Nextracker Enters Solar Panel Frame Market with $53M Origami Solar Acquisition
Nextracker, a leading solar tracker supplier, has been crowned the top global provider for the tenth year running in 2024. In a significant move, the company has acquired Origami Solar, a U.S. steel solar frame maker, for approximately $53 million, marking its entry into the solar panel frame market.
Nextracker, known for its impressive 39% year-over-year growth in 2024, has shipped a substantial 28.5 GW of solar trackers, accounting for around 26% of the global stock market share. The acquisition of Origami Solar, a specialist in roll-formed steel manufacturing with partnerships for domestic production, is set to bolster Nextracker's offerings.
Gregg Patterson, Origami Solar's CEO, will lead the integration into Nextracker. Origami Solar's expertise in dedicated panel frame design and engineering, coupled with Nextracker's track record, promises a compelling combination. Dan Shugar, Nextracker's CEO, sees the shift from aluminum to steel frames as advantageous due to strength, durability, and lower carbon intensity. This strategic move follows Origami Solar's pv magazine award for manufacturing in 2023.
Nextracker's acquisition of Origami Solar for $53 million signals a significant expansion into the solar panel frame market. With Origami Solar's expertise and Nextracker's global reach, the combined entity aims to capitalize on the growing demand for robust, low-carbon solar solutions.
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