PV tracking systems firm NEXTracker has raised US$25 million from existing venture capital (VC) backers as it doubles production capacity to over 200MW/month to meet demand.
The US-based firm won a major three year supply contract from SunEdison last year that included supplying its NEXTracker SPT system, launched at SPI 2014.
“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,” said 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 minimizing site grading and grounding requirements, while simplifying design, assembly, installation, cleaning and maintenance,” noted Todd Jacquez-Fissori, Managing Director, Energy Technology Group Head at Tennenbaum Capital Partners
The master services agreement the company signed with SunEdison was said to be for 1.85GW of PV power plant projects.
NEXTracker noted that global demand for solar trackers was expanding rapidly due to utility-scale projects transitioning to higher irradiance locations, enabling trackers to outperform fixed mounted systems.
The latest funding round, which was said to have closed in December, includes investments from SJF Ventures, Tennenbaum Capital Partners and earlier investors Sigma Partners and DBL Investors.