Nextpower Inc. (renewable energy company) has closed its acquisition of Prevalon Energy, a U.S.-based provider of large-scale battery energy storage systems, marking a significant expansion of the Fremont, California, company's integrated energy technology platform into grid-connected storage, hybrid power, and artificial intelligence data center applications.

Transaction Closes, Prevalon Leadership Stays in Place

Nextpower, which trades on the Nasdaq exchange under the ticker NXT, announced the completed deal on July 20, 2026. Prevalon Energy, which specializes in large-scale battery energy storage systems, power stabilization solutions, and lifecycle services, will continue to be led by Tom Cornell, who has served as chief executive of Prevalon since the company's founding.

Dan Shugar, founder and CEO of Nextpower, framed the acquisition as central to the company's broader ambitions. "Reliable energy storage is foundational to designing, building, and operating critical energy infrastructure," Shugar said.

"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."

What Prevalon Brings to the Platform

Prevalon enters the Nextpower fold with more than 6 gigawatt-hours of energy storage systems deployed worldwide. Its product and service portfolio includes battery energy storage systems, energy management software, power control technologies, and lifecycle services.

Together, those capabilities are intended to complement Nextpower's existing solar-focused offerings, which encompass power plant design, deployment, optimization, and long-term operations.

Nextpower described the combined platform as extending the company's reach across utility-scale solar, grid-connected storage, hybrid power plants, and critical power infrastructure for global AI data centers.

The company cited one example project in the Atacama Region of Chile, a 50 megawatt, 250 megawatt-hour solar plus storage and grid firming installation, as representative of the kind of work the combined organization is positioned to pursue.

Market Rationale: Data Centers and Grid Demand

Shugar pointed to accelerating electricity demand as a primary driver for the transaction. "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," he said. The company characterized energy storage as one of the fastest-growing segments of the global power industry.

Nextpower's strategic positioning after the deal is oriented around serving customers who require firm, dispatchable power across a range of applications, from utility-scale renewable generation to the growing infrastructure demands of AI data centers.

The company stated it is uniquely positioned to serve both continued growth in utility-scale solar and the expanding energy storage market, citing its customer-centric approach, execution track record, and capacity to scale rapidly.

Inducement Awards Issued to Former Prevalon Employees

In conjunction with the closing, Nextpower announced the issuance of equity inducement awards to former Prevalon employees as a material inducement for them to commence employment with Nextpower following the transaction.

The awards consist of an aggregate of 810,733 performance-based restricted stock units and up to 375,000 service-based restricted stock units, both tied to Nextpower's Class A common stock.

The service-based restricted stock units vest in equal annual installments on each of the first four anniversaries of the closing date, subject to continued employment through each applicable vesting date.

The performance-based restricted stock units will be earned and vest between zero and one hundred percent based on Prevalon's achievement of a gross profit performance goal measured over a four-year window running from April 1, 2026 through March 31, 2030. Vesting of the performance units is also subject to continued employment through the final day of the performance period.

The Compensation and People Committee of Nextpower's Board of Directors unanimously approved the inducement awards. The committee is comprised solely of independent directors under Nasdaq listing rules.

Nextpower noted that while the awards were granted outside of its Second Amended and Restated 2022 Equity Incentive Plan, they are subject to terms and conditions substantially consistent with those contained in that plan. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).

Integrated Platform Strategy

Nextpower described the Prevalon acquisition as another milestone in a strategy aimed at providing end-to-end solutions across the full lifecycle of energy infrastructure projects.

The company's integrated platform, following the deal, spans power plant design and deployment through optimization and long-term operational services, now incorporating a proven battery storage portfolio alongside its established solar technologies.

The company has operated for more than a decade as an energy technology provider and partners with customers on a global basis. Nextpower directed prospective customers to its website for information on its energy storage solutions and noted that a replay of a recent analyst and investor conference call discussing the acquisition is available for additional context.

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