U.S. clean energy incentives revitalize American manufacturing at JM Steel historic manufacturing facility in Pittsburgh, achieving 4 GW of Nextracker-dedicated annualized capacity

PITTSBURGH, PA., April 26, 2024 - Nextracker (Nasdaq: NXT), a global provider of intelligent solar tracker and software solutions, and JENNMAR's subsidiary JM Steel, a premier steel processing provider, jointly announced the completion of a major expansion of Nextracker-dedicated manufacturing lines of JM Steel's Leetsdale steel facility achieving 4 GW of capacity. Inaugurated and reopened in 2022, the facility manufactures steel components for Nextracker solar trackers installed on dozens of active solar power projects that employ thousands construction workers across multiple states in the Midwest region.

JENNMAR invested $100 million of capital in the last four years in this historic facility featuring cutting-edge technology and state-of-the-art solar tube lines with automated drilling and swaging. For Nextracker, this latest expansion marks over 20 new or expanded U.S. manufacturing facility partnerships since 2021 and enables the company to provide over 25 GW of U.S. solar tracker capacity each year.

"We are thrilled to be partnered with JM Steel and celebrate the expansion of the Pittsburgh facility to serve customer demand. This facility is also expected to produce our new low carbon tracker offering recently announced," said Dan Shugar, founder and CEO of Nextracker. "The U.S. solar market is continuing to demonstrate strong growth. The U.S. Energy Information Administration has forecast solar to growth at 26% on an annually compounded rate and be the number one source of energy in the U.S. within a decade."

"This partnership with Nextracker allows for significant investment in advanced manufacturing and brings high-quality jobs back to our communities," said Tony Calandra, president and CEO of JENNMAR Corporation. "At the same time, we're proud to be contributing to the nation's need for a secure and reliable domestic energy supply."

Once the home of a steel mill used to build materials for tank landing ships during World War II, this refurbished facility represents one of many shifts underway in the U.S. toward domestic manufacturing, a secure supply chain, and clean energy. The Leetsdale steel factory tripled its capacity with the addition of new, dedicated manufacturing lines for solar energy projects creating 60 new manufacturing jobs.

"JENNMAR and Nextracker are in a powerful partnership focused on advancing the energy transition and American manufacturing. The future depends on leveraging a diverse portfolio of resources that addresses our environment, energy needs, and economic opportunity," said Matt Smith, chief growth officer at theAllegheny Conference on Community Development. This is a win at the convergence of two industries that are pivotal to southwestern Pennsylvania - energy and manufacturing - and we're proud that our region is a key part of the supply chain that's helping to bring more solar energy to the market."

According to the Solar Energy Industries Association (SEIA), solar power now accounts for 53% of all new electricity generation in the U.S., adding 32.4 GW of solar power in 2023 and surpassing 23.6 GW in the prior year.

To celebrate the new facility expansion, a dedication ceremony was attended by top government officials including David Crane, Under Secretary for Infrastructure at the department of energy (DOE), Lt. Governor of Pennsylvania, Austin Davis, U.S. Congressman Chris Deluzio of Pennsylvania's 17th District, PA State Representative, Valerie Gaydos, and Matt Smith, Chief Growth Officer, Allegheny Conference on Community Development. Also, joining the event were leaders from some of the world's largest clean energy companies including Kelly Speakes-Backman, Executive Vice President of Public Affairs at Invenergy, Yuri Horowitz, CEO of Sol Systems, and Tony Calandra, president and CEO of JENNMAR.

Last year, Nextracker opened a dedicated steel production line in Las Vegas with Unimacts, another in Memphis with MSS Steel Tubes USA, and a self-powered controller and high-voltage power supply line in California with Asteelflash. They have more production lines in Texas, Arizona, and Illinois.

About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Our products enable solar panels power plants to follow the sun's movement across the sky and optimize plant performance. With power plants operating in more than 30 countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, visit Nextracker.com.

About JENNMAR
JENNMAR is a leading global provider of infrastructure products and specialized services to the civil infrastructure, solar, mining, and construction industries. For over 100 years, JENNMAR's focus has been on manufacturing products and providing solutions that help keep workers safe and productive.

About JM Steel
Established in 2000, JM Steel has emerged as a premier steel processing provider in the U.S., with facilities in Pendergrass, GA, Sinton TX, Huger, SC, and Leetsdale, PA.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to future orders, demand for Nextracker's offerings and scheduled shipments of Nextracker products. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker's management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Nextracker's most recent Quarterly Report on form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.

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