NEXTracker, Inc., designer and manufacturer of single axis PV trackers, has completed USD25 million in equity and growth capital financing.
The funding round, which closed in December, includes investments from SJF Ventures, Tennenbaum Capital Partners and earlier investors Sigma Partners and DBL Investors. NEXTracker, based in Silicon Valley, provides state-of-the-art solar trackers that maximize system energy output while reducing installation and operating costs, resulting in substantially increased solar project profits.
“SJF Ventures is thrilled to partner with NEXTracker,” says managing director and co-founder Dave Kirkpatrick. “NEXTracker is led by successful solar veterans who have developed new tracking systems which are increasing the profitability of utility scale solar power in many countries. This financing will ensure that NEXTracker’s technology helps even more solar project owners surmount design and installation challenges, while driving down the cost of solar deployment.”
SJF Ventures led the Series B round, and Kirkpatrick has joined NEXTracker’s board.
“Coming on the heels of last year’s tremendous increase in customer shipments, NEXTracker is appreciative of the capital from our investors to further scale production,” says NEXTracker CEO Dan Shugar. “We are now able to deliver over 200 MW/month. We have also expanded our team with experienced solar project personal in North and South America, Europe, Asia, and Australia to provide customers the highest level of professional services and support to ensure smooth delivery of their solar power projects.”
“NEXTracker’s technology is facilitating large- and utility-scale project deployments by minimising site grading and grounding requirements, while simplifying design, assembly, installation, cleaning and maintenance,” notes Todd Jacquez-Fissori, Managing Director, Energy Technology Group Head at Tennenbaum Capital Partners, LLC, a firm with over USD5bn in invested capital. “We’re proud to be providing financing to NEXTracker, as their innovations in tracker technology have been proven on dozens of projects financed by leading banks with total value in excess of USD450m.”