Nextracker rebrands as Nextpower, expands into power conversion

FREMONT, Calif. - Nextracker Inc. (NASDAQ:NXT) announced on Wednesday its corporate rebranding to Nextpower, marking the company’s expansion beyond solar tracking systems into a broader portfolio of integrated energy technology solutions.

The company, which will retain its NXT ticker symbol on Nasdaq, revealed plans to develop utility-scale power conversion systems with first shipments expected in 2026. This expansion aims to create a comprehensive technology platform spanning structural, electrical, and digital solutions for utility-scale solar power plants.

"Our customers want coherent, integrated solutions that install faster, perform better, and operate more reliably over their lifetime," said Dan Shugar, founder and CEO of Nextpower, in a press release statement.

During its Capital Markets Day, Nextpower outlined financial targets including projected revenue of $4.8 billion to $5.6 billion by fiscal year 2030. The company expects approximately one-third of future revenue to come from non-tracker products and services.

Nextpower has maintained the top global market share position in solar tracking for ten consecutive years, according to the company, with over 150 GW of systems shipped worldwide. Its revenue has grown from $1.9 billion in fiscal year 2023 to $3.4 billion for the trailing twelve months through September 2025.

The rebranding comes as global electricity demand accelerates, driven by AI data centers, electric transportation, and building electrification. According to the company, the International Energy Agency projects that U.S. data centers will consume more electricity than all domestic energy-intensive manufacturing combined by 2030.

The company will continue operating under its current executive leadership team, with its complete product portfolio including trackers, foundations, electronics, module frames, robotics, software, and services transitioning to the Nextpower brand.

In other recent news, Flex reported its second-quarter earnings for fiscal year 2026, surpassing analyst expectations with an adjusted earnings per share of $0.79, compared to the forecasted $0.75. The company also achieved revenue of $6.8 billion, exceeding the anticipated $6.68 billion. Despite this strong performance, the stock experienced a decline due to broader market conditions. KeyBanc Capital Markets raised its price target for Flex to $75 from $70, maintaining an Overweight rating. This adjustment followed the earnings report, which initially led to a negative market reaction before shares recovered. Additionally, Flex has deployed a rack-level liquid cooling solution at the Equinix Co-Innovation Facility in Ashburn, Virginia. This installation showcases both standalone and facility-integrated single-phase direct liquid cooling capabilities. The technology used in this system comes from JetCool, a Flex company. These developments highlight Flex’s ongoing efforts to innovate and expand in the data center sector.

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