in the region's burgeoning renewable sector. By 2020, Nextracker entered the Australian market with its NX Horizon tracker optimized for , securing selection for the country's largest solar power plant and demonstrating compatibility with advanced photovoltaic technologies to boost energy yield. These expansions were facilitated by 's global network, which provided technological integrations such as improved controls and software for enhanced tracker performance across diverse climates. A major milestone came in 2017 when Nextracker achieved over 10 GW of global sales, solidifying its leadership in the market and highlighting the effectiveness of its growth strategy under . This accomplishment underscored the company's ability to deliver , with contributing to higher efficiency in installations worldwide by 2020. Organizational changes during this era included streamlining operations for and incorporating Flex's to reduce costs and accelerate project fulfillment.

Initial Public Offering and Recent Milestones

In February 2023, Nextracker completed its initial public offering (IPO) on the NASDAQ exchange under the ticker symbol NXT, marking its transition to a . The offering raised $638 million through the sale of 26.6 million shares priced at $24 each, resulting in a company valuation exceeding $3.5 billion. This traditional IPO, rather than a , provided Nextracker with enhanced access to to support its growth in the . Following the , Nextracker achieved significant milestones, including record financial performance in , with revenue reaching $2.5 billion, a 31% increase year-over-year. The company also expanded its operations into new regions such as and , contributing to a record backlog exceeding $4 billion by the end of the fiscal year. Additionally, on January 2, 2024, Nextracker finalized its from , with Flex distributing all remaining shares to its shareholders, allowing Nextracker to operate as a fully independent entity. Nextracker solidified its market leadership during this period, securing the top global position in shipments for the tenth consecutive year and capturing approximately 26% of the worldwide market share in 2024. This dominance was recognized through various industry accolades, including leadership in the U.S. market, underscoring the company's role in advancing utility-scale solar projects globally.

Products and Services

Solar Tracker Hardware

Nextracker's primary solar tracker hardware offering is the NX Horizon, a engineered for utility-scale photovoltaic installations to optimize orientation throughout the day. This decentralized design features independent rows that enhance reliability and simplify installation, with each row capable of supporting configurations such as 1 module in portrait orientation and up to 3 x 1,500 V or 4 x 1,000 V strings per standard tracker, including options for partial-length trackers to accommodate site-specific layouts. The system is compatible with a wide range of module sizes, including large-format and , allowing flexibility in project design. For challenging terrains, Nextracker offers the NX Horizon-XTR, an advanced variant built on the core NX Horizon architecture but optimized for sloped and uneven sites, reducing the need for extensive while maintaining structural integrity. This enables installations on slopes that would otherwise be uneconomical, with the system adapting to natural site contours to minimize grading costs. Key technical specifications of the NX Horizon series include a typical row spacing of 16 feet, which supports efficient land use and shading minimization between rows. The are designed to withstand , with configurable capabilities up to () for and up to 4,800 Pa (100 psf), ensuring resilience in . Compatibility extends to various , with self-grounding, tool-actuated fasteners for secure attachment. The hardware is constructed primarily from , providing corrosion resistance and durability in harsh environmental conditions such as high humidity or . By enabling continuous of the sun's position, the NX Horizon hardware delivers energy yield improvements of up to 25% compared to , depending on site latitude and , through enhanced exposure to direct sunlight. This gain is achieved via the mechanical rotation, which aligns optimally without relying on .

