Acquisition expands Nextpower’s portfolio into battery storage systems and grid technologies with 6GWh of deployed capacity.
Nextpower has finalized its acquisition of Prevalon Energy for up to $365m in cash and stock, marking its entry into the energy storage sector. The deal includes battery energy storage systems, power stabilization, and lifecycle services previously developed by Prevalon, a joint venture between Mitsubishi Power Americas and EES.
Prevalon has deployed over 6GWh of energy storage globally, targeting grid-connected storage, data centers, and hybrid power plants. The acquisition follows Nextpower’s May announcement and broadens its offerings beyond solar energy to include energy management software and long-term service contracts.
Nextpower CEO Dan Shugar stated the deal strengthens the company’s position in utility-scale and data center markets, providing a foothold in a rapidly growing industry segment. Prevalon’s existing leadership, including CEO Tom Cornell, will remain in place.