Nextpower Completes Acquisition of Prevalon Energy, Expands Energy Storage Operations
Nextpower has finalized its acquisition of Prevalon Energy, enhancing its capabilities in large-scale battery energy storage systems. This strategic move positions Nextpower to serve utility-scale customers and data centers with an expanded technology portfolio, addressing the growing demand for reliable energy solutions.
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Nextpower (NASDAQ: NXT) has completed its acquisition of Prevalon Energy, a company specializing in battery energy storage systems, for $365 million. Prevalon has deployed over 6 GWh of energy storage systems globally and will continue to be led by its founder, Tom Cornell.
The acquisition enables Nextpower to enhance its offerings, which now include grid-connected storage and hybrid power plants. Following the acquisition, Nextpower granted inducement awards totaling 810,733 performance-based restricted stock units and 375,000 service-based restricted stock units to former Prevalon employees.
These awards are linked to performance goals from April 2026 to March 2030. Nextpower aims to leverage this acquisition to address the increasing demand for reliable energy infrastructure, positioning itself as a key player in the energy storage market.
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