Software Solutions and Controls

Nextracker's software ecosystem centers on that optimize the performance of through , , and predictive algorithms. A key component is NX Navigator, a next-generation smart tracker control system that enables plant owners and operators to monitor and securely control utility-scale solar assets at granular levels, from site-wide overviews to individual tracker details. By leveraging and , NX Navigator enhances overall system efficiency and supports seamless integration with existing . TrueCapture represents another cornerstone of Nextracker's software offerings, functioning as an intelligent and that dynamically adjusts based on real-time weather, , and light conditions to maximize . It includes specialized that automatically position trackers into protective configurations during high winds, snow events, or , using weather forecasts and machine learning to balance asset protection with minimal yield loss—for instance, scheduling snow shed operations to reduce accumulation and boost output. Independent studies have validated TrueCapture's effectiveness, showing annual energy yield gains averaging over 2% across diverse sites by addressing issues like row-to-row shading and through . These capabilities are particularly valuable in variable terrains, where might incur 2-4% losses, making TrueCapture a critical tool for enhancing project financial viability. Nextracker's software solutions also emphasize robust integration with systems, allowing for centralized real-time monitoring and control across . Through NX Navigator's intuitive , operators can interface with to access precise data on array performance and environmental parameters, enabling proactive responses to . This integration supports by aggregating sensor data from network control units and , facilitating early detection of potential faults and reducing downtime. Complementing these controls, Nextracker's data analytics features deliver comprehensive yield optimization reports and fault detection tools via platforms like NX One and NX Pulse. NX One provides portfolio-wide analytics and real-time key performance indicators, unifying data across the solar lifecycle to identify optimization opportunities and generate actionable insights for maximizing gigawatt-hour output. Meanwhile, NX Pulse excels in rapid fault pinpointing with high accuracy, using consistent data sources to support on-site teams in preventive actions and minimizing outages. These analytics, backed by terabytes of operational data and machine learning, enable operators to refine tracking strategies row-by-row, achieving measurable improvements in plant performance without exhaustive manual intervention.

Technology and Innovations

Core Tracking Technologies

Nextracker's core tracking technologies center on , which rotate along a single axis—typically east-west—to follow the sun's daily path, thereby optimizing energy capture throughout the day. These systems employ slew drive mechanisms, consisting of a motorized gear assembly that provides precise torque for rotation, enabling reliable operation in utility-scale installations. The mechanics involve a central drive shaft connected to that support rows of panels, allowing for synchronized movement across large arrays while minimizing energy loss from misalignment. Foundation designs in Nextracker's are engineered to accommodate diverse soil types, ensuring stability and ease of installation. For instance, the NX Anchor™ solution is tailored for soft or frost-prone soils, utilizing that provide high with minimal site disturbance, while the Ojjo Earth Truss® is designed for rocky terrain, distributing loads through a to reduce the need for extensive drilling. These adaptations allow for efficient deployment on varied landscapes, from sandy deserts to uneven hillsides, by conforming to the terrain and reducing requirements. in Nextracker's trackers focus on enhancing by adjusting and row spacing to maximize reflected light exposure on the . This involves of to balance front-side direct normal irradiance with on the rear, often achieving gains of 5-7% under (around 20% reflectivity) and 10-12% under (around 50% reflectivity). By minimizing shading from adjacent rows and elevating structures to capture , these techniques convert additional light into electricity without requiring hardware modifications. Environmental adaptations in Nextracker's systems include features that enable to protect panels during . The NX Horizon Hail Pro, for example, uses to tilt rows up to 60 degrees in seconds, combined with to withstand impacts, thereby mitigating damage in . is integrated through the use of components and on , ensuring longevity in humid, coastal, or by preventing and material degradation over decades of exposure. Energy output models for Nextracker's trackers demonstrate that typically increase annual energy production by 15-25% compared to fixed-tilt arrays, primarily through continuous that align panels with the . These models account for during or to further optimize yield, using simulations that factor in , , and shading losses. For , the combined effect can push gains toward the higher end of this range by capturing , with tools like TrueCapture software refining predictions for site-specific performance.

Research and Development Efforts

Nextracker has demonstrated significant investment in since its founding in 2013, focusing on advancing and associated . The company has filed over 125 globally, with approximately 59 granted and more than 72% remaining active, covering innovations in mechanical, electrical, and software aspects of . These efforts underscore Nextracker's commitment to that enhances tracker efficiency and reliability in utility-scale applications. In pursuit of cutting-edge advancements, Nextracker has established collaborations with academic institutions to support . A notable partnership is with the University of California, Berkeley's , announced in January 2025, to create the CAL-NEXT Center for Solar Energy Research. This initiative aims to drive leading-edge programs, including a planned state-of-the-art facility, fostering innovations in solar technologies through joint academic-industry efforts. Nextracker's initiatives emphasize next-generation features, particularly AI-driven to optimize performance and for flexible deployment. Through recent acquisitions, the company has integrated AI tools for , enabling early detection of mechanical and electrical issues to minimize . Additionally, technologies like TrueCapture incorporate AI and machine learning for dynamic panel angle optimization, enhancing energy capture in varying conditions. These developments build on core by incorporating for greater adaptability. A key innovation from Nextracker's is the NX Horizon Hail Pro, which features for extreme weather protection, including and to mitigate . Launched as part of a next-generation tech suite in 2023, this technology combines to provide resilient responses to rapidly changing , improving and .

