Nextracker acquires Origami Solar for $53 million in cash

Nextracker (NASDAQ: NXT) announced it acquired Origami Solar Inc. for approximately $53 million in cash, including future contingent earnout consideration. The acquisition expands Nextracker into the solar panel frame market.

Origami Solar develops roll-formed steel frame technology as an alternative to traditional aluminum frames used in solar panels. The company's steel frames are designed as drop-in replacements for conventional aluminum frames, allowing integration into existing manufacturing lines.

According to the press release, steel frames offer superior strength and durability compared to aluminum, with a lower carbon footprint and potential for localized supply chains. Origami's frames have undergone four years of development and testing, including qualification by panel manufacturers.

"Solar panel frame technology has been relatively unchanged for over 45 years," said Dan Shugar, founder and CEO of Nextracker. "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."

Shugar stated the estimated total addressable market exceeds $750 million in the U.S. alone for this technology segment.

Gregg Patterson, CEO of Origami Solar, said his team has addressed challenges around design, performance, and high-volume production. "By joining forces with Nextracker, we have a great opportunity to scale this innovation faster with their global supply chain ecosystem and deep customer relationships," Patterson stated.

Nextracker operates solar tracking systems in more than 40 countries. The company provides technology platforms that enable solar panels to follow the sun's movement and optimize energy output.

Origami Solar has U.S.-based fabrication capacity in place, according to the announcement.

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