Nextpower finalizes Prevalon acquisition, enters utility-scale storage

Solmar Insights

Nextpower has completed its $365 million acquisition of Prevalon Energy, a move that formalizes its entry into the utility-scale battery energy storage market. With this deal, Nextpower, formerly known as Nextracker, now controls over 6 gigawatt-hours (GWh) of deployed storage assets, positioning itself as an end-to-end provider for solar, storage, and critical power applications including energy-hungry data centers.

Strategic shift and acquisition details

Announced on Monday, the completed Prevalon deal accelerates Nextpower’s transformation from a specialized solar tracker supplier into a vertically integrated power technology firm. Prevalon, previously a joint venture between Mitsubishi Power Americas and EES, becomes part of Nextpower’s expanding portfolio just months after the latter’s rebranding aimed at repositioning the business for the next phase of utility-scale power infrastructure growth.

The acquisition means Prevalon’s existing team, led by CEO Tom Cornell, will continue steering operations under the Nextpower umbrella, ensuring stability and operational continuity for customers. This is a notable element of the transaction, underscored by Nextpower CEO Dan Shugar, who emphasized the importance of trusted, knowledgeable partners with long-term accountability beyond commissioning.

Valued at up to $365 million, this is one of several major moves by Nextpower in the past year, signaling clear intent to establish dominance across adjacent segments of the global power sector, with a strong focus on scale, reliability, and customer retention.

Broader integrated platform strategy

With Prevalon in the fold, Nextpower’s capabilities now encompass much more than just solar tracking hardware. The company now offers an integrated suite of battery energy storage systems, energy management software, advanced power conversion, and lifecycle services. These offerings support a range of utility-scale assets, from solar and hybrid plants to critical data center infrastructure requiring reliable, dispatchable energy, especially as electrification trends reshape grid demand patterns across the U.S. and globally.

Notably, Prevalon’s systems are already operational alongside Nextpower’s tracker technology in geographic extremes, such as the Atacama Desert of Chile, demonstrating the pairing’s adaptability in challenging environments. This integration underlines the market-ready status of the technology for both utility and digital infrastructure customers.

Nextpower projects that global demand for battery storage, outside China, could reach up to $35 billion by 2030, with the U.S. alone representing up to $15 billion, a figure underpinned by accelerating demand from utilities, independent power producers, grid operators, and hyperscale data center developers requiring resilient and flexible large-scale storage.

Expansion through serial acquisitions

Prevalon is not the first strategic addition to Nextpower’s platform. Since mid-2024, the company has executed a series of notable acquisitions to expand its capabilities and market access. In June 2026, Nextpower entered a definitive agreement to acquire Zimmermann PV-Steel Group for $378 million, doubling its structural solar product presence in Europe with a suite including fixed-tilt structures, carports, trackers, and floating PV technology. Zimmermann’s European roots and extensive solar project track record immediately expand Nextpower’s reach in established and emerging EU markets, where fixed tilt accounts for about half of current utility PV deployment.

Another move in May 2026 saw Nextpower acquire power conversion assets from Zigor Corporation and its U.S. arm, Apex Power, for $80.5 million. This deal is set to ramp inverter manufacturing in the U.S., bolster expertise in field-deployable modular inverter solutions, and support applications in both solar and battery storage domains for voltages up to 2000V, covering new builds and repowering alike.

Additionally, the September 2025 purchase of Origami Solar for $53 million brought on board advanced steel solar frame design, aligning with market trends on cost-effective, high-performance BOS (balance of system) materials, critical for competitive project economics in both ground-mount and hybrid applications.

Market impact: utility-scale and data center sectors

The completed Prevalon deal comes as utilities and power generators across the U.S. face rising pressure to provide 24/7 reliable electricity while integrating more variable renewables and supporting the rapid buildout of digital infrastructure. For hyperscale data center operators and AI compute developers, energy storage plus hybrid renewables is increasingly a prerequisite in power procurement negotiations, particularly as regulatory scrutiny focuses on grid reliability and decarbonization targets.

Nextpower’s expanded service offering means project developers and digital infrastructure buyers have a single counterparty for both PV generation and large-scale storage, minimizing integration risk and streamlining procurement. This will be especially relevant as grid interconnection queues swell with hybrid resource projects and large-load interconnection requests from data center builds, raising the value proposition for proven, bankable partners able to deliver complete technical solutions.

For utilities, the merger strengthens the available pool of North American-based storage and hybrid solution providers at a time when U.S. content requirements and domestic manufacturing incentives are shaping procurement decisions under evolving federal policy initiatives.

Outlook and next steps for Nextpower

Looking ahead, Nextpower’s bet on integrated platforms matches projected trends in both the renewables and data center segments. As software-driven power management, AI-based energy optimization, and lifecycle services become standard requirements for large, complex energy assets, Nextpower’s alignment of hardware, software, and field execution positions it for continued growth as a partner for major U.S. and global energy customers.

With Prevalon’s leadership remaining intact, the potential for rapid commercial integration and technology scaling appears solid, especially as U.S. grid operators and data center developers seek proven storage paired with renewables. Future reporting will track Nextpower’s execution in ramping U.S. inverter manufacturing, expanding its global steel structure footprint, and delivering commercially operational hybrid projects amid an increasingly competitive vendor field.