Nextpower gets into energy storage: $365M for Prevalon Energy, with 6 GWh installed and AI data center deals

Nextpower has announced a major move into energy storage, with a stock exchange update that it has “entered a definitive agreement” to acquire Prevalon Energy, a US-headquartered joint venture between Mitsubishi Power Americas and EES, for up to $365 million in cash and stock.

California-based Nextpower announced its corporate rebranding from Nextracker in November 2025, as it said it had evolved from solar tracking into a full-platform company. It already acquired Origami Solar, known for its US-made steel framing and roll-forming fabrication for solar modules, while this month it also acquired power conversion technology for inverters, as part of a deal to “acquire complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power.”

Focusing on this deal, Prevalon first emerged from Mitsubishi Power in early Feb 2024 as it was set up as a standalone company around that time to focus harder on the BESS market. From 3 GWh at that point, it now has more than 6 GWh of BESS systems deployed globally and what the companies said is a further 1.3 GW of firm supply contracts supporting AI and hyperscaler data center infrastructure.

The Prevalon product lineup includes the HD5 DC and AC block modular storage systems and an insightOS controls and monitoring platform, with a “hybrid power stabilizer” designed for rapid load management in grid and private grid applications. The hybrid power stabilizer from Prevalon was announced on May 26th, with features including millisecond-level response from power electronics, voltage and frequency stabilization, generator protection, black start and islanding, peak shaving and load management, and “cybersecure control” via “on-premise control aligned with IEC 62443 standards.”

“Many of our customers have rapidly expanded their storage programs and asked us to extend Nextpower’s platform into power conversion and BESS to deliver fully integrated firm power solutions,” said Dan Shugar, founder and CEO of Nextpower. “Together with our recently announced and complementary power conversion acquisition, we expect that Prevalon’s BESS platform will open new market opportunities for Nextpower in AI data center power supply applications. Prevalon is already engaged with large hyperscalers with a lean, seasoned team that has a solid track record delivering BESS for utilities and IPPs across a variety of use cases.”

“Prevalon shares Nextpower’s relentless focus on innovation, quality, reliability, and customer success,” said Tom Cornell, president and CEO of Prevalon Energy. “Operating as part of Nextpower, we can leverage their global reach and deep client relationships. Our customers will benefit from doing business with a reliable, investment-grade partner with decades of experience in power generation and management.”

In its announcement to the NASDAQ stock exchange, it raised its fiscal year 2027 revenue outlook to $4.0–4.4 billion and adjusted EBITDA to $845–930 million on the back of the expected transaction.