Nextracker Launches Industry’s First Low Carbon Solar Tracker Solution

Rhea-AI Summary

Nextracker launches the industry's first low carbon solar tracker solution, NX Horizon™, reducing carbon footprint by up to 35%. The solution showcases Nextracker's commitment to sustainability through circular steelmaking, recycled steel, and optimized logistics. Third-party verification confirms environmental benefits, leading to initial orders from U.S.-based solar projects.

Positive

• Nextracker introduces the industry's first low carbon solar tracker solution with up to 35% reduced carbon footprint.
• The NX Horizon™ solar tracker system showcases Nextracker's technology leadership and sustainable supply chain solutions.
• Life Cycle Assessment (LCA) documentation confirms environmental benefits, including reduced carbon footprint, land use, and water consumption.
• Nextracker achieved Carbon Trust Product Carbon Footprint label certification for its low carbon solar tracker system.
• The company secured initial orders for its NX Horizon low carbon tracker from U.S.-based solar projects, emphasizing the demand for decarbonized solutions.
• Nextracker's commitment to sustainability is evident through controlled upstream sourcing and domestic manufacturing for its solar tracker systems.
• The NX Horizon low carbon tracker offering uses Electric Arc Furnace (EAF) processing and reduces carbon-intense materials like aluminum.
• The new low carbon tracker solution aligns with industry efforts to reduce global greenhouse gas emissions and drive the transition to net-zero emissions.
• Industry experts recognize the importance of decarbonizing important sectors like steel, with a growing demand for green steel production.
• The NX Horizon low carbon tracker is now available for shipment with a focus on promoting sustainable supply chain solutions in the energy sector.

Negative

• None.

Third-party Life Cycle Assessment (LCA) methodology confirms up to 35% reduced carbon footprint throughout the entire product lifecycle for Nextracker NX Horizon™ low carbon solution

Inaugural orders demonstrate the solar industry demand for decarbonized solutions

FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), a global provider of intelligent solar tracker and software solutions, today announced the availability of its flagship NX Horizon™ solar tracker system with up to 35% lower carbon footprint. Marking a significant milestone for solar energy, the NX Horizon low carbon tracker solution culminates Nextracker’s technology leadership and robust supply chain solutions including the use of electric arc furnace (EAF) manufacturing, recycled steel, and logistics strategically located near project sites.

Nextracker introduces industry’s first solar tracker with up to 35 percent reduced carbon footprint (Photo: Nextracker)

Initially offered in the United States, the low carbon tracker solution includes Life Cycle Assessment (LCA) documentation using a third-party verified analysis of environmental benefits, including reductions in carbon footprint, land use, water consumption and other metrics associated with the sourcing, manufacturing, delivery, and operation of solar trackers. Nextracker also achieved the Carbon Trust¹ Product Carbon Footprint label certification for its NX Horizon low carbon solar tracker system demonstrating it has met the global standard for carbon emission data collecting, evaluation and reporting methodology throughout the life cycle of its solar trackers.

“Our low carbon tracker delivers measurable results in decarbonizing solar power through circular and increasingly renewably powered steelmaking, optimized logistics, and careful selection of raw material providers,” said Dan Shugar, Nextracker founder and CEO. “We appreciate our customers helping us drive toward a cleaner, more robust supply chain to provide third-party verification for providers and consumers of solar power to meet their Scope 3 and other decarbonization goals and requirements.”

Nextracker secured initial orders for its newly launched NX Horizon low carbon tracker from several solar customers–both have committed to reduced carbon solar tracker systems for their U.S.-based solar power projects.

“Nextracker's commitment to advancing low carbon solutions exemplifies the innovation and leadership needed to propel the energy sector forward. At Sol Systems, we are proud to collaborate with partners like Nextracker who share our vision for a cleaner, more resilient energy landscape. Together, we are not just promoting low carbon technologies; we are setting the standards for tomorrow’s energy infrastructure,” said Yuri Horwitz, Sol Systems co-founder and CEO.

