Nextracker announced during an annual earnings meeting that it had acquired Solar Pile International (SPI), a manufacturer of proprietary ground supports, for about $48 million on Wednesday. SPI produces a range of patented solar panel foundations that drive a spiral end into the ground using a rotating channel that moves independently of the outer pole.
The pole series from Solar Pile International
This acquisition comes just over a month after Nextracker announced the purchase of Ojjo, another ground mounting manufacturer with a patented pole system.
“Our fiscal year is off to an excellent start with another quarter of strong execution as healthy demand dynamics for solar trackers continued in both the US and international markets,” said Dan Shugar, Founder and CEO of Nextracker. “We also unveiled new product solutions, expanded several of our partners’ manufacturing facilities and added foundation solutions with the acquisition of the foundation businesses of Ojjo and Solar Pile International.”
Additionally, Nextracker expects to produce 100% domestically made tracker systems sometime in 2025, according to its fiscal year reporting.
News item from Nextracker