Nextpower agreed on 28 May 2026 to acquire Prevalon Energy, a battery energy storage provider, for total consideration of up to $365m in cash and stock.
Why Nextpower Inc. is buying Prevalon Energy
Nextpower said customers had asked it to extend its platform into power conversion and battery storage to offer fully integrated firm power. Prevalon's hardware and software address grid stabilisation, contingency management and smoothing of GPU workloads at AI data centres, and the company is already engaged with large hyperscalers.
Deal terms and financing
The consideration of up to $365m excludes cash acquired and is paid in cash and Nextpower stock. Nextpower raised its fiscal 2027 outlook to revenue of $4.0bn-$4.4bn and adjusted EBITDA of $845m-$930m, assuming the deal closed. The deal followed a separate agreement earlier in May to buy power conversion technology.
Regulatory approvals and timing
Closing required antitrust review and was expected in Nextpower's second fiscal quarter of 2027. The company announced completion on 20 July 2026, with Prevalon chief executive Tom Cornell continuing to run the business.
Market context
Nextpower estimates demand for battery storage outside China at up to $35bn by 2030, including up to $15bn in the US.
