Nextracker (NASDAQ: NXT), a global provider of intelligent solar tracker and software solutions, 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.

“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.”

Building 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.

“I am proud of what the Ojjo team created. Nextracker is by far the best partner to drive this technology to its fullest potential in the utility-scale marketplace,” said Mike Miskovsky, outgoing Ojjo CEO, who will be providing transitional support to Nextracker into the next fiscal quarter.

Strategic and Financial Benefits Summary

  • Expands Nextracker’s addressable market opportunity for challenging soil conditions
  • Advances Nextracker’s existing foundations capabilities and is expected to accelerate the future development and innovation of new solar foundation solutions to meet customer demand
  • Creates value for Nextracker and Ojjo customers through integrated tracker and foundations systems offering, and a more cost-effective model
  • Expands sustainable light-on-land solution that eliminates pre-drill and refusals, and significantly reduces subsurface risk
  • Scales Nextracker’s patented technology portfolio to over 600 total patents issued and pending

The transaction closed on June 20, 2024, and is not expected to be material to fiscal 2025 results.