Nextpower announced it has entered into a definitive agreement to acquire complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power. The acquisition is expected to accelerate Nextpower’s expansion into utility-scale solar power conversion while supporting its entry into battery energy storage and AI data center markets.
The company said the transaction expands its power conversion platform and strengthens its position across critical layers of power plant architecture. Through the acquisition, Nextpower will add modular field-deployed inverter technology along with engineering talent focused on power conversion systems. The technology supports battery storage and solar inverter applications at 1500V, repowering applications at 600V and 1000V, and is designed to be 2000V ready. The modular skid design can scale up to 5.2 MVA.
Nextpower said the acquisition will help accelerate inverter manufacturing capacity in the United States, with production ramp-up expected to begin in 2027. The company also expects closer integration between power electronics and its broader technology stack, including solar trackers and electrical balance of systems offerings, which it believes can improve system performance, simplify procurement, and accelerate project deployment.
The transaction consideration includes approximately $80.5 million in cash, consisting of $46 million at closing and up to $34.5 million in potential earnout payments. Beyond the acquisition price, Nextpower plans to invest an additional approximately $50 million toward growth initiatives tied to its expansion into the power conversion market.
The acquisition remains subject to foreign direct investment approval by the Spanish government and other customary closing conditions. Following completion of the transaction, the acquired assets and Apex Power operations will be integrated into Nextpower’s growing power electronics platform, while Zigor will continue operating its remaining businesses independently.
Nextpower develops integrated energy technology platforms for solar power plants spanning structural, electrical, and digital technologies. The company partners with energy companies globally to support increasing electricity demand and optimize solar power generation systems.
KEY QUOTES:
“With this acquisition, Nextpower will launch a comprehensive inverter offering in response to strong customer requests for reliable, high-quality power conversion solutions rounding out our integrated platform. We will be in market with products for solar, storage, and data centers, and building out U.S. manufacturing as quickly as is prudent. Initial customer demand is promising and we look forward to welcoming the legacy Apex Power and Zigor team members to Nextpower once the transaction closes.”
Dan Shugar, Founder And CEO, Nextpower
