Nextracker has acquired Origami Solar in an all-cash deal valued at approximately $53 million, including contingent earnout consideration, marking its entry into the solar panel frame market.
The transaction underscores Nextracker’s strategy to broaden its solar technology platform beyond trackers, foundations, and electrical balance-of-system components. By integrating steel frame technology, the company positions itself to compete in a U.S. panel frame market estimated at more than $750 million annually.
Headquartered in Fremont, California, Nextracker is a global solar technology leader with over 100 GW of solar trackers deployed across 40 countries. The company went public in February 2023, raising $638 million in its IPO and achieving a valuation of more than $3.4 billion. As of Q2 2025, Nextracker reported $864 million in revenue, a 20% year-over-year increase, with adjusted earnings per share of $1.16.
Nextracker has expanded through targeted acquisitions in recent years:
These deals, combined with the Origami acquisition, reflect a push toward vertical integration, strengthening the company’s supply chain control and competitive positioning.
Founded to advance roll-formed steel frames, Origami Solar developed a drop-in replacement for aluminum frames, which have dominated the industry for more than four decades. Key advantages of steel frames include:
Origami’s frames have undergone four years of design refinement and independent laboratory testing. They have been qualified by leading panel manufacturers and integrate seamlessly into existing module production lines.
The global solar panel frame market was valued at an estimated $4.2 billion to $14.9 billion in 2024, with different research sources providing a range of figures. The market is projected to reach approximately $8.9 billion to $33.8 billion by 2033, with an anticipated compound annual growth rate (CAGR) of around 8.6%.
With solar capacity installations projected to grow by nearly 150 GW between 2025 and 2030 in the United States, demand for durable, cost-effective, and low-carbon components is expected to rise.
Aluminum has long been the industry standard, but its higher energy intensity and reliance on imports expose solar developers to price volatility and carbon-related scrutiny.
“Solar panel frame technology has been relatively unchanged for over 45 years,” said Dan Shugar, founder and CEO of Nextracker, in the company’s September 2025 press release. “From a structural engineering perspective, the shift from aluminum to steel is compelling — steel offers greater strength at competitive cost and significantly reduced carbon intensity.”
Gregg Patterson, CEO of Origami Solar, added: “By joining forces with Nextracker, we have a great opportunity to scale this innovation faster with their global supply chain ecosystem and deep customer relationships and to commercialize a solution that makes a real impact.”
The acquisition of Origami Solar signals Nextracker’s shift from being a tracker specialist to offering a more comprehensive solar technology platform. By integrating frame design with its tracker systems and electrical solutions, the company can optimize performance at the panel-tracker interface while reducing installation times and labor costs.
This move also enhances Nextracker’s alignment with U.S. domestic content policies, bolsters its ESG profile through reduced lifecycle emissions, and supports the industry’s broader transition to resilient and sustainable supply chains.
