NextPower (formerly Nextracker)
NextPower (NASDAQ: NXT) is a vertically integrated utility-scale solar and energy-storage platform serving utility developers, hyperscalers, and AI data-center operators across 45+ countries with trackers, foundations, BESS, inverters, and AI-based control software.
- Company typePublic
- Founded2013
- HeadquartersFremont, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What NextPower (formerly Nextracker) does
NextPower (NASDAQ: NXT), formerly Nextracker, is a vertically integrated utility-scale solar and energy-storage platform headquartered in Fremont, California, and operating in 45+ countries. Founded in 2013 and IPO'd in June 2023, the company designs and manufactures single-axis solar tracking systems (NX Horizon, NX Gemini), integrated foundations (NX Anchor, Ojjo Earth Truss), battery energy storage systems via Prevalon (HD5 DC, HD5 AC, Hybrid Power Stabilizer), modular inverters via Zigor/Apex Power, and mounting structures via Zimmermann PV-Steel. Its AI-based TrueCapture energy management software dynamically optimizes tracker angles using machine learning, weather forecasting, and sensor inputs, while TrueGrid terrain-adaptive software enables deployment on challenging sites. The company has cumulatively shipped 160+ GW of trackers globally and was ranked #1 in Wood Mackenzie's 2026 Global Tracker Manufacturer Ranking.
NextPower's business model is predominantly hardware sales of solar trackers, foundations, BESS, inverters, and steel structures to utility-scale solar developers, with a growing software and lifecycle services layer (TrueCapture, TrueGrid) and a parametric wind-insurance partnership with Descartes Underwriting. Pricing is quote-based and region-dependent, ranging from below $0.05/W in the Middle East to approximately $0.14/W in the US as of Q2 2025, with prices having declined 20–30% over the past two years. The company is transitioning from a single-product tracker vendor to a full utility-scale solar + storage + power-conversion platform through 11 acquisitions over two years, including Prevalon Energy ($365M), Zimmermann PV-Steel (~$378M), and Zigor/Apex Power ($80.5M).
The company's customer base spans large utility-scale solar developers (e.g., Casa dos Ventos, Silicon Ranch, Middle Tennessee Electric), undisclosed technology companies signing gigawatt-scale PPAs for AI data-center power (1.63 GW Steel River Energy Center in Arkansas), hyperscalers via Prevalon's 1.3 GW of firm BESS supply contracts, and agricultural operators through agrivoltaics deployments such as the CattleTracker system at Christiana Solar Ranch. Go-to-market is direct enterprise field-sales with project-level engagement and strategic account teams. FY2026 revenue reached $3.56B (+20% YoY) with FY2027 guidance of $4.0–$4.4B and $845–$930M adjusted EBITDA, supported by a $5.25B+ record backlog and a global manufacturing footprint that includes 10 GW/yr contracted capacity in India.
NextPower (formerly Nextracker) firmographics
Firmographics- Name
- NextPower (formerly Nextracker)
- Legal name
- NextPower Inc.
- Website
- https://nextpower.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- NextPower (NASDAQ: NXT) is a vertically integrated utility-scale solar and energy-storage platform serving utility developers, hyperscalers, and AI data-center operators across 45+ countries with trackers, foundations, BESS, inverters, and AI-based control software.
- Ownership category
- akta.pro rank
NextPower (formerly Nextracker) industry classification
Industry- Product category
- Utility-Scale Solar Power Systems
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211), Electrical Equipment, Appliance, and Component Manufacturing (335), Electric Power Generation (22111)
- SIC
- Electronic & Other Electrical Equipment (No Computer Equip) (3600), Industrial Instruments For Measurement, Display, And Control (3823), Electronic Coils, Transformers & Other Inductors (3677), Motors & Generators (3621)
- akta.pro primary industry
- PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC)
- akta.pro secondary industries
- Solar Inverters, Power Electronics & MLPE (String/Central Inverters, Optimizers, Microinverters) (EUAMABAE), Power Electronics for Renewable & Grid-Tied Applications (Solar inverters, wind converters, grid-tie interfaces) (IMAGADAJ), Solar Design, Engineering & Performance Software (PV Modeling, Digital Twins, Monitoring) (EUAMABAH), Renewable Monitoring, Controls & SCADA Hardware Manufacturing (Sensors, RTUs, Meters) (EUAMAHAJ), Repowering, Retrofit & Life-Extension (Inverter Replacements, Tracker Upgrades, Controls) (EUACAGAJ)
Keywords
Where NextPower (formerly Nextracker) is headquartered
LocationHeadquarters
- HQ city
- Fremont
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
NextPower (formerly Nextracker) business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Solar Tracker Systems: Sale of single-axis and dual-axis solar tracking systems including NX Horizon, NX Gemini, and related components. Revenue from utility-scale project deployments globally.