Operations

Manufacturing and Supply Chain

Nextpower maintains primary manufacturing operations in the , with its headquarters located in Fremont, California, and additional production facilities across states such as , , , , and to support domestic assembly and component production. Internationally, the company has established facilities in India, where 95% of its tracker components are manufactured through local partnerships, achieving an annual capacity of 10 GW, and in , including a plant in Guadalajara for producing self-powered controllers and other components to enable localized production. These sites facilitate efficient scaling for utility-scale projects by integrating assembly lines dedicated to solar tracker hardware. To ensure scalability for gigawatt-scale orders, Nextpower has formed strategic with key steel and component suppliers, including JM Steel for expanded production in and Texas, MSS Steel Tubes USA in , BCI Steel in , and for domestically sourced materials. These collaborations have resulted in over 25 with more than 30 GW of annual capacity, emphasizing to meet demand and comply with . Additionally, partnerships like the multi-year agreement with T1 Energy for advanced solar panel frames further strengthen the supply of specialty steel components made in the . Nextpower incorporates into its manufacturing processes, notably through the NX Horizon low carbon tracker system, which utilizes , , and reduced carbon-intensive materials to achieve up to 35% lower across the , as verified by third-party . The company sources materials from and has earned the Carbon Footprint label certification for its NX Horizon system, demonstrating a commitment to and by diverting materials from . These efforts align with broader , including future company-wide . In response to following 2020, such as those caused by the COVID-19 pandemic and , Nextpower diversified its early in its history and expanded domestic manufacturing partnerships to mitigate risks and ensure timely delivery for projects. For instance, the company commissioned a new with JM Steel in Texas specifically to address global disruptions, while ongoing onshoring initiatives have insulated operations from . This strategy supports Nextpower's by enhancing resilience in .

Global Market Presence

Nextracker holds a leading position in the U.S. solar tracker market, where it captured approximately 36% of North American shipments in 2023 and maintained the top global ranking in 2024. The company has expanded significantly into the Asia-Pacific (APAC) region, achieving over 5 GW of smart solar tracker systems deployed in India by 2023, supported by local manufacturing capacity. Nextracker reached a milestone of 10 GW in operational or under-fulfillment projects across the Middle East, Africa, and India by late 2023. To address diverse environmental conditions, Nextracker develops localized adaptations for its , such as designs with high wind resistance capabilities. The company ensures across markets through adherence to , including requirements for safety and performance in . As of 2024, Nextracker employs over 1,000 people worldwide, supporting its operations in more than 30 countries to facilitate regional market strategies and customer service.

Key Projects

Notable Utility-Scale Installations

Nextracker's have been deployed in several landmark utility-scale projects worldwide, contributing significantly to the advancement of large-scale solar energy generation. One of the company's most prominent installations is the 875 MW Orion Solar projects in , completed in 2024, which utilized Nextracker's trackers to optimize energy production across the expansive site. This project, one of the largest solar facilities in the United States, demonstrates the scalability of Nextracker's technology in , where trackers help maximize sunlight capture throughout the day. Internationally, Nextracker has played a key role in the 550 MW Oricheio Solar Project in Greece, one of Europe's largest solar complexes, by supplying trackers that enhance the park's overall efficiency. The deployment in Oricheio, which advances the region's , highlights Nextracker's ability to support massive renewable energy initiatives in diverse climates. Real-world performance data from such installations has shown energy yield improvements of up to 25% compared to fixed-tilt systems, underscoring the practical benefits of Nextracker's tracking solutions in utility-scale settings. In terms of deployment timeline, Nextracker's largest projects have seen rapid growth, with cumulative installations exceeding 100 GW as of 2024, including major contributions to facilities like the 875 MW Orion Solar projects in . These milestones reflect a progression from early -focused deployments in the to a global portfolio by the early 2020s, with notable expansions in regions like and the Middle East.

