Nextracker, a solar tracker and software solutions provider, announced the acquisition of Ojjo, a company specializing in foundation technology and services used in utility-scale ground-mount applications, in an all-cash transaction valued at approximately $119 million.
According to Nextracker, this acquisition will advance its existing foundation capabilities and is expected to accelerate the future development of new solar foundation solutions to meet customer demand. The company said the acquisition will expand its addressable market opportunity for challenging soil conditions.
“Our customers greatly value proven integrated solutions to improve project design, simplify procurement, and reduce risk for their projects. This partnership builds on our successful product collaboration with Ojjo. Their team brings geotechnical products and expertise in foundation systems that are especially well-suited to rocky sites, with control system intellectual property that is broadly applicable to a range of equipment. This acquisition furthers our successful global tracker foundation business with next-generation, differentiated technology,” said Dan Shugar, founder and CEO of Nextracker.
Ojjo’s technology and foundation solutions will be offered with Nextracker’s NX Horizon integrated solar tracker systems and advanced software solutions and will also continue to be available to customers for use with other compatible solar trackers.
According to Mercom’s Q1 2024 Solar Funding and M&A report, a total of 21 solar M&A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&A deals in Q1 2023.
Solutions30, a provider of support services related to new digital technologies, acquired a 10% stake in So-Tec, which specializes in constructing solar projects last month. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years.
