Nextracker Inc. Stock Price, News & Analysis

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Nextracker (Nasdaq: NXT), a leader in intelligent solar trackers and software solutions, has expanded its Board of Directors from eleven to thirteen members, adding Brandi Thomas and Kyra Whitten as new directors effective April 25, 2023. Brandi Thomas brings a strong financial background, currently serving as Vice President and Chief Audit Executive at General Electric, while Kyra Whitten has a robust marketing and corporate affairs expertise, currently holding the position of Senior Vice President at Flex. CEO Dan Shugar expressed confidence that their diverse skills in finance, audit, marketing, communications, and diversity will enhance the Board's capabilities.

Nextracker has secured a contract with Sterling and Wilson Renewable Energy Limited to provide its innovative solar tracker technology for NTPC Renewable Energy Limited's 1.255GW Solar PV Project at Khavda RE Park, Gujarat. This partnership is part of a broader 1.568 GWp project aimed at boosting India's renewable energy targets, which includes a commitment to manufacture 75% of system components locally. Scheduled to begin operations by mid-2024, the project enhances Nextracker's capacity in India, where it operates five gigawatts of manufacturing annually, supporting the country's goal of achieving 500 GW of renewable energy by 2030.

Nextracker (NASDAQ: NXT) will announce its fourth quarter and fiscal 2023 financial results after the market closes on May 10, 2023. A conference call will occur the same day at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) to discuss these results. Investors can access a live webcast of the presentation on the Nextracker Investor Relations website. The company is recognized as a leading provider of solar tracker and software solutions for utility-scale and distributed generation solar power plants, enhancing solar panel performance by following the sun's movement.

Nextracker Inc. (Nasdaq: NXT) has secured a multi-year agreement with Strata Clean Energy to supply 810 MW of solar trackers for projects across Texas, Arizona, and Virginia. This deal aligns with Nextracker's strategy to enhance U.S. manufacturing partnerships, as much of the equipment will be sourced domestically. The collaboration aims at reducing costs and increasing efficiency in solar power generation, supporting Strata's mission to mainstream low-cost solar energy.

Leaders from both companies express optimism about the impact on job creation and energy performance.

Nextracker (NASDAQ: NXT) has secured a significant contract in Europe for its terrain-following solar tracker NX Horizon-XTR™. The contract is with IbVogt for the 150 MW Garnacha solar power plant in Spain, backed by a 12-year power purchase agreement with Google. The XTR technology enables solar panels to adapt to uneven land, minimizing environmental impact and facilitating local permits. Nextracker has shipped over 70 GW globally, increasing energy production by 20-30% compared to fixed-tilt designs. This project marks a milestone, bolstering Nextracker’s portfolio in Europe across multiple countries including Brazil, USA, Canada, and Africa.

Flex Ltd. announced that its subsidiary, Nextracker Inc., has priced an upsized initial public offering (IPO) of 26,600,000 shares of Class A common stock at $24.00 per share. Trading on Nasdaq under the symbol 'NXT' is set to begin on February 9, 2023, with the offering closing on February 13, 2023, barring any customary conditions. The offering includes a 30-day option for underwriters to purchase an additional 3,990,000 shares. Major banks managing the offering include J.P. Morgan and BofA Securities. A registration statement was declared effective by the SEC on February 8, 2023.