One of the biggest I. P. O. S of the year making its public debut today.
Solar tech company and next tracker listed on the NASDAQ with a ticker and XT
shares.
The company seen a nice pop after pricing at $24 apiece,
raising $638 million in this I P.
O.
No small sum of change there.
The company is a subsidiary of the manufacturing company flex and its solar
tracker and software solutions are used in solar power plants around the world.
So joining me now is Dan Sugar Ceo and founder of Next Tracker
dan. It's great to have you on the show and congratulations of course
this is a lot of new funding for your company. What is next after this? I. P. O.
Well thank you Kristen so much for having us on this program.
Solar's enjoyed tremendous growth because
and even unsubsidized solar is the lowest cost
way to generate power of any power generation source
and that's enabled it to make over half of the new power generation in north America.
Next trackers enjoyed
lead market share as a result of this incredible growth story
and we look forward to being an independent public company.
So let's talk about your words dan what exactly your company
does and how it does stand out in the field.
Well, just like a sunflower follows the sun across the sky from east to west.
If you move solar panels from east to west across the sky,
you get more energy
Up to 25% or more in some cases.
What next tracker does is we design, manufacture and provide
these mechanisms to help the solar panels follow the Sun.
And additionally,
we have smart software to really optimize the angle
to meteorological conditions and requirements of our customer sites.
So you're providing the software,
are you actually creating the solar panels themselves down
next Tracker doesn't manufacture the solar panels.
But what we do is we provide the structures and the control
systems and smart software to really optimize the angle of those panels
to the sun at any given time. And through innovation and technology.
Over the years,
we've been able to achieve leed share and
enjoy a number one position on four continents.
Mhm
So $638 million raised. I see in this I. P. O.
How are you going to use that money to expand and grow the business?
We're
next Tracker
has enjoyed this
this growth and
we're not speaking to use of proceeds at this time.
But what's fantastic is that in the US in the
last year we had the inflation reduction act passed,
which is a strong uh support for renewable energy and and job creation.
And how is your company dan specifically benefiting from
that inflation reduction act in the legislation within it.
Last year.
Next Tracker announced a significant expansion of supply chain
in the United States with our manufacturing partners.
We announced and actually had a dedication event at a new factory in texas,
A new factory in Arizona and a new factory in Pittsburgh.
So
these policies have helped revitalize clean
energy manufacturing North America and Next Tracker
has done its part with our partners to invest in clean energy jobs,
both at home and abroad.
I wish you could make some technology that would, you know,
get my plants like to rotate midday to the stone so that they could grow nice,
nice and big dan, per your sunflower recommendation there,
we appreciate you coming on the show, congratulations on the debut.
That's great news dan sugar founder and Ceo of Next Tracker.