NextPower (formerly Nextracker)

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.

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

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

• Utility-scale solar trackers
• Battery energy storage systems
• Solar power conversion inverters
• Solar foundation systems
• Solar plant control software

Headquarters

HQ city

Fremont

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. Software and Controls: Revenue from TrueCapture energy management software and intelligent control systems for tracker optimization and BESS management, including lifecycle services.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels4 records

Core 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

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and strategic.

• Zimmermann PV-Steel GroupcoreOEM/ Whitelabel/ Licensing Partner · 22 June 2026Acquisition 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 UnderwritingcoreStrategic or Co-development Partner · 12 June 2026Partnership 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.
• AESCcoreTechnology or Integration · 12 June 2026AESC 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 EnergycoreOEM/ Whitelabel/ Licensing Partner · 28 May 2026Acquisition 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 AmericascoreStrategic or Co-development Partner · 28 May 2026Joint 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.
• EEScoreStrategic or Co-development Partner · 28 May 2026Joint 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 CorporationstrategicTechnology or Integration · 20 May 2026Acquisition 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 PowercoreOEM/ Whitelabel/ Licensing Partner · 12 May 2026Acquisition 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 SolarstrategicChannel Partner/ Reseller/ Distributor · 1 May 2026Multi-year supply agreement for US-manufactured steel module frames. NextPower will supply Jinko with domestically produced steel components for their US manufacturing operations.
• Silicon RanchstrategicTechnology or Integration · 9 April 2026CattleTracker 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 AnalyticscoreStrategic or Co-development Partner · 25 March 2026Data-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

Broad 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

• Facebookfacebook.com/nextpowerofficial
• LinkedInlinkedin.com/company/nextracker-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds8 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&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)