Nextracker acquires Origami Solar in roughly $53M all-cash transaction

Nextracker (NXT) 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 $53M including future contingent earnout consideration. “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.”