Partnerships and Customer Base

Nextracker has established partnerships with several prominent utility-scale solar developers, including Silicon Ranch and Leeward Renewable Energy. In 2022, Nextracker signed a master supply agreement with Silicon Ranch, a major , to deliver 1.5 gigawatts (GW) of through 2024, emphasizing U.S. manufacturing and . Similarly, in 2023, the company expanded its collaboration with Leeward Renewable Energy through a three-year volume commitment agreement for 3 GW of NX Horizon , supporting projects across strategic U.S. geographies and incorporating . The company has also formed strategic partnerships with module manufacturers to provide integrated solutions, such as its 2025 multi-year framework agreement with T1 Energy Inc. for supplying patented steel module frames to T1 Energy's 5-GW solar manufacturing facility in Dallas, valued at over $75 million and aimed at enhancing domestic production capacity. Additionally, Nextracker entered a joint venture with Abunayyan Holding in 2025 to create Nextracker Arabia, focusing on manufacturing and supplying solar tracking systems for utility-scale projects in Saudi Arabia and the broader MENA region, building on prior deliveries exceeding 6 GW in the area. These collaborations enable seamless integration of trackers with solar modules, reducing logistics risks and supporting regional energy transitions. Nextracker maintains long-term service through that ensure ongoing support for maintenance and upgrades in customer projects. For instance, the agreements with Silicon Ranch and Leeward Renewable Energy include provisions for and , such as NX Navigator, to optimize long-term performance and reliability. In , partnerships like the 2025 selection by Casa dos Ventos for 1.5 GW of projects further demonstrate commitments to sustained collaboration with developers for project execution and post-installation services. is reflected in industry recognitions and performance outcomes, with Nextracker receiving a top supplier award from in 2024 for excellence in safety, performance, and . The company's fiscal year 2025 results highlighted exceeding customer satisfaction targets, supported by reliable technologies like the NX Horizon series, which feature weather-resilient designs to minimize downtime. These efforts underscore Nextracker's focus on delivering high-reliability solutions that meet developer expectations in utility-scale deployments.

Financial Performance

Revenue Growth and Market Position

Nextracker has experienced significant revenue growth in recent years, driven primarily by sales of its . For fiscal year 2024, the company reported revenue of $2.5 billion, marking a 31% increase from $1.9 billion in fiscal 2023 and a substantial rise from $1.5 billion in fiscal 2022. This expansion reflects the increasing demand for utility-scale solar projects and Nextracker's focus on intelligent tracking technologies. In terms of market position, Nextracker maintained its leadership in the , capturing approximately 26% share in 2024 by shipping 28.5 GWdc out of a total market of 111 GWdc. The company has held the top position for ten consecutive years, benefiting from its strong presence in the , which dominates global tracker installations. In the U.S. utility-scale segment, Nextracker is among the top suppliers, contributing to the market where the leading three vendors account for 90% of domestic supply. Geographically, , particularly the United States, remains Nextracker's primary revenue source, underscoring its focus on the domestic market amid robust . Growth has also extended to regions like , though specific breakdowns highlight the U.S. as the core driver. A key factor influencing this trajectory is the U.S. Inflation Reduction Act (IRA), which has boosted revenue through advanced manufacturing tax credits, including approximately $52 million in fiscal year 2025 results and $93 million in subsequent quarters. These incentives have supported expanded production and sales of .

Acquisitions and Investments

Nextracker has pursued strategic acquisitions to expand its capabilities in solar project components. In 2025, the company acquired Bentek Corporation, a provider of solutions, to integrate advanced wiring and electrical infrastructure into its offerings, enhancing overall system efficiency and reliability for utility-scale installations. This move allowed Nextracker to offer end-to-end solutions, reducing integration challenges for customers and strengthening its position in the global solar supply chain. Beyond acquisitions, Nextracker has made targeted investments in to bolster its software and ecosystem. These investments have supported innovations in software platforms that monitor and optimize performance in , addressing variability in . Following its 2023 initial public offering (IPO), Nextracker raised approximately $694 million in net proceeds, which were allocated to initiatives as well as manufacturing capacity expansion. A portion of these funds has been directed toward enhancing in and software, while also scaling production facilities to meet growing demand in key markets like the United States and India. This capital infusion has facilitated investments in and , positioning the company for accelerated growth in diverse renewable energy applications. These acquisitions and investments have significantly diversified Nextracker's portfolio beyond core , incorporating complementary technologies in , software, and storage to provide comprehensive solutions for utility-scale projects. By integrating these elements, Nextracker has reduced dependency on standalone tracker sales and enhanced its competitive edge in the evolving .

