Nextpower Closes $365 Million Prevalon Deal, Entering 6-GWh Energy Storage Market
Updated
Updated · Solar Power World · Jul 20
Nextpower Closes $365 Million Prevalon Deal, Entering 6-GWh Energy Storage Market
3 articles · Updated · Solar Power World · Jul 20
Summary
Nextpower finalized its acquisition of Prevalon Energy, completing the $365 million deal announced in May and formally launching its energy storage business.
Prevalon gives Nextpower a domestic utility-scale storage manufacturer with 6 GWh deployed globally and a proprietary battery control system, broadening its offering for utilities and data centers.
Tom Cornell will continue leading the Prevalon team under Nextpower, while transitioning employees are receiving stock units in the new parent company.
The purchase extends Nextpower’s push beyond its roots as a solar tracker maker into adjacent solar infrastructure segments including inverters, foundations, robotics, O&M and now storage.