Nextpower has finalized its previously announced acquisition of energy storage manufacturer Prevalon Energy, marking the start of its energy storage business. Prevalon domestically produces energy storage products for the utility-scale energy market, of which there are 6 GWh currently deployed globally.
Credit: Nextpower
“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 in a press release. “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.”
Nextpower announced its plans to acquire Prevalon in May for $365 million. Prevalon was previously under Mitsubishi Power America’s business umbrella. In addition to battery energy storage systems, the company developed a proprietary control system for operating its battery products. Prevalon employees transitioning to Nextpower are receiving stock units for its new parent company.
Nextpower, formerly Nextracker, started as a single-axis solar tracker manufacturer and over the last few years has acquired businesses in complementary segments of the solar market. This was preceded by the company expanding its domestic solar tracker production by working with contract manufacturers across the country.
Today, Nextpower retains products in electrical balance of systems, inverters, structural foundations, solar module frames, robotics, O&M and now energy storage, in addition to solar trackers.
