Nextpower Inc.

In 2014, Solaria Corporation spun off their tracker technology to create Nextracker, with Dan Shugar as the CEO.

Flextronics purchased Nextracker in 2015 for $330 million. In 2016, Nextracker acquired BrightBox Technologies, Inc., which develops predictive modeling software and machine-learning technologies. This acquisition led to the development and 2017 launch of TrueCapture, an intelligent, self-adjusting tracker control system that continuously refines the tracking algorithm of each individual solar array in response to existing site and weather conditions, delivering 2% to 6% energy gains.

The company expanded to more than 20 U.S. manufacturing lines in Texas, Arizona, Pennsylvania, Illinois, Tennessee, and Nevada between January 2021 and August 2024. As of March 31, 2024 [update], the company’s total global manufacturing capacity was approximately 1,000 MW per week, and supported up to 50 GW of annual shipments.

In February 2023, the company raised $638 million in a U.S. initial public offering, selling 26.6 million shares of Class A common stock at $24 per share, resulting in a corporate valuation of more than $3.5 billion. It debuted on the Nasdaq Global Select Market on February 9, 2023, under the ticker symbol, NXT.

In 2025, the company established an artificial intelligence and robotics division following three acquisitions in the sector and appointed Francesco Borrelli as its first Chief AI and Robotics Officer. On November 12, 2025, it rebranded to Nextpower, marking its transformation into a full-platform company, delivering an integrated portfolio of advanced technologies and services for utility-scale and distributed generation solar power plants.

In March 2026, a judge dismissed a class action lawsuit filed against the company and several of its executives, including Dan Shugar, in the U.S. District Court for the Northern District of California. The lawsuit claimed that the defendants, including Shugar, failed to disclose adverse facts about the company's business and operations, thereby misleading investors. Judge P. Casey Pitts dismissed the complaint, saying investors failed to show that any statements were false or misleading.

In 2026, Nextpower opened a Southeast regional hub in Nashville, Tenn., including a remote monitoring center, while doubling its steel production capacity. The regional hub supplies solar tracking systems used in utility-scale solar plants across the Southeast.

In 2026, Wood Mackenzie ranked Nextpower as the world's leading PV tracker manufacturer, based on first-half 2025 data. The rankings assessed 24 tracker manufacturers based across five countries.