Climate-tech is hot, and it’s not just startups, Nextracker has shown there’s still appetite for a major exit; the company’s IPO saw an increased offer size this week due to strong demand.
The manufacturing company produces solar tracking technology that optimizes the power production of a solar array by moving the panels to follow the sun.
While there’s no shortage of competition, Array Technologies went public in 2020, Nextracker is arguably the market leader having shipped 15 gigawatts’ worth of trackers in 2022.
Based in Fremont, California, the company was founded in 2013 before being acquired by contract manufacturer Flex for $330 million in 2015.
It debuted on the Nasdaq at $24 and closed at $30.