Solar tracker manufacturer Nextracker has expanded its portfolio of products with the acquisition of US-based electrical infrastructure manufacturer Bentek Corporation for US$78 million.
With the acquisition of Bentek, the company expands its solar technology portfolio with an electrical balance of system (eBOS) suite of products.
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Nextracker said that the eBOS products will be offered on a standalone basis, as well as in formats optimised for use in its trackers and other products. The integration of eBOS products along with its tracker products will ensure faster commissioning, better grid integration and higher energy yield over the system’s lifetime, according to the company.
Dan Shugar, founder and CEO of Nextracker, said: “In utility-scale solar, eBOS quality and reliability are critical to system uptime and long-term return on investment. Bentek is a proven eBOS innovator and pioneer with several families of IP and issued patents.”
Among the suite of eBOS product solutions Bentek provides are combiner boxes, wire harnesses and trunk bus solutions.
Typically, eBOS technology components comprise the electrical infrastructure used in all utility-scale solar projects to collect and transport electricity from solar panels to power conditioning systems throughout the entire solar field.
Howard Wenger, President of Nextracker, said: “Together, we can offer fully engineered, integrated solutions that can help accelerate procurement and construction timelines and reduce installed cost, all backed by the trusted Nextracker brand.
“We believe that an integrated design approach can unlock synergies between the mechanical and electrical subsystems, driving enhanced customer value and creating a new and powerful solar power plant platform business model.”
This acquisition builds on previous acquisitions made by the company, when it expanded its solar foundation business last year. In June 2024, Nextracker acquired US-based solar foundation company Ojjo for US$120 million and then in August acquired foundations supplier Solar Pile International (SPI) for US$48 million.
These two acquisitions were soon followed by the launch of new solar tracker foundation systems, NX Anchor and NX Foundation Solutions, with the latter providing support from Ojjo’s Truss Driver, the company’s pile-driving machine, among other services.
Revenue up by 26% YoY in first three months of 2025
On top of the Bentek acquisition, Nextracker unveiled its financial results for the first quarter of the year and its entire fiscal year, which started in April 2024.
During the first three months of 2025, Nextracker registered revenue of US$924 million, up 26% year-on-year (YoY). By region, the US still accounts for close to three-quarters of the company’s total revenue, with US$608 million, while the revenue from the rest of the world sat at US$316 million in Q1 2025.
Revenue for the entire fiscal year increased by 18% from the previous year with US$2.96 billion, while the adjusted EBITDA for FY25 increased by 49% YoY to US$776 million. The company ended its fiscal year with a total backlog of over US$4.5 billion.
Moreover, its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the first three months of 2025 increased by 52% YoY to US$242 million.
Throughout the 2025 fiscal year – April 2024 to March 2025 – the company registered over 9GW of bookings for its NX Horizon Hail Pro series trackers. The company also has exceeded bookings plan for its acquired foundation business – Ojjo and SPI – with bookings over 1GW between October 2024 and March 2025.
“We posted another strong bookings quarter with backlog again increasing sequentially, supported by robust demand around the globe. Our performance positions the company for further growth this year and enables continued investment in key strategic initiatives,” said Shugar.
For the 2026 fiscal year – running from April 2025 to March 2026 – the company forecasts its revenue to be in the range of US$3.2-3.4 billion, while the adjusted EBITDA is expected to be in the range of US$700-775 million.
