Nextracker Enters Solar Panel Frame Market with $53M Origami Solar Acquisition
Nextracker, the leading solar tracker supplier, has expanded its business with the acquisition of Origami Solar, a U.S. manufacturer of steel solar frames. The all-cash deal, valued at approximately $53 million, marks Nextracker's entry into the solar panel frame market and presents a substantial new business opportunity.
Founder and CEO Dan Shugar sees the shift from aluminum to steel frames as compelling. Steel offers greater strength at competitive costs and significantly reduces carbon intensity. This shift unlocks opportunities for localized manufacturing and delivers real customer benefits.
Nextracker's acquisition of Origami Solar brings dedicated panel frame design and engineering expertise to the company. Origami Solar, winner of a 2023 pv magazine award for manufacturing, specializes in roll-formed steel manufacturing. It has partnerships with three US steel fabricators to produce steel solar module frames domestically in Ohio and Texas. These partners are SteelTech Inc., Ohio Metalworks, and Lone Star Steel Fabricators.
Nextracker's move comes after being named the top global supplier for solar trackers for the tenth consecutive year in 2024. The company shipped 28.5 GW and achieved 39% year-over-year growth. The acquisition presents an estimated total addressable market in excess of $750 million in the U.S. alone.
Nextracker's acquisition of Origami Solar for approximately $53 million strengthens its position in the solar industry. The deal brings steel frame manufacturing expertise and opens new markets, with significant potential in the U.S. alone. This strategic move aligns with Nextracker's commitment to innovation and sustainability in solar technology.
