The deal expands Nextpower’s platform into utility-scale battery storage and AI data center power supply markets.
Nextpower (NASDAQ:NXT) agreed to acquire Prevalon Energy, a provider of utility-scale battery energy storage systems, for up to $365 million. The transaction includes $150 million in initial cash, $50 million in Nextpower stock, and up to $165 million in contingent cash tied to profit targets over four years.
Prevalon’s technology and backlog will position Nextpower in the battery energy storage systems (BESS) and AI data center power supply sectors. The deal is expected to close by the end of Nextpower’s fiscal first quarter, pending regulatory approvals and customary conditions.
Nextpower anticipates closing the transaction with over $75 million in cash and cash equivalents. The acquisition marks a strategic shift beyond solar into storage, controls, software, and lifecycle services.