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Nextracker, a global provider of intelligent solar tracker and software solutions, has acquired Ojjo, a California-based renewable energy company, in an all-cash transaction valued at approximately $119 million.
Ojjo specializes in unique truss systems that utilize half the steel of conventional foundations and are designed to minimize grading requirements for utility-scale projects. The foundation company, founded by Jack West—who also founded Zep Solar—brings a legacy of innovation to the solar industry. Zep Solar was known for its rail-less rooftop solar installation design and was later acquired by SolarCity, which itself was acquired by Tesla.
Ojjo’s truss system comprises underground anchors, above-ground legs, and a truss cap. The company’s signature product, the Ojjo Earth Truss, features more than 4 feet of reveal tolerance, regardless of truss height, thereby minimizing grading requirements. The foundation technology centers around a hollow Screw Anchor with a crimp collar welded to the top and a hollow tip at the end. Ojjo also employs a Truss Driver machine that uses automation software for installations.
Ojjo is staffed by industry veterans from companies such as Avantus, Vestas, SunPower, Recurrent Energy, and Canadian Solar, along with original members from the Zep Solar days. To date, Ojjo has delivered more than 2 GW of truss foundations and holds 600 patents issued and pending. One of its notable projects is Gemini, a 690 MW standalone solar and battery storage project in Nevada’s Mojave Desert. The project owner, Primergy, and EPC, Kiewit Power, chose Ojjo’s solution for its ability to eliminate predrilling and reduce grading needs.
Nextracker has partnered with Ojjo for many years on testing, evaluation, and collaboration on joint customer solar projects. The acquisition is seen as a strategic move that will benefit developers and EPC firms by combining Ojjo’s patented foundations with Nextracker’s systems, providing integrated solutions for various soil conditions.
“Their team brings geotechnical products and expertise in foundation systems that are especially well-suited to rocky sites, with control system intellectual property that is broadly applicable to a range of equipment,” said Dan Shugar, Nextracker founder and CEO. “This acquisition furthers our successful global tracker foundation business with next-generation, differentiated technology.”
Nextracker plans to integrate Ojjo technology with its NX Horizon tracker system, enhancing its foundation capabilities while continuing to offer Ojjo technology to other compatible solar trackers.
“I am proud of what the Ojjo team created. Nextracker is by far the best partner to drive this technology to its fullest potential in the utility-scale marketplace,” said Mike Miskovsky, outgoing Ojjo CEO, who will provide transitional support to Nextracker into the next fiscal quarter. |
