Nextpower has completed its acquisition of Prevalon Energy, a US-based company specialising in large-scale battery energy storage systems (BESS), power stabilisation solutions and related life cycle services.
The deal was previously announced in May, with a total consideration of up to $365m in cash and stock, excluding cash to be acquired.
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Prevalon was established as a joint venture (JV) between Mitsubishi Power Americas and EES.
With this transaction, Nextpower has extended its activities beyond solar energy provision by launching an advanced energy storage business.
The company’s platform will now include BESS, power control technologies, energy management software and long-term service offerings.
These technologies target grid-connected storage, AI data centre infrastructure, hybrid power plants and critical power operations.
According to company figures, Prevalon Energy has deployed more than 6GW-hours (GWh) of energy storage systems worldwide.
Nextpower founder and CEO Dan Shugar said: “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.
“The addition of Prevalon expands our ability to serve utility-scale customers and data centres 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.”
The BESS technology from Prevalon is designed to address power quality and rapid energy demands, including use in AI data centres and industrial systems.
Nextpower has raised its fiscal year 2027 outlook and now expects revenue of around $4bn–4.4bn, compared to a previous forecast of $3.8bn–4.1bn.
Adjusted earnings before interest, taxes, depreciation and amortisation is anticipated to be between $845m and $930m, up from the earlier projection of $825m–900m.
The closing of the Prevalon acquisition followed customary closing conditions including an antitrust regulatory review.
Last month, Nextpower reached an agreement to acquire Zimmermann PV-Steel Group, a solar technology company headquartered in Germany with operations spanning more than 58 countries.
