Nextpower completes $365 million Prevalon Energy acquisition

Nextpower said it has completed its acquisition of Prevalon Energy, a US-based provider of large-scale battery energy storage systems (BESS), power stabilization solutions, and lifecycle services. The company first announced the deal in May, valued at up to $365 million in cash and stock.

Tom Cornell, who founded and led Prevalon as CEO, will continue to run the business under Nextpower. Dan Shugar, founder and CEO of Nextpower, said reliable energy storage is foundational to building and operating critical energy infrastructure, adding that Prevalon gives the company a stronger foothold in one of the fastest-growing segments of the global power industry.

Prevalon has deployed more than 6 GWh of energy storage systems worldwide. The acquisition extends Nextpower’s platform beyond solar into BESS, energy management software, and power control technologies for grid-connected storage, hybrid power plants, and AI data center infrastructure.

In connection with the closing, Nextpower granted inducement awards to former Prevalon employees, consisting of 810,733 performance-based restricted stock units and up to 375,000 service-based restricted stock units. The restricted stock units vest annually over four years; the performance-based units vest based on Prevalon’s gross profit performance from April 2026 through March 2030. The awards were granted under Nasdaq Listing Rule 5635(c)(4) and approved by Nextpower’s Compensation and People Committee.

Nextpower was known as Nextracker until it rebranded in November 2025 to reflect its shift from a solar tracking supplier to an integrated energy technology platform, according to the company’s own statements at the time. It has made a string of acquisitions over the past two years, including steel framing maker Origami Solar and, in June 2026, power conversion firm Zigor Corp.