Nextracker, a global provider of intelligent solar tracker and software solutions, 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.
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Combining it’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.
Dan Shugar, founder and CEO of Nextracker said, “We are thrilled to welcome Ojjo to 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.
Mike Miskovsky, outgoing Ojjo CEO said, “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, who will be providing transitional support to Nextracker into the next fiscal quarter.”
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed-generation solar projects around the world. their products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. With an operating fleet in forty countries, Nextracker leads the solar industry with solar tracker technologies that increase energy production while reducing costs for significant plant ROI.
About Ojjo
Ojjo is revolutionizing large-scale solar energy through innovative foundation technology and is creating new opportunities for lowering clean energy costs.
