Tracker manufacturer Nextracker announced the acquisition of Origami Solar, a company specializing in steel structures for photovoltaic panels, with a manufacturing facility in the United States, in a transaction worth approximately US$53 million.
According to Nextracker, Origami Solar's cold-formed steel structures are an alternative to extruded aluminum, providing greater strength, durability, and a smaller carbon footprint.
The use of steel also has the potential to drive innovations in new solar panel assembly methods, including robotic assembly, with associated improvements in installation speed and labor costs.
"Solar array technology has remained largely unchanged for over 45 years. During that time, the size and dynamic wind loads on solar arrays have increased significantly, especially in centralized generation tracking applications," said Dan Shugar, founder and CEO of Nextracker.
"From a structural engineering perspective, the shift from aluminum to steel is extremely compelling. Steel offers greater strength at a competitive cost and with significantly lower carbon intensity," the executive added.
The potential market for this product is estimated at $750 million in the US alone. "This represents a substantial new business opportunity for Nextracker," Shugar added.
According to Gregg Patterson, CEO of Origami Solar, the operation benefits customers by offering an alternative to aluminum structures.
"Our team has solved key challenges related to design, performance, and large-scale production. By joining forces with Nextracker, we have a significant opportunity to scale this innovation more quickly with the company's global supply chain ecosystem, deep customer relationships, and to commercialize a solution that delivers real impact," said Patterson.
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