Nextpower has completed its acquisition of Prevalon Energy, a U.S.-based provider of large-scale battery energy storage systems, power stabilization technology and lifecycle services. Financial terms of the transaction were not disclosed.
The acquisition launches Nextpower’s energy storage business and expands its integrated energy technology platform beyond utility-scale solar. Prevalon has deployed more than 6 gigawatt-hours of energy storage systems worldwide.
Nextpower plans to use the acquired technology across grid-connected storage, hybrid power plants, artificial intelligence data centers and other critical power applications. The transaction also adds energy management software, power control systems and long-term operational services to Nextpower’s portfolio.
Battery energy storage systems store electricity for use when demand rises, renewable generation declines or grid conditions require additional support. These systems can help utilities and power producers balance supply and demand while providing more reliable and dispatchable power.
Hybrid power plants combine multiple generation and storage technologies, such as solar and batteries, within a coordinated system. The addition of Prevalon gives Nextpower a broader platform for designing, deploying, optimizing and operating these projects.
Prevalon will continue to be led by Tom Cornell, who has served as the company’s CEO since its founding. Its employees, technology and customer relationships will be integrated into Nextpower’s broader energy infrastructure business.
Nextpower expects the acquisition to strengthen its position with utility-scale customers and data center developers. AI data centers require substantial amounts of dependable electricity, creating demand for infrastructure that can provide power with greater stability and flexibility.
The company believes storage will become increasingly important as electricity consumption grows and more renewable resources are connected to the grid. Batteries can deliver power when needed, helping address the variable output associated with solar and other intermittent energy sources.
Nextpower plans to position itself as a single provider of solar, storage, software and lifecycle services. This approach is intended to give customers one accountable partner across plant design, construction, system optimization and long-term operations.
The transaction also gives Nextpower an established position in a rapidly growing segment of the global power market. The company expects Prevalon’s experience and technology to complement its existing ability to deliver large energy projects at scale.
In connection with the acquisition, Nextpower granted equity awards to former Prevalon employees as an incentive to join the company. The awards include an aggregate of 810,733 performance-based restricted stock units and up to 375,000 service-based restricted stock units.
The service-based awards will vest in equal annual installments over four years, generally subject to continued employment. The performance awards can be earned at between 0% and 100% based on Prevalon’s gross profit performance from April 1, 2026, through March 31, 2030.
The awards were unanimously approved by Nextpower’s Compensation and People Committee and granted under Nasdaq’s employment inducement rules. They were issued outside the company’s existing equity incentive plan but remain subject to substantially similar terms and conditions.
Nextpower develops integrated technologies for utility-scale power plants and other critical energy infrastructure. The company plans to use the Prevalon acquisition to support faster project delivery, improved reliability and the deployment of firm power for utilities, industrial customers and data centers.
KEY QUOTES:
“We are very pleased to welcome the talented Prevalon team to Nextpower. The team will continue to be run by Tom Cornell, who led Prevalon as CEO since its founding.”
“Reliable energy storage is foundational to designing, building, and operating critical energy infrastructure. The addition of Prevalon expands our ability to serve utility-scale customers and data centers with a broader portfolio of proven technologies from a trusted, bankable partner. It also provides Nextpower with a significant foothold in one of the fastest growing segments of the global power industry.”
“As demand for electricity accelerates, utilities, power producers, data center developers, and grid operators need accountable, bankable partners that can deliver reliable, dispatchable power at unprecedented scale and speed. With our customer-centric approach, reputation for high-quality execution, and proven ability to rapidly scale, Nextpower is uniquely positioned to serve both continued growth of utility-scale solar and the rapidly growing energy storage market.”
Dan Shugar, Founder and CEO of Nextpower
