US solar tracker manufacturer Nextracker has finalised its split from Singapore-headquartered electronics firm Flex after eight years of Flex ownership.
The companies announced the move last October, with Flex noting that it would transfer its controlling 51.7% stake in Nextracker to the latter’s shareholders. The move has now been completed, with Flex shareholders receiving 0.17 shares of Nextracker stock for each Flex ordinary share held, while those owning fractional shares in Nextracker to receive cash instead of stocks.
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Nextracker CEO Daniel Shugar also announced changes to the company’s board, with Julie Blunden, formerly of battery storage developer Plus Power, joining the Nextracker leadership team. Howard Wenger, who has served as the president of Nextracker since February 2022, will also join the independent company’s board, and the pair will replace six Flex executives who have left the company as part of the split.
“We have made so much progress in fulfilling our vision, and today solar comprises the largest share of new power generation globally,” said Shugar. “The spinoff further empowers us to focus on our core business, expand our talent pool, and facilitate strategic opportunities to harness our full potential.”
The news follows a number of encouraging developments for Nextracker. Last December, the company’s project pipeline surpassed 10GW of solar capacity in the Middle East, Africa and India alone, and the tracker developer spoke to PV Tech Premium about the need for, and opportunities that can arise from, trackers to function in particular environments and specific weather conditions.
Nextracker’s transition from an independent company, to one owned by a larger electronics manufacturer, and now back to working independently, also reflects a growing interest in trackers in the solar industry. According to research from Berkeley Labs, 94% of solar capacity additions in the US in 2022 were fitted with trackers, the highest proportion on record, as developers look to maximise efficiency at their operations.