Acquisition of Bentek Corporation adds electrical balance of system (eBOS) suite of products to core solar tracker platform

Nextracker (NASDAQ:NXT), a leading solar technology platform provider, today announced it has acquired U.S.-based Bentek Corporation, an industry pioneer and manufacturer of electrical infrastructure used in all types of solar power plants. The all-cash transaction of approximately $78 million including future contingent earnout consideration combines Bentek's engineered, pre-assembled eBOS solutions with Nextracker's world class solar tracker platform, providing customers streamlined procurement and project logistics from a single source. The eBOS products will be offered as standalone, industry-compatible components for both trackers and fixed tilt systems, as well as in formats optimized for use in integrated NX Horizon™ system solutions. Bentek's U.S. fabrication footprint further enhances Nextracker's strong domestic supply chain position. This acquisition continues Nextracker's strategy of incorporating complementary technologies into the company's market-leading tracker platform to accelerate solar power plant construction, increase performance, and enhance long-term reliability.

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. Delivering industry-proven products for over 15 years, Bentek's patented, U.S.-manufactured products have demonstrated exceptional field reliability, attributable to solid design and fabrication as well as rigorous inspection and testing protocols.

"It is fantastic to join forces with Bentek, expanding the Nextracker platform with exceptional eBOS products and expertise," said Howard Wenger, President of Nextracker. "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."

"SOLV is thrilled that Nextracker has entered eBOS manufacturing; we have been encouraging them to make this move to bring their operational excellence and financial strength to electrical products supporting solar power plants," said George Hershman, CEO of SOLV Energy. "Bentek was a great choice for Nextracker; SOLV has been using their reliable and high-quality products for many years and is a current customer."

"Today is an exciting day for Nextracker and for U.S. solar manufacturing," said Dan Shugar, founder and CEO of Nextracker. "In utility-scale solar, eBOS quality and reliability are critical to system uptime and long-term ROI. Bentek is a proven eBOS innovator and pioneer with several families of IP and issued patents. Nextracker's financial resources, technology acumen, and supply chain expertise will enable Bentek to rapidly scale," said Shugar.

eBOS Product Solutions

Bentek's industry-proven eBOS solutions meet the most stringent North American safety standards. Adopted by top solar engineering procurement construction companies (EPCs) and developer owners, the engineered components provide flexible options for maximum installation efficiency, safety, and reliability and include:

Trunk bus solutions – electrical DC collection strategy that combines PV harnessing and insulation piercing connector (IPC) technology to connect panels to inverters. This solution effectively consolidates wiring within the tracker rows and routes power directly to inverters, lowering field labor costs, improving reliability, and reducing maintenance over the life of the system.
Combiner box solutions – electrical DC collection strategy that combines PV harnessing using a pre-designed and manufactured combiner box to connect panels to inverters. Generally mounted on the tracker rows to combine solar panel strings in the field and deliver power to inverters, this approach enables a plug-and-play solution with enhanced flexibility and serviceability benefits.
Configurable harness solutions – tailored for each project, both string and over-mold harnesses connect multiple PV strings in parallel for reliable, plug-and-play DC aggregation. These solutions feature factory-manufactured over-molded fuses and joints, enabling configurations for a broad range of cable sizes and connector types.

Bentek eBOS solutions are currently available for purchase in North America with targeted future availability in other markets. For more information about our eBOS offerings, visit our website.

You can also learn more about this announcement during Nextracker's regular quarterly earnings conference call scheduled to begin at 5 p.m. ET/2 p.m. PT today. Presentation and charts will be available before the call.

About Nextracker

Nextracker is a global leader of advanced solar technology solutions used in power plants around the world. Our technology platform enables solar power plants to follow the sun's movement across the sky and optimize performance. With products operating in more than forty countries worldwide, Nextracker offers solar tracker technologies and innovative solutions that accelerate solar power plant construction, increase performance, and enhance long-term reliability. For more information, visit Nextracker. Follow us on LinkedIn, YouTube, Instagram, X and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the acquisition of Bentek by Nextracker, future financial and operating results of Bentek and Nextracker, and the benefits of the transaction and future opportunities for the combined company, including the benefits our customers may realize as a result of integrating Bentek's business into Nextracker's. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker's management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including: the ability of Nextracker to successfully integrate Bentek's operations and employees; unexpected costs, charges or expenses resulting from the transaction; Nextracker's ability to successfully grow its or Bentek's business; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; the retention of key employees, customers or suppliers; and legislative, regulatory and economic developments, including changing business conditions in our industry or markets overall and the economy in general. Other risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements are also described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Nextracker's most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.

Channels for Disclosure of Information

Nextracker intends to announce material information to the public through the Nextracker Investor Relations website investors.nextracker.com, SEC filings, press releases, public conference calls, and public webcasts. Nextracker uses these channels to communicate with its investors, customers, and the public about the company, its offerings, and other issues. As such, Nextracker encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

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