Leadership and Governance

Founders and Executive Team

Nextracker was founded in 2013 by Dan Shugar, who has served as its since inception. Shugar brings over 35 years of experience in the , beginning his career in 1988 and holding prior leadership roles such as CEO of Solaria Corporation from 2010 to 2013, President of Systems at from 2007 to 2009, and President of PowerLight Corporation from 1996 to 2007. Marco Miller co-founded the company alongside Shugar and currently serves as , with more than 20 years in solar operations, including positions as Senior Director of Customer Care at Solaria Corporation from 2011 to 2013 and senior management roles at SunPower Corporation in Europe, the Middle East, and Africa from 2007 to 2011. The executive team demonstrates deep expertise in renewable energy, with many members having prior experience at prominent solar companies like and PowerLight. For instance, Howard Wenger, who joined as President in February 2022, has nearly 40 years in the , including executive roles at SunPower from 2007 to 2017 and as at PowerLight from 2003 to 2007. Similarly, Bruce Ledesma, since January 2025, previously served as at SunPower from 2007 to 2012 and at PowerLight from 2005 to 2007, contributing legal and operational insights to . Following Nextracker's public listing via an initial public offering (IPO) in February 2023, the leadership team underwent changes to support public company operations, including the appointment of Charles Boynton as Chief Financial Officer in May 2024. Boynton, with prior CFO experience at from 2012 to 2018 and as of 8point3 Energy Partners, a solar-focused entity, enhanced the team's financial governance capabilities. Dan Shugar has continued his involvement as CEO, guiding the company's expansion in .

Board of Directors

Nextracker's , as of June 2025, consists of eleven members structured into three classes with to ensure continuity and stability in governance following the company's initial public offering (IPO) in February 2023. The board features a mix of , industry experts in renewables and finance, and individuals with historical ties to Flex Ltd., the company's former parent, reflecting a balanced approach to oversight that combines external perspectives with operational familiarity. Independent directors predominate on key committees, aligning with Nasdaq listing requirements and emphasizing accountability in areas such as and . William Watkins has served as Chairman since 2023, bringing extensive experience in energy storage and technology management from roles including CEO of Seagate Technology and current board positions at and , where he contributes to strategic oversight and risk management for Nextracker's growth in . Other key members include Dan Shugar, the founder and CEO who joined the board in 2023 and provides deep expertise in , having led deployments exceeding 130 GW globally as of ; and Howard Wenger, President since 2022 and a director since 2024, whose 35 years in solar and inform decisions on market expansion and technology adoption. Directors like Jeffrey Guldner (joined 2024), former CEO of , and Monica Karuturi (joined 2025), EVP and General Counsel at , add utility-scale and regulatory insights, enhancing the board's strategic contributions in renewables and . -affiliated experts, such as Willy Shih (director since 2023, former Flex board member with manufacturing background from Harvard Business School faculty), help bridge historical ties while focusing on . The board operates through three standing committees to fulfill its oversight responsibilities: the , which monitors , , and , and chaired by Brandi Thomas (an with experience from General Motors); the Compensation and People Committee, responsible for , , and , under Willy Shih's chairmanship; and the Nominating, Governance and Public Responsibility Committee, overseeing director nominations, corporate governance, and , with William Watkins as chair. All committee members are independent, ensuring unbiased decision-making on critical matters like sustainability oversight, which is integrated into the Nominating Committee's purview to align with Nextracker's environmental goals in . Since the 2023 IPO, the board has evolved from an initial group of six members—including Watkins, Shugar, Shih, and others with finance and clean energy backgrounds—to eleven by adding directors like Julie Blunden (2024, with renewables and compensation expertise from EVgo and Solar Energy Industries Association roles), Guldner, and recent 2025 appointees Menezes (energy policy from U.S. Department of Energy) and Karuturi, while anticipating the departure of Jonathan Coslet post-2025 annual meeting. This expansion has diversified the board's expertise in finance (e.g., Steven Mandel from TPG Rise Climate) and renewables, strengthening governance for public company operations and global market leadership in solar trackers.

References

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  13. https://investors.nextracker.com/news/news-details/2020/What-is-a-Solar-Tracker-and-How-Does-it-Work-01-16-2020/default.aspx
  14. https://www.anernstore.com/blogs/diy-solar-guides/fixed-tilt-vs-single-axis-trackers
  15. https://www.prnewswire.com/news-releases/nextracker-raises-25-million-of-growth-capital-financing-from-sjf-ventures-tennenbaum-capital-partners-existing-investors-doubles-manufacturing-capacity-300032650.html
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