- Battery Energy Storage Systems (BESS): Sale of battery energy storage systems through Prevalon acquisition, including HD5 platform products for utility-scale storage, AI data centers, and critical power infrastructure. Targets rapidly growing BESS market projected at $35 billion outside China by 2030.
- Power Conversion/Inverter Systems: Sale of utility-scale power conversion products including inverters up to 2,000V ratings and modular inverter technology for solar plants, battery storage, and data centers. Revenue from Zigor/Apex Power acquisition.
- Parametric Insurance Solutions: Partnership with Descartes Underwriting providing parametric wind insurance solutions using on-site meteorological data. Coverage limits up to $80 million globally and $100 million in US per policy.
- Software and Controls: Revenue from TrueCapture energy management software and intelligent control systems for tracker optimization and BESS management, including lifecycle services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Utility-Scale Solar Trackers |
Go-to-market motion3 records
Distribution channels1 record
Marketing channels4 records
NextPower (formerly Nextracker) product offering
Product offeringCore offering
NextPower designs, manufactures, and sells integrated hardware and software solutions for utility-scale solar power plants, including single-axis solar trackers, battery energy storage systems (BESS), power conversion/inverter systems, foundation and mounting structures, and AI-based intelligent control software. The company serves solar developers, hyperscalers, and AI data center operators globally with a vertically integrated platform covering nearly every major component of utility-scale solar and storage systems.
Product overview
NextPower operates as a utility-scale solar integrated platform, transitioning from a single solar tracker manufacturer (Nextracker) to a comprehensive clean-energy solutions provider. The platform combines hardware products including NX Horizon and NX Gemini solar trackers, NX Anchor foundation systems, Prevalon BESS platforms (HD5 DC/AC, Hybrid Power Stabilizer), and Zigor/Apex Power inverter technology with software solutions like TrueCapture AI-powered tracker optimization and TrueGrid terrain-adaptive software. Following 11 acquisitions over two years, the company now covers nearly every major component of utility-scale solar and storage systems except photovoltaic modules and battery cells, serving customers across more than 45 countries with over 160 GW deployed globally.
Differentiator
Problem solved
Functional benefit
Products and services
- NX Horizon
Quantifiable outcome
- 20-30% increased annual energy generation compared to fixed-tilt installations
- +4 more outcomes
Companies that use NextPower (formerly Nextracker)
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles5 records
NextPower (formerly Nextracker) technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature6 records
NextPower (formerly Nextracker) partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and strategic.
- Zimmermann PV-Steel GroupcoreAcquisition target: Germany-based solar mounting structure supplier with over 20 GW deployed across 58 countries. To be renamed Zimmermann PV, a NextPower Company. Expected to contribute ~€300 million annual revenue and €45 million adjusted EBITDA.
- Descartes UnderwritingcorePartnership to launch parametric insurance solution protecting utility-scale solar operators against straight-line wind events. Uses real-time wind speed data from NextPower meteorological stations with parametric triggers. Coverage limits up to $80 million globally and $100 million in US.
- AESCcoreAESC signed agreement to supply battery cells and modules for over 10 GWh of Prevalon BESS projects. Supports utility-scale storage, renewable integration, data center power infrastructure, and critical energy applications. AESC has delivered 100+ GWh across 400+ projects in 20+ countries.
- Prevalon EnergycoreAcquisition target: US-based BESS integrator JV between Mitsubishi Power Americas and EES with 6+ GWh deployed globally and 1.3 GW firm supply contracts for AI/hyperscaler data centers. Deal valued at up to $365 million.
- Mitsubishi Power AmericascoreJoint venture partner in Prevalon Energy, which NextPower is acquiring. Mitsubishi Power Americas spun off Prevalon as a JV with EES. Deal expected to close Q2 FY27.
- EEScoreJoint venture partner in Prevalon Energy alongside Mitsubishi Power Americas. Prevalon provides BESS hardware and software for utility-connected and self-powered AI data centers.
- Zigor CorporationstrategicAcquisition of Zigor's power conversion business including converter power products for solar and energy storage capabilities. Deal valued at $80.5 million with additional investment toward growth initiatives.
- Zigor Corporation / Apex PowercoreAcquisition of power conversion business including Apex Power US subsidiary for ~$80.5 million. Adds modular inverter technology for solar, BESS, and data center applications with ratings up to 2,000V and scalability to 5.2 MVA.
- Jinko SolarstrategicMulti-year supply agreement for US-manufactured steel module frames. NextPower will supply Jinko with domestically produced steel components for their US manufacturing operations.
- Silicon RanchstrategicCattleTracker agrivoltaics partnership using NextPower steel components and tracker technology at Christiana Solar Ranch in Tennessee. First commercial deployment combining utility-scale solar with full-scale beef cattle operations.
- kWh AnalyticscoreData-sharing pilot program where NextPower shares real-time and historical hail stow performance data from NX Horizon trackers with Hail Pro technology. Aims to lower insurance costs for projects demonstrating extreme weather resilience.
