Nextpower, formerly known as Nextracker, is rapidly expanding its portfolio beyond solar trackers through a series of acquisitions and new product launches. Speak with pv magazine At the Smarter E Europe trade show in Munich, CEO Dan Shugar said the company’s expansion is driven by customer demand and not by a desire to become a supplier of every part of the solar value chain.
“What we’ve done is add technology, manufacturing and solutions for customers in response to their needs,” Shugar said pv magazine. “We ask customers, ‘What are your pain points?’”
According to Shugar, Nextpower now covers nearly every major component of utility-scale solar and storage systems, except photovoltaic modules and battery cells.
“NextPower essentially does everything in storage and solar except making the module in the case of solar and making the battery module in the case of storage,” he said. “It really results in better products, more efficient design, faster execution and ultimately a better customer experience during project delivery.”
Unlike some inverter manufacturers that have independently expanded into modules or storage, Shugar says Nextpower’s diversification follows a global strategy based on experience in multiple markets.
“Our DNA is very much global,” he said. “We serve more than 45 countries and have held leading market positions in North America, South America, Australia, Europe, India and the Middle East. When we add new solutions, we typically start in one region and then roll them out globally.”
He mentioned the company’s new foundation systems as an example. After first introducing the technology in North America, Nextpower expanded it to Australia before launching it in Europe last week. Conversely, the company recently revived its NX Gemini two-in-portrait tracker, mainly due to the growing demand for agrivoltaic energy in Europe.
“We had introduced NX Gemini five years ago, but shelved it because one-in-portrait trackers were so cost-effective,” he said. “Now we have seen a growing demand, especially in Europe in the field of agrivoltaic energy, so we have rethought and scaled back the system.”
Acquisition strategy
As the company continues to invest heavily in internal research and development, acquisitions have become an important part of its expansion strategy. Shugar said Nextpower invests more than $100 million annually in research and development while integrating complementary technologies through mergers and acquisitions.
“We have made eleven acquisitions in the last two years,” he says. “In the past six weeks we have announced three major acquisitions.”
These include Spanish inverter technology company ZGR Apex, battery storage integrator Prevalon Energy and German mounting system manufacturer Zimmerman PV Steel Group.
“Purchasing the inverter completes the energy system on the solar side,” Shugar explains. “The acquisition of Prevalon brings a complete battery storage system that can be supported by our inverter technology or use someone else’s inverter. The acquisition of Zimmerman strengthens our footprint to serve customers across Europe.”
He added that, subject to regulatory approval, all three transactions are expected to close within the coming months.
Tracker remains the basis
Despite the company’s broader product portfolio and rebranding from Nextracker to Nextpower, Shugar emphasized that solar trackers remain central to the business.
“If you look at the human body, it starts with the skeleton,” he said. “The tracker is the core of a solar energy system, just like the skeletal system is the core of your body.”
From that foundation, the company has gradually expanded into adjacent technologies. “We started with electrical system balancing products, then foundation systems and now inverters,” he said. “But we will continue to keep our focus on the tracker.”
According to Shugar, more than half of Nextpower’s technology development programs continue to focus on improving tracker performance.
“We continue to develop new technologies that generate more energy per watt, improve performance in extreme weather and reduce risks to solar panels,” he said. “We are pioneers in hail, snow load and high wind protection, and many of our customers benefit from lower insurance costs in challenging climates.”
Customer needs are the driving force behind future expansion
When asked whether Nextpower was considering additional steps toward new solar technologies, Shugar declined to identify specific targets but said future investments will continue to be guided by customer requirements.
“All we are committed to is making informed decisions that add value to our customers,” he said. “Every customer meeting starts with the same question: ‘What are you struggling with? How can we help?'”
A growing challenge is grid integration, especially in markets with weak transmission infrastructure.
“In many places around the world, customers are struggling with access to the electricity grid,” he says. “Storage can help stabilize voltage, reduce flicker and ensure projects come online faster.”
While he acknowledged that the company has been exceptionally active on the acquisition front, Shugar suggested the pace could slow as the focus shifts to execution.
“We’ve just completed a huge slate of new products and acquisitions,” he said. “One thing about Nextpower is that we are hyper-focused on execution, on-time delivery, uptime and reliable performance.”
He emphasized that future acquisitions would remain opportunistic and not driven by financial growth objectives.
“The motivation is not that we’re trying to achieve an internal growth metric,” Shugar said. “The motivation is to understand what customers need. As those needs evolve, we will respond organically or through acquisitions.”
