Nextracker acquires US-based Ojjo for $119 million
Nextracker, a solar trackers solutions provider, announced in a press release that it has acquired Ojjo, a solar foundations expert, in an all-cash transaction for $119 million.
The purchase price is contingent on working capital and other possible adjustments.
Ojjo provides services for utility-scale ground-mount solar power generation applications. Nextracker intends to combine these services with its own smart solar tracker system.
The intention behind the merging of the two systems is to “enable procurement construction companies (EPCs) and solar power plant developers to benefit from a more complete, integrated solution for various soil conditions when developing, designing, and installing their projects.”
Also read: DRI expands renewable portfolio in Romania with 126 MW solar park acquisition
The acquisition deal adds to Ojjo’s multi-year relationship. The collaboration comprised testing, evaluation, and partnering on joint customer projects.
Nextracker believes that stacking Ojjo’s patented solutions next to its solar tracking system will allow customers to obtain a “holistic solar tracker and foundation systems solution.”
Also read: Clearvise AG acquires solar park with a 42MWp installed capacity
Dan Shugar, founder and CEO of Nextracker, said, “We are thrilled to welcome Ojjo to Nextracker. 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.”
He added, “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.”
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