Solar

Solar anxiety be damned, Nextracker keeps soaring

Solar anxiety be damned, Nextracker keeps soaring
(Credit: Nextracker )

The solar industry is accustomed to ebbs and flows. The “solar coaster” moniker didn’t come out of nowhere. But that doesn’t mean the industry is immune to the anxiety as political winds shift. In fact, some in the industry have spent the past year “Trump-proofing” their businesses in case the 45th president becomes the 47th.

That hasn’t slowed down Nextracker, a solar tracker and software provider, which just notched its sixth consecutive quarter of year-over-year, double-digit revenue growth. The company increased revenue year-over-year by 50% to $720 million in the last quarter. Most of Nextracker’s revenue — 71% — came from sales in the U.S.

“Our fiscal year is off to an excellent start with another quarter of strong execution, where healthy demand dynamics continued for solar trackers in both the U.S. and international markets,” Nextracker founder and CEO Dan Shugar said.

Shugar is known for his unyielding passion and optimism, but it appears Nextracker’s customers aren’t overly worried about solar’s future either.

Nextracker’s backlog sits at $4 billion— 80% of which they expect to realize over the next two years. Howard Wenger, the company’s president, said they’re seeing strong demand for domestically manufactured products, including a firm order for a 100% domestic content tracker.

“Customers are not equivocating with respect to placing orders” or waiting for further guidance from the Treasury Department, or election results, Wenger said. Nextracker now boasts 30 GW of U.S. manufacturing capacity after an expansion in Pittsburgh and adding a new plant in Nevada. Shugar appeared on Factor This! in 2022 and discussed Nextracker’s decision to invest heavily in U.S. manufacturing amid supply chain constraints and trade disputes facing the solar industry.

Nextracker is also dipping its toe in new water with the acquisition of solar foundation manufacturer Ojjo, which supports project development on hard rock terrain.

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