Nextracker acquires solar foundation specialist Ojjo for $119 million

Nextracker, a global provider of intelligent solar tracker and software solutions, has acquired Ojjo in an all-cash transaction for approximately $119 million.

Ojjo is a California-based renewable energy company specializing in unique truss systems that uses half the steel of a conventional foundation and a design that reportedly minimizes grading requirements in utility-scale projects.

The foundation company was founded by Jack West, who also founded Zep Solar. Zep was also known for its unique design in that it offered a rail-less way of installing solar on rooftops. Zep was acquired by SolarCity, which was later acquired by Tesla.

Ojjo’s truss is comprised of underground anchors, above ground legs and a truss cap. The Ojjo Earth Truss has more than 4 feet of reveal tolerance, regardless of Truss height, the company reports, which minimizes grading requirements. A hollow Screw Anchor is the heart of the Ojjo foundation technology, and it’s designed with a crimp collar welded to the top and a hollow tip at the end. Ojjo also has a Truss Driver machine that uses automation software for installations.

Today Ojjo is made up of industry veterans from Avantus, Vestas, SunPower, Recurrent Energy, and Canadian Solar as well as original members from the Zep days. Ojjo reports that, to date, it has delivered more than 2 GW of truss foundations and has 600 total patents issued and pending.

One of Ojjo’s notable projects is Gemini, a 690 MW standalone solar and battery storage project in Nevada on Bureau of Land Management land in the Mojave Desert. The company reports that the project’s owner, Primergy, and EPC, Kiewit Power, chose the Ojjo solution because it eliminated predrilling and reduced the need for grading.

Nextracker reports that for many years it has partnered with Ojjo on testing, evaluation and collaboration on joint customer solar projects. Nextracker sees the acquisition as a bonus for developers and EPC firms as Ojjo’s patented foundations portfolio paired with Nextracker systems provides an integrated solution for a variety of soil conditions.

“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,” Dan Shugar, Nextracker founder and CEO. “This acquisition furthers our successful global tracker foundation business with next-generation, differentiated technology.”

Nextracker reports that Ojjo technology paired with its NX Horizon integrated tracker system will advance Nextracker’s existing foundation capabilities. In addition, Ojjo technology will continue to be available to customers for use with other compatible solar trackers.

“I am proud of what the Ojjo team created. Nextracker is by far the best partner to drive this technology to its fullest potential in the utility-scale marketplace,” said Mike Miskovsky, outgoing Ojjo CEO, who will be providing transitional support to Nextracker into the next fiscal quarter.

The transaction closed on June 20, 2024, and is not expected to be material to fiscal 2025 results. The purchase price is subject to working capital and other customary purchase price adjustments.