NEXTracker Raises $25 Million for Photovoltaic Tracking Systems

(Bloomberg) — NEXTracker Inc., a maker of tracking systems
that improve the efficiency of solar panels, received $25
million to expand its business.

The funding round includes contributions from SJF Ventures
and Tennenbaum Capital Partners, Fremont, California-based
NEXTracker said in a statement Monday. The financing closed in
December. Existing investors include Sigma Partners and DBL
Investors.

The investment “helps even more solar project owners
surmount design and installation challenges, while driving down
the cost of solar deployment,” Dave Kirkpatrick, managing
director and co-founder of SJF Ventures, said in the statement.

NEXTracker can deliver systems capable of supporting about
200 megawatts of capacity every month. SunEdison Inc. in June
agreed to buy 1.85 gigawatts of its trackers over three years.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Will Wade

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