New York, Jan 12, 2026, 13:36 EST — Regular session
- Nextpower shares jumped roughly 9% in afternoon trading after the company confirmed its Saudi joint venture has been officially incorporated.
- The partners revealed plans for a manufacturing facility in Jeddah aiming to produce up to 12 gigawatts of solar tracker capacity annually, with operations set to begin in Q2 2026.
- Traders are turning to the Jan. 27 earnings call for updates on spending, orders, and progress in the Middle East rollout.
Nextpower Inc shares surged roughly 9% on Monday following the announcement of a completed Saudi joint venture and plans for a new manufacturing facility in the kingdom. The stock traded as high as $99.70 before settling up 9.3% at $99.62 in early afternoon trading, bouncing between $89.95 and $99.70.
Nextpower announced its new joint venture, Nextpower Arabia, will be based in Riyadh and focus on providing tracker systems and related controls for large-scale solar projects throughout the Middle East and North Africa. The partners revealed a facility in Jeddah is currently under construction, aiming to open in Q2 2026. Once operational, it will have a supply-chain capacity of up to 12 gigawatts annually and create as many as 2,000 jobs tied to the project’s expansion.
Solar trackers — the steel-and-motor rigs that tilt panels toward the sun — have turned into a choke point as large projects scale up. PV Tech reported that tracker manufacturers are expanding their production bases in Saudi Arabia and nearby areas, responding to developers’ push for shorter supply chains and increased local output.
Nextpower CEO Dan Shugar described Saudi Arabia as a “strategic market” for the firm, according to a statement. On the other side, Abunayyan Holding CEO Turki Al‑Amri emphasized the use of local sourcing, including steel made in Saudi Arabia. The partners plan to raise about $88 million (around 330 million Saudi riyals) in equity and debt to fund the venture over the next two years. Business Wire
The surge wasn’t limited to just one player in solar tracking. Array Technologies climbed roughly 9.8%, while FTC Solar added around 6% during afternoon trading.
Nextpower, which was known as Nextracker until its name change in November, retained its Nasdaq ticker symbol NXT, according to a recent filing. The company provides equipment for large solar farms, where trackers boost output compared to fixed-tilt setups.
Investors still face a long list of “ifs” to weigh. The joint-venture partners cautioned that outcomes might vary if demand, costs, or operating conditions in the kingdom and wider region change, or if other factors affecting closing and execution come into play. Nextracker
Traders now wonder if the Saudi build will translate into orders and margins, beyond just adding capacity. Signs of slower deployments or cautious spending might temper Monday’s surge.
Nextpower will host its fiscal third-quarter earnings call on Jan. 27. Investors are expected to seek updates on bookings, spending plans, and the timeline for the Saudi facility.
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