Nextracker, the US-based solar tracker manufacturer, has successfully concluded its separation from Singapore-headquartered electronics firm Flex after eight years under Flex ownership. The decision to split was announced in October, with Flex indicating a transfer of its controlling 51.7% stake in Nextracker to the latter's shareholders.
As part of the completed split, Flex shareholders have received 0.17 shares of Nextracker stock for each Flex ordinary share they held. Those with fractional shares in Nextracker have been compensated with cash instead of stocks.
Nextracker CEO Daniel Shugar revealed changes to the company's board, introducing Julie Blunden, formerly associated with battery storage developer Plus Power, to the leadership team. Howard Wenger, serving as Nextracker's president since February 2022, will also join the independent company's board.
The departure of six Flex executives accompanies the board changes, signifying the formalization of Nextracker's autonomy. Shugar expressed optimism about the company's future, stating, “The spinoff further empowers us to focus on our core business, expand our talent pool, and facilitate strategic opportunities to harness our full potential.”
Nextracker's independence comes at a time when solar power constitutes a significant portion of new power generation globally, reflecting the company's progress in fulfilling its vision.
