Nextracker and JENNMAR Subsidiary JM Steel Bolster U.S. Supply Chain with New Facility Expansion to Triple Capacity for Solar Energy Projects

Rhea-AI Summary

Nextracker and JENNMAR Subsidiary JM Steel expand U.S. supply chain with new facility to triple solar energy project capacity. The Leetsdale steel facility achieves 4 GW of Nextracker-dedicated capacity, supporting American manufacturing and creating jobs.

Positive

• Expansion of Nextracker-dedicated manufacturing lines at JM Steel's Leetsdale facility triples solar energy project capacity to 4 GW
• Investment in U.S. solar industry exceeds $100 million in the last four years
• JENNMAR and Nextracker partnership brings high-quality jobs back to communities, creating 60 new manufacturing jobs
• Nextracker's 20 new or expanded U.S. manufacturing partner facilities since 2021 enable over 25 GW of U.S. solar tracker capacity annually
• Expansion showcases commitment to American manufacturing, clean energy, and secure supply chain

Negative

• None.

U.S. clean energy incentives revitalize American manufacturing at JM Steel historic manufacturing facility in Pittsburgh, achieving 4 GW of Nextracker-dedicated annualized capacity

PITTSBURGH--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), a global provider of intelligent solar tracker and software solutions, and JENNMAR Holdings ("JENNMAR”) subsidiary JM Steel, a premier steel processing provider, jointly announced the completion of a major expansion of Nextracker-dedicated manufacturing lines at JM Steel’s Leetsdale steel facility achieving 4 GW of capacity.

A factory worker on the Nextracker-dedicated line at JM Steel’s Leetsdale steel facility. (Photo: Nextracker)

Inaugurated and reopened in 2022, the refurbished historic factory produces American-made, critical steel components to support rising demand for solar energy across Pennsylvania and the mid-Atlantic, which employs thousands of construction workers across multiple states in the Midwest region.

The expansion more than doubles the facility’s production capacity and demonstrates JENNMAR’s commitment to investing heavily in the U.S. solar energy industry. The acility now features cutting-edge technology including state-of-the-art solar tube lines with automated drilling and swedging. With this most recent expansion in Leetsdale, JENNMAR’s growth capital investment in support of the U.S. solar industry has exceeded $100 million over the last four years.

For Nextracker, this latest expansion also marks 20 new or expanded U.S. manufacturing partner facilities since 2021 and enables the company to provide over 25 GW of U.S. solar tracker capacity each year.

“We are thrilled to be partnered with JM Steel and celebrate the expansion of the Pittsburgh facility to serve customer demand. This facility is also expected to produce core components of our new low carbon tracker offering announced this week,” said Dan Shugar, founder and CEO of Nextracker. “The U.S. solar market is continuing to demonstrate strong growth. The U.S. Energy Information Administration has forecasted solar to grow 26% on an annual compounded rate and be the number one source of energy in the U.S. within a decade.”

“We are proud to announce the expansion of this historic steel factory in Pittsburgh—which we have been honored to call our home for more than 100 years,” said Tony Calandra, CEO of JENNMAR. “This partnership with Nextracker allows for significant investment in advanced manufacturing and brings high-quality jobs back to our communities. We couldn’t be more thrilled to bring our Pennsylvania-based employee count to more than 500.”

Once the home of a steel mill used to build materials for tank landing ships during World War II, this refurbished facility represents one of many shifts underway in the U.S. toward domestic manufacturing, a secure supply chain, and clean energy. The Leetsdale steel factory tripled its capacity with the addition of new, dedicated manufacturing lines for solar energy projects creating 60 new manufacturing jobs.

“JENNMAR and Nextracker are in a powerful partnership focused on advancing the energy transition and American manufacturing. The future depends on leveraging a diverse portfolio of resources that addresses our environment, energy needs, and economic opportunity,” said Matt Smith, chief growth officer at the Allegheny Conference on Community Development. “This is a win at the convergence of two industries that are pivotal to southwestern Pennsylvania – energy and manufacturing – and we’re proud that our region is a key part of the supply chain that’s helping to bring more solar energy to the market.”

According to the Solar Energy Industries Association (SEIA), solar power now accounts for 53% of all new electricity generation in the U.S., adding 32.4 GW of solar power in 2023 and surpassing 23.6 GW in the prior year.

To celebrate the new facility expansion, a dedication ceremony was attended by top government officials including David Crane, Under Secretary for Infrastructure at the department of energy (DOE), Lt. Governor of Pennsylvania, Austin Davis, U.S. Congressman Chris Deluzio of Pennsylvania’s 17^th District, PA State Representative, Valerie Gaydos, and Matt Smith, Chief Growth Officer, Allegheny Conference on Community Development. Also joining the event was Tony Calandra, CEO of JENNMAR, and leaders from some of the world’s largest clean energy companies including Kelly Speakes-Backman, Executive Vice President of Public Affairs at Invenergy, and Yuri Horowitz, CEO of Sol Systems.

Last year, Nextracker opened a dedicated steel production line in Las Vegas with Unimacts, another in Memphis with MSS Steel Tubes USA, and a self-powered controller and high-voltage power supply line in California with Asteelflash. They have more production lines in Texas, Arizona, and Illinois.

About Nextracker

Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Our products enable solar panels power plants to follow the sun’s movement across the sky and optimize plant performance. With power plants operating in more than 30 countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit www.nextracker.com.

About JENNMAR

JENNMAR is a leading global provider of infrastructure products and specialized services to the civil infrastructure, solar, mining, and construction industries. For over 100 years, JENNMAR’s focus has been on manufacturing products and providing solutions that help keep workers safe and productive.

About JM Steel

Established in 2000, JM Steel has emerged as a premier steel processing provider in the U.S., with facilities in Pendergrass, GA, Sinton TX, Huger, SC, and Leetsdale, PA.

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 demand for Nextracker’s offerings and scheduled production and shipments of Nextracker products. 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 risks and uncertainties 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240426606596/en/

Media Contacts

Kristan Kirsh

+1.650.814.1273

kkirsh@nextracker.com

Alex Peterson

+1.203.313.7699

Alex@tigercomm.com

Michelle Eastly

+1.412.629.8410

meastly@jennmar.com

Investor Relations

Mary Lai

investor@nextracker.com

Source: Nextracker

FAQ

What is the capacity achieved by the Nextracker-dedicated manufacturing lines at JM Steel's Leetsdale facility?

The Nextracker-dedicated manufacturing lines at JM Steel's Leetsdale facility have achieved a capacity of 4 GW.

How much has JENNMAR invested in the U.S. solar industry over the last four years?

JENNMAR has invested over $100 million in the U.S. solar industry in the last four years.

How many new manufacturing jobs were created as a result of the facility expansion?

The facility expansion created 60 new manufacturing jobs.

How many U.S. solar tracker capacity can Nextracker's new or expanded manufacturing partner facilities enable annually since 2021?

Nextracker's new or expanded manufacturing partner facilities since 2021 enable over 25 GW of U.S. solar tracker capacity annually.

What is the focus of the partnership between JENNMAR and Nextracker?

The partnership between JENNMAR and Nextracker focuses on advancing the energy transition and American manufacturing.