Nextracker Acquires Origami Solar In $53 Million All-Cash Deal To Enter Solar Panel Frame Market With Roll-Formed Steel Technology

Nextracker, a leading provider of solar technology platforms, has announced its entry into the solar panel frame market through the acquisition of Origami Solar, Inc., a pioneer in roll-formed steel frame technology. The all-cash deal is valued at approximately $53 million, including contingent earnout considerations. The move positions Nextracker to diversify its offerings with steel-based frames, which provide a high-performance alternative to traditional extruded aluminum frames. Steel offers superior strength and durability, competitive costs, and a significantly lower carbon footprint, while also supporting a more localized and resilient supply chain.

The use of steel is expected to foster innovation in solar panel mounting approaches, including robotic assembly, potentially improving installation speed and reducing labor costs. Origami Solar has spent four years developing and refining its frame technology, supported by extensive third-party laboratory testing. Its designs are engineered as direct replacements for conventional aluminum frames, adhering to standard industry form factors. This makes them compatible with existing manufacturing lines and simplifies large-scale adoption. Origami’s frames have already been tested and qualified by leading panel manufacturers, and with U.S.-based fabrication capacity in place, the acquisition enables Nextracker to rapidly scale production.

By integrating Origami Solar’s expertise, Nextracker adds specialized talent in panel frame design and engineering to its existing strengths in panel-tracker interface technology. This combination is expected to accelerate innovation in optimized solutions for utility-scale solar systems. Commenting on the acquisition, Dan Shugar, founder and CEO of Nextracker, emphasized the significance of transitioning from aluminum to steel in solar panel frames. He noted that while panel frame designs have remained largely unchanged for more than four decades, the demands on panels have increased substantially with larger formats and higher wind loads.

Shugar highlighted that steel not only provides structural and cost advantages but also enhances opportunities for localized manufacturing and delivers clear customer benefits, such as faster installation and improved long-term system performance. With a total addressable market estimated at over $750 million in the U.S. alone, he added that the acquisition opens a substantial new business opportunity for Nextracker.

Gregg Patterson, CEO of Origami Solar, stated that the company was founded to commercialize steel frame technology and unlock its customer value. He said the team has overcome challenges in design, performance, and mass production, and that joining forces with Nextracker provides a unique opportunity to scale innovation more rapidly, leveraging Nextracker’s global supply chain and customer network to bring impactful solutions to the market.