Nextracker Delivers First 100% Domestic Content Solar Trackers to U.S. Market

Company Sets New Standard for American Manufacturing, Job Creation, and
Supply Chain Resilience

FREMONT, Calif., December 10, 2024 - Nextracker (Nasdaq: NXT), a global leader in solar tracker technology, today announced it has shipped and delivered the industry's first U.S.-manufactured solar trackers in the United States which are expected to achieve 100% domestic content value for solar trackers under the Inflation Reduction Act (IRA). The first project to receive these domestic content trackers is is SB Energy's Pelican's Jaw project. The 570 MW solar and 954 MWh storage project is currently under construction by SOLV Energy. This supply chain localization milestone reaffirms Nextracker's industry leadership and commitment to American manufacturing and jobs, while providing operational excellence for customers and partners.

Nextracker began investing in local manufacturing infrastructure in 2021 to establish a secure supply chain following disruptions during the global pandemic. Together with its manufacturing partners, the company has now expanded or opened more than 25 U.S. factories with over 30 GW of annual capacity. Nextracker's robust local supply chain significantly reduces lead times with top quality products, providing customers with superior performance, shipping logistics and flexibility throughout construction and the entire project lifecycle.

"Delivering the industry's first trackers with 100% domestic content value is a huge milestone for our customers, our supply partners, and Nextracker," said Dan Shugar, Nextracker founder and CEO. "It demonstrates our ability to ramp and scale operations that directly benefit our customers-and sets a new standard for local supply chain resilience and operational excellence. By systematically focusing our manufacturing partnerships close to our customer project sites, we secure the supply chain and provide superior on-time delivery and cost savings for project development and construction. We also significantly de-carbonize our products by incorporating clean steel manufactured in the United States."

Abhijeet Sathe, Co-CEO, SB Energy, added, "SB Energy is proud to drive growth of domestic manufacturing for renewable energy through our projects. Our Pelican's Jaw project will be the first to utilize Nextracker's 100% U.S. domestic content solar trackers. We applaud Nextracker for their leadership in creating a robust U.S. supply chain to support our projects with greater supply security and create high paying, domestic manufacturing jobs."

"I attended Nextracker's manufacturing plant dedications in Texas, Pittsburgh and Las Vegas, where U.S. workers are building high quality solar products that will help power renewable energy projects across the country," said George Hershman, CEO of SOLV Energy. "Nextracker will supply the first 100% U.S. domestic content trackers to Pelican's Jaw, a 570 MW solar and 954 MHh storage project that SOLV is building and operating for SB Energy. Their leadership in domestic manufacturing supports shorter lead time, on-time delivery, and a smoother installation process for our project teams and client-partners."

Solar power has become the leading source of new power generation, creating well-paid jobs both in the United States and globally according to the International Energy Agency. The American Clean Power Association reports that, as of 2023, the U.S. solar industry supports 279,000 jobs, driving significant economic growth in states like Arizona, California, Florida, Pennsylvania, Tennessee, and Texas.

To request a quote or learn more about Nextracker's domestic content capability or our NX Horizon™ Low Carbon tracker offering, please contact [email protected].

You can also learn more about Nextracker's local manufacturing and domestic content initiatives by visiting our U.S. manufacturing landing page.

About Nextracker
Nextracker is a leading provider of intelligent, integrated solar trackers, foundations, and software solutions used in ground-mounted utility-scale and distributed generation solar projects around the world. Our products enable solar PV power plants to follow the sun's movement across the sky and optimize plant performance. With power plants operating in more than forty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit Nextracker

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Media Contact:
Brandy Lee
Corporate Communications
+1.408.930.6186
[email protected]

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 Nextracker's expansion of our U.S. manufacturing and production volumes, and statements related to Nextracker's products satisfying 100% domestic content value under the U.S. Inflation Reduction Act of 2022 ("IRA") and related guidance and regulations promulgated by the U.S. Treasury Department. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker's management, including the domestic content requirements, and Nextracker's interpretation of such requirements, under IRA and related rules and regulations. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties regarding the interpretation of applicable domestic content requirements, the modification, reduction, elimination or expiration of government incentives contained in IRA, and other risks that are 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.

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