Nextpower Announces Definitive Agreement to Acquire Advanced Power Conversion Product Portfolio

Acquisition to accelerate Company’s entry into power conversion market with complementary IP and planned U.S. manufacturing footprint

FREMONT, Calif.--(BUSINESS WIRE)--Nextpower™, a leading provider of intelligent power generation systems for solar power plants, today announced it has entered into a definitive agreement to acquire complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power. Once complete, the transaction will expand Nextpower’s product portfolio and capabilities in utility-scale solar power conversion and support its entry into battery energy storage and data center markets.

“With this acquisition, Nextpower will launch a comprehensive inverter offering in response to strong customer requests for reliable, high-quality power conversion solutions rounding out our integrated platform,” said Dan Shugar, founder and CEO of Nextpower. “We will be in market with products for solar, storage, and data centers, and building out U.S. manufacturing as quickly as is prudent. Initial customer demand is promising and we look forward to welcoming the legacy Apex Power and Zigor team members to Nextpower once the transaction closes.”

This acquisition will include modular, field-deployed inverter technology, and experienced engineering talent. The product technology is suitable for new battery storage and solar inverter applications at 1500V, repowering applications at 600V and 1000V, and is 2000V ready. The modular skid design can be configured up to 5.2 MVA.

The transaction is expected to enable rapid scale-up of inverter manufacturing capacity in the U.S. with a production ramp expected to begin in 2027. It also supports closer integration of power electronics with Nextpower’s leading solar trackers, electrical balance of systems (eBOS), and broader technology platform. This integration can help improve overall system performance, reduce procurement complexity, and enable faster, more efficient project design and deployment. Intelligent power conversion systems are increasingly utilized in advanced grid infrastructure, including battery storage and energy supply systems designed to support complex large loads such as AI data centers.

The closing of the acquisition is subject to foreign direct investment (FDI) approval by the Spanish government and other customary conditions. The transaction consideration includes approximately $80.5 million in cash, consisting of $46 million at closing and up to $34.5 million in potential earnouts. In addition to the purchase consideration, Nextpower plans an incremental investment of approximately $50 million related to growth initiatives, including the acceleration of its entry into the power conversion market. These investments are expected to position Nextpower to capture a significant, durable growth opportunity.

Following the relevant approval, the acquired assets, including Apex Power, will be integrated into Nextpower’s operations, with the inverter business operating within its growing power electronics platform. Zigor will continue to operate its remaining business independently, separate from the assets acquired by Nextpower.

To learn more about the Nextpower complete energy solutions portfolio, visit www.nextpower.com.

About Nextpower

Nextpower™ (Nasdaq: NXT) designs, engineers, and delivers an advanced energy technology platform for solar power plants, innovating across structural, electrical, and digital domains. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer ROI. Building on over a decade of technology and market leadership, the company delivers intelligent power generation systems and services to meet rapidly expanding global electricity demand. Nextpower partners with the world’s leading energy companies to power what’s next. Learn more at www.nextpower.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the acquisition of the assets of Zigor’s power conversion business and its U.S.-based subsidiary, Apex Power, by Nextpower, the benefits of power conversion and electronics to Nextpower and its integrated platform strategy, including the ability to improve overall system performance, the benefits of the transaction and future opportunities for Nextpower, including the benefits our customers may realize as a result of integrating the technologies of the acquired assets into Nextpower’s platform, the ability to expand global R&D capabilities with a specialized power conversion engineering team in Europe, the addressable market for the inverter business, Nextpower’s ability to scale inverter manufacturing capacity in the U.S., and Nextpower’s ability to scale and integrate the solar inverter technologies. These forward-looking statements are based on various assumptions and on the current expectations of Nextpower’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including: failure to receive FDI approval from the Spanish government for the planned acquisition of power conversion assets or failure to satisfy other customary closing conditions; the ability of Nextpower to successfully integrate the acquired assets, operations, and employees; unexpected costs, charges, or expenses resulting from the transaction; Nextpower’s ability to successfully grow its or Zigor/Apex Power’s inverter business; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; the retention of key employees, customers, or suppliers; and legislative, regulatory, and economic developments, including changing business conditions in our industry or markets overall and the economy in general. Other risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextpower’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextpower has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextpower is not aware of or that Nextpower currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextpower assumes no obligation to update these forward-looking statements.