Scale indicators15 records
Recent moves8 records
Expansion highlights6 records
NextPower (formerly Nextracker) competitors and assessment
Company assessmentBroad incumbents
- Sungrow: Global incumbent in solar inverters, energy storage, and floating PV. Highly relevant as a competitor and complement to NextPower's Zigor/Apex inverter and Prevalon BESS offerings, with broader portfolio scale.
- Huawei Digital Power (FusionSolar): Broad incumbent in solar inverters, smart PV, and increasingly energy storage. Relevant peer for the inverter/power conversion side of NextPower's platform given global scale and AI-enabled product portfolio.
Emerging players
- Tesla Energy (Megapack): Utility-scale BESS and solar products increasingly targeting hyperscaler and AI data center power. Relevant emerging peer for NextPower's data-center-focused BESS growth ambitions.
- Fluence Energy: Pure-play utility-scale BESS integrator with comparable AI/data center power focus. Direct competitor for NextPower's Prevalon business on hyperscaler and grid-scale energy storage deals.
Direct peers
- STI Norland: Spanish-headquartered solar tracker manufacturer with global utility-scale exposure. Directly competes with NextPower on single-axis tracking systems for utility-scale solar projects.
- Array Technologies: Direct competitor in utility-scale single-axis solar trackers; ranked second globally in the Wood Mackenzie 2026 tracker manufacturer rankings behind NextPower. Comparable product category, target customers, and project economics.
- Soltec: Spain-based solar tracker manufacturer serving utility-scale solar developers globally. Direct competitor in the same product category and customer segment as NextPower.
- PV Hardware (PVH): Solar tracker manufacturer with utility-scale focus. Directly competes with NextPower in single-axis tracking and offers comparable offerings to large project developers.
- GameChange Energy: Direct solar tracker competitor (formerly GameChange Solar) that has consolidated tracker, transformer, eBOS, and remote asset monitoring under one brand. Currently subject to NextPower's patent infringement lawsuit.
- Trina Tracker: Solar tracker subsidiary of Trina Solar ranked third in Wood Mackenzie 2026 tracker rankings. Directly competes with NextPower in utility-scale tracker supply globally, including emerging markets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
NextPower (formerly Nextracker) social profiles
Digital presenceNextPower (formerly Nextracker) financial estimates
Financial estimateRevenue estimate
Valuation estimate
NextPower (formerly Nextracker) leadership team
Management profileNumber of profiles
Profiles12 records
NextPower (formerly Nextracker) subsidiaries and ownership
Company hierarchySubsidiaries4 records
NextPower (formerly Nextracker) funding detail
Funding detailFunding overview
Funding rounds8 records
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NextPower (formerly Nextracker) M&A and investment
M&A and investmentM&A11 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NextPower (formerly Nextracker)
What does NextPower (formerly Nextracker) do?
NextPower designs, manufactures, and sells integrated hardware and software solutions for utility-scale solar power plants, including single-axis solar trackers, battery energy storage systems (BESS), power conversion/inverter systems, foundation and mounting structures, and AI-based intelligent control software. The company serves solar developers, hyperscalers, and AI data center operators globally with a vertically integrated platform covering nearly every major component of utility-scale solar and storage systems.
Is NextPower (formerly Nextracker) a public or private company?
NextPower (formerly Nextracker) is a public company. It is classified as public and is currently operating.
When was NextPower (formerly Nextracker) founded?
NextPower (formerly Nextracker) was founded in 2013. It employs 1,001 to 5,000 people.
Where is NextPower (formerly Nextracker) based?
NextPower (formerly Nextracker) is headquartered in Fremont, United States, in the North America region.
How does NextPower (formerly Nextracker) make money?
Five revenue lines are on record. Solar Tracker Systems are the primary driver. The others are battery Energy Storage Systems (BESS), power Conversion/Inverter Systems, parametric Insurance Solutions and software and Controls.
Who are NextPower (formerly Nextracker)'s main competitors?
Broad incumbents on record are Sungrow and Huawei Digital Power (FusionSolar). Emerging players are Tesla Energy (Megapack) and Fluence Energy. Direct peers are STI Norland, Array Technologies, Soltec, PV Hardware (PVH), GameChange Energy and Trina Tracker.
Does NextPower (formerly Nextracker) have an API?
No public API is recorded for NextPower (formerly Nextracker).
What industry is NextPower (formerly Nextracker) in?
NextPower (formerly Nextracker)'s product category is Utility-Scale Solar Power Systems. Its primary akta.pro industry code is EUACAGAC, PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations), with a secondary code of EUAMABAE, Solar Inverters, Power Electronics & MLPE (String/Central Inverters, Optimizers, Microinverters). Its NAICS code is 221114 and its SIC code is 3600.