Solar Morning Spotlight (6/24): RUN VPP Expansion, NXT Zimmerman Acquisition

研报英文原文证据摘录

Solar Morning Spotlight (6/24): RUN VPP Expansion, NXT Zimmerman Acquisition

Equity Research

Industry Update — June 24, 2026

Clean Energy

Solar Morning Spotlight (6/24): RUN VPP

Expansion, NXT Zimmerman Acquisition

Our Call Praneeth Satish

We caught up with NXT management following the company's acquisition of Zimmerman. Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

RUN announced a new VPP agreement with TSLA & Renew, expanding TAM for

Michael Blumdistributed energy resources (DERs).

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

NXT Expands European Business Via Acquisition. NXT acquired German fixed tilt Ned Baramov, CFA

mount manufacturer Zimmerman PV-Steel Group (private) for ~$378MM (based on Equity Analyst | Wells Fargo Securities, LLC

EUR/USD on 6/20). NXT can now bid on fixed tilt projects in Europe (and eventually Ned.Baramov@wellsfargo.com | 212-214-8021

US). Zimmerman also helps NXT strengthen European channels to sell BESS and EBOS. Eric Shiu

Zimmerman is a strategic fit for NXT with strong focus on engineering, unique IP, and Associate Equity Analyst | Wells Fargo Securities, LLC

limited capex. Eric.Shiu@wellsfargo.com | 212-214-5038

Jack Farrell, CFA

We estimate Zimmerman adds ~$360MM revenue with high 20's gross margins and Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

~15% EBITDA margins. There is some pot'l upside on margins, but mgmt didn't model

margin expansion in its base case. We believe the headline ~7.3x EBITDA multiple is

attractive on a standalone basis even without growth or sell through opportunities. NXT

expects close around end of FQ2'27 and plans to provide more details at a capital markets