NEXTracker, Inc., a Silicon-Valley-based designer and manufacturer of single axis PV trackers, has raised USD$25 million in equity and growth capital financing. The funding round, which closed in December, includes investments from SJF Ventures, Tennenbaum Capital Partners and earlier investors Sigma Partners and DBL Investors. NEXTracker, based in Silicon Valley, provides state-of-the-art solar trackers that maximize system energy output while reducing installation and operating costs, resulting in substantially increased solar project profits.
"Coming on the heels of last year's tremendous increase in customer shipments, NEXTracker is appreciative of the capital from our investors to further scale production," said NEXTracker CEO Dan Shugar. "We are now able to deliver over 200 MW/month. We have also expanded our team with experienced solar project personnel in North and South America, Europe, Asia, and Australia to provide customers the highest level of professional services and support to ensure smooth delivery of their solar power projects."
“This financing will ensure that NEXTracker's technology helps even more solar project owners surmount design and installation challenges, while driving down the cost of solar deployment," said Dave Kirkpatrick, managing director and co-founder of SJF Ventures, who has joined NEXTracker's board.
"NEXTracker's technology is facilitating large- and utility-scale project deployments by minimizing site grading and grounding requirements, while simplifying design, assembly, installation, cleaning and maintenance," noted Todd Jacquez-Fissori, Managing Director, Energy Technology Group Head at Tennenbaum Capital Partners, LLC, a firm with over $5 billion in invested capital. "We're proud to be providing financing to NEXTracker, as their innovations in tracker technology have been proven on dozens of projects financed by leading banks with total value in excess of $450 million."
Global demand for solar trackers continues to expand rapidly as the market has transitioned to higher irradiance locations where trackers deliver outstanding increases in power production. NEXTracker's technology is proven to be a cost-effective solution to maximize solar project returns. Advanced features address and overcome layout constraints, significantly reduce the number of foundations and use of steel, eliminate stress on the drive components by aligning modules with the axis of rotation, and simplify AC wiring requirements.
(Photo Credit: NEXTracker)