Gold prices steady ahead of Fed decision; weekly weakness noted
FREMONT, Calif. - Nextracker (NASDAQ:NXT), a prominent solar technology provider valued at $7.88 billion and maintaining an "EXCELLENT" financial health rating according to InvestingPro, has announced the acquisition of Bentek Corporation, a U.S. manufacturer known for its electrical balance of system (eBOS) products used in solar power plants. The all-cash deal, valued at approximately $78 million, aims to integrate Bentek’s eBOS solutions with Nextracker’s solar tracker platform, streamlining procurement and project logistics. The acquisition is well within Nextracker’s means, as InvestingPro data shows the company holds more cash than debt on its balance sheet, with a healthy current ratio of 2.2.
The acquisition includes future contingent earnout consideration and positions Nextracker to offer both standalone eBOS components and integrated solutions with its NX Horizon system. Bentek’s manufacturing presence in the U.S. is expected to bolster Nextracker’s domestic supply chain capabilities.
Bentek’s eBOS technology is crucial for utility-scale solar projects, ensuring the collection and transportation of electricity from solar panels to power conditioning systems. With over 15 years in the market, Bentek’s products are recognized for their reliability, backed by rigorous testing and solid design. The company holds several patents for its U.S.-manufactured eBOS solutions.
Howard Wenger, President of Nextracker, expressed enthusiasm about the merger, anticipating that the combined expertise and offerings will expedite project timelines and reduce costs. "We believe that an integrated design approach can unlock synergies between the mechanical and electrical subsystems," Wenger stated.
George Hershman, CEO of SOLV Energy, also welcomed the acquisition, citing Bentek’s track record of reliable, high-quality products that SOLV has utilized for years.
Dan Shugar, founder and CEO of Nextracker, highlighted the significance of eBOS quality and reliability for system uptime and return on investment (ROI). "Nextracker’s financial resources, technology acumen, and supply chain expertise will enable Bentek to rapidly scale," Shugar said.
Bentek’s eBOS solutions, compliant with North American safety standards, offer trunk bus, combiner box, and configurable harness solutions for efficient, safe, and reliable solar power plant construction. The products are currently available in North America, with plans to expand to other markets.
This strategic move is part of Nextracker’s broader efforts to enhance solar power plant construction and performance while maintaining long-term reliability. Further details about the acquisition will be shared during Nextracker’s quarterly earnings conference call.
The information in this article is based on a press release statement from Nextracker.
In other recent news, Nextracker Inc. reported impressive fourth-quarter earnings and revenue, significantly surpassing analyst expectations. The company announced adjusted earnings per share of $1.29, compared to the analyst consensus estimate of $0.73. Revenue for the quarter reached $924 million, exceeding the projected $766.4 million and marking a substantial increase from the previous year. Nextracker also provided optimistic guidance for fiscal year 2026, forecasting earnings per share between $3.65 and $4.03, with revenue expected to range from $3.2 billion to $3.4 billion. This guidance is above the consensus estimates, which had earnings at $3.87 per share and revenue at $3.175 billion. Additionally, Nextracker recently acquired Bentek Corporation for approximately $78 million, aiming to enhance its product offerings and streamline procurement. This acquisition is part of the company’s strategy to expand its platform with exceptional eBOS products and expertise. These developments reflect investor confidence in Nextracker’s growth and its ability to capitalize on the expanding solar energy market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.