Company Overview
Nextracker Inc. (recently rebranded as Nextpower in November 2025) is the world's leading solar tracker manufacturer, holding an average 30% global market share for seven consecutive years according to WoodMackenzie and IHS Markit. Based in Fremont, California, the company has shipped over 130 GW of smart solar tracking systems worldwide, enabling utility-scale solar projects to maximize energy generation by automatically adjusting panel angles to follow the sun throughout the day.
Founded in 2014 when Solaria Corporation spun off its tracker technology, Nextracker was established by CEO Dan Shugar and co-founder Alexander Au (CTO) to commercialize pioneering decentralized, single-axis tracking technology. The company's breakthrough NX Horizon system, launched in 2014, featured independent-row tracking where each solar panel row connects to its own motor and control system, allowing precise positioning to maximize energy yield. This design revolutionized the industry and enabled rapid growth, attracting acquisition by Flextronics for $330 million in 2015.
Nextracker went public on NASDAQ (NXT) in 2023, achieving a market capitalization of approximately $9.8 billion as of July 2025. The company reported record fiscal year 2025 revenue of approximately $3 billion with a backlog exceeding $4.5 billion, demonstrating robust demand for solar tracking solutions driven by the U.S. Inflation Reduction Act and global renewable energy expansion. In fiscal Q4 2025, revenue reached a record $924 million, up 26% year-over-year.
Under Dan Shugar's leadership as CEO and Chairman, Nextracker has built a comprehensive intellectual property portfolio including 132 mechanical patents, 52 electronics and controls patents, and 171 software-driven yield improvement patents. The company's TrueCapture smart control system, launched in 2017, uses advanced sensors, weather forecasting, and machine learning to boost solar plant production by up to 6%, with over 22 GW deployed worldwide. In 2024, Nextracker introduced weather protection technology using AI to automatically adjust panels ahead of hailstorms, addressing rising insurance costs.
In 2025, Nextracker significantly expanded beyond hardware into AI and robotics, investing over $40 million to acquire three technologies: OnSight (autonomous robotic inspection and fire detection), SenseHawk IP (AI-enabled drone mapping), and Amir Robotics (water-free robotic cleaning). The company appointed Dr. Francesco Borrelli as Chief AI and Robotics Officer to lead this strategic expansion. Nextracker also acquired Bentek Corporation ($78M), Origami Solar ($53M), Solar Pile International ($48M), and Ojjo to vertically integrate manufacturing and reduce dependence on imports, strengthening the domestic solar supply chain.
The Nextracker Story
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Emerging Innovator
Nextracker is an emerging player bringing innovative solutions to the Climate & Energy market.
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