Amidst a recovering stock market, solar tracking company Nextracker went public at a $3.5 billion valuation last week.

This marks the largest IPO of the year and shines a sunny light on public market appetite for climate technology.

The Nextracker team ringing the NASDAQ bell and celebrating their IPO last week

The $838 million that the company raised was nearly 20% higher than what they were targeting.

Nextracker’s technology allows solar panels to follow the movement of the sun, optimizing their efficiency and the amount of energy they can produce per day. They are typically used in commercial, utility-scale solar installations.

This exit demonstrates the potential of investments related to solar energy, proves public market interest in climate companies, and shows that a company can generate significant enterprise value with a “hard tech” climate solution.

Congratulations to the Nextracker team, and to many more climate tech IPO’s!