“Upstream control for sourcing sustainably produced steel and components is highly complex and requires expertise and deep partnerships to navigate,” stated Kevin Smith, chief executive officer at Arevon. “Nextracker continues to be an industry leader on operational excellence along with solar tracker engineering design that already significantly reduces the carbon footprint for our utility-scale solar projects.”

Nextracker is at the forefront of implementing sustainable supply chain solutions for the energy sector through controlled upstream sourcing of raw materials and domestic manufacturing for its solar tracker systems. Electric Arc Furnace (EAF) processing uses recycled steel and electricity to generate new steel, significantly reducing greenhouse gas emissions compared to traditional Basic Oxygen Furnace (BOF) operations, which rely on iron ore and coal. This not only aligns with Nextracker’s commitment to minimize environmental impact but also leverages American scrap steel supply enabling resource efficiency and growth for the U.S. steel industry. Nextracker has also reduced carbon-intense² materials such as aluminum from its NX Horizon low carbon offering to under 1% aluminum by weight in the product.

Jon Moore, CEO of research firm BloombergNEF: “Industry represents more than 20% of global greenhouse gas emissions; steel alone is 7%, making it a crucial industry to decarbonize. Based on our analysis, the steel sector invested $35 billion last year in clean capacity globally, but much more is needed to reach net-zero. Demand for green steel is an important signal to steelmakers that they need to bring new, low-carbon capacity online and accelerate their net-zero transition.”

The new NX Horizon low carbon tracker offering is available now with the first shipments scheduled for later this year. For more information, visit our website.

Nextracker at CLEANPOWER 2024

Learn more from Nextracker panel speakers at this year’s CLEANPOWER (ACP) conference being held May 6-9, 2024 at the Minneapolis Convention Center for a discussion on the following topics:

• “Domestic Clean Energy Manufacturing,” Dan Shugar, founder and CEO, Nextracker (May 7, 2:15-3:15 p.m. CT, Charge Up Theater).
• “Solar Supply Chain,” Alejandro Riofrio, vice president, supply chain North America, Nextracker (May 8, 2:15-3:15 p.m. CT, Charge Up Theater).

About Nextracker

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

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 future orders, demand for Nextracker’s offerings and scheduled 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.

¹ The Carbon Trust is an independent organization that provides verification of sustainability achievements. The Carbon Trust's Product Carbon Footprint label verifies that a brand is working to measure and reduce a product's carbon emissions. LCA is a method that assesses the environmental impact of a product's life cycle through data collection and evaluation. It considers all phases of a product's life, including raw material extraction, production, use, and disposal. LCA also records and calculates the greenhouse gases produced during a product's life cycle.

² International Energy Agency, 2023, https://www.iea.org/energy-system/industry/aluminium

View source version on businesswire.com: https://www.businesswire.com/news/home/20240423430902/en/

Media Contacts

Kristan Kirsh

+1.650.814.1273

kkirsh@nextracker.com

Alex Peterson (on behalf of Nextracker)

+1.203.313.7699

Alex@tigercomm.com

Investor Relations

Mary Lai

investor@nextracker.com

Source: Nextracker

FAQ

What is the name of the industry's first low carbon solar tracker solution launched by Nextracker?

The industry's first low carbon solar tracker solution launched by Nextracker is called NX Horizon™.

By how much percentage is the carbon footprint reduced by the NX Horizon™ solar tracker system?

The carbon footprint is reduced by up to 35% with the NX Horizon™ solar tracker system.

What type of steelmaking process does Nextracker use for its low carbon solution?

Nextracker uses circular steelmaking, specifically Electric Arc Furnace (EAF) processing, for its low carbon solution.

Which certification did Nextracker achieve for its NX Horizon low carbon solar tracker system?

Nextracker achieved Carbon Trust Product Carbon Footprint label certification for its NX Horizon low carbon solar tracker system.

Where were the initial orders for the NX Horizon low carbon tracker secured from?

The initial orders for the NX Horizon low carbon tracker were secured from U.S.-based solar power projects.