Nextpower Completes Acquisition of Prevalon Energy, Launches Advanced Energy Storage Business

Expands Nextpower's integrated energy technology platform to support grid-connected storage, hybrid power, and AI data center applications

FREMONT, Calif.--(BUSINESS WIRE)--Nextpower™ (Nasdaq: NXT), a leading provider of integrated energy technology solutions, today announced it has completed its previously announced acquisition of Prevalon Energy, a U.S.-headquartered provider of large-scale battery energy storage systems (BESS), power stabilization solutions, and lifecycle services.

This acquisition marks another milestone in Nextpower’s strategy to provide end-to-end solutions spanning power plant design, deployment, optimization, and long-term operations. With the addition of energy storage, Nextpower’s integrated platform extends beyond solar with a proven portfolio of BESS, energy management software, and power control technologies and lifecycle services supporting grid-connected storage, hybrid power plants, AI data center infrastructure, and other critical power applications. The business brings a proven track record with more than 6 GWh of energy storage systems deployed worldwide.

“We are very pleased to welcome the talented Prevalon team to Nextpower. The team will continue to be run by Tom Cornell, who led Prevalon as CEO since its founding,” said Dan Shugar, founder and CEO of Nextpower. “Reliable energy storage is foundational to designing, building, and operating critical energy infrastructure. 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. It also provides Nextpower with a significant foothold in one of the fastest growing segments of the global power industry.

"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. With our customer-centric approach, reputation for high-quality execution, and proven ability to rapidly scale, Nextpower is uniquely positioned to serve both continued growth of utility-scale solar and the rapidly growing energy storage market.”

To learn more about Nextpower's energy storage solutions, visit www.nextpower.com/products/energy-storage or email [e-mail]. A replay of Nextpower’s recent analyst and investor conference call discussing the acquisition is available for additional insight.

Inducement Awards

In connection with the closing of the acquisition of Prevalon Energy, Nextpower also announced today the grant of inducement awards (the “Inducement Awards”) to former Prevalon employees as a material inducement to commencing employment with Nextpower following the transaction.

The Inducement Awards consist of an aggregate of 810,733 performance-based restricted stock units (“PSUs”) and up to 375,000 service-based restricted stock units (“RSUs”), in each case with respect to Nextpower’s Class A common stock.

The RSUs vest in equal annual installments on each of the first four anniversaries of the closing date, subject generally to the employee’s continued employment through the applicable vesting date. The PSUs will be earned and vest between 0% and 100% based on the level of Prevalon’s achievement of a gross profit performance goal measured from April 1, 2026 to March 31, 2030, subject generally to the employee’s continued employment through the last day of the performance period.

The Inducement Awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) and were unanimously approved by the Compensation and People Committee of the Board of Directors of Nextpower, which is comprised solely of independent directors under Nasdaq Listing Rules. While the Inducement Awards were granted outside of Nextpower’s Second Amended and Restated 2022 Equity Incentive Plan, the awards are subject to terms and conditions substantially consistent with those set forth under the plan.

About Nextpower

Nextpower™ (Nasdaq: NXT) innovates and delivers integrated technology solutions for modern energy infrastructure. Its solar and energy storage platforms help customers design, build, and operate utility-scale power plants and other critical power infrastructure with faster project delivery, improved system performance, greater reliability, and long-term operational value. Building on more than a decade of energy technology leadership, Nextpower partners with customers worldwide to accelerate the deployment of reliable firm power needed for a rapidly electrifying world. 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 without limitation statements relating to the acquisition of Prevalon by Nextpower, future financial and operating results of Prevalon and Nextpower, the future demand for BESS and electricity, opportunities in the energy infrastructure market, and the benefits of the transaction and future opportunities for the combined company, including the benefits our customers may realize as a result of integrating Prevalon’s business into Nextpower.

These forward-looking statements are only predictions, are based on various assumptions and on the current expectations of Nextpower’s management and may differ materially from actual results due to a variety of factors including but not limited to: our strategies, mission, plans, objectives and goals; the ability of Nextpower to successfully integrate Prevalon’s operations, products and employees; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; the market demand for our products, solutions and services and our ability to deliver them to customers; the retention of key employees, customers or suppliers; projections regarding the U.S. and global demand for electricity and solar power; our competitiveness and global market share; macro-economic trends; growth opportunities and plans for future operations; 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.