The solar tracker company formerly known as Nextracker has crossed another milestone in its quest to become a one-stop shop for power plant design, deployment, optimization, and long-term operations.
On Monday, Nextpower completed its previously announced acquisition of utility-scale battery energy storage system (BESS) company Prevalon Energy, formally marking its entry into the storage market. The deal to fold in Prevalon, a U.S.-headquartered joint venture between Mitsubishi Power Americas and EES, was valued up to $365 million.
Nextpower now officially owns more than 6 gigawatt-hours (GWh) of energy storage systems deployed worldwide. Its integrated platform now extends far beyond Nextpower’s solar roots, offering a robust portfolio of storage, energy management software, power control technologies, and lifecycle services that support grid-connected storage, hybrid power plants, AI data center infrastructure, and other critical power applications.
“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.
“That continuity matters. Customers need partners that know the technology, understand the projects, and stay accountable long after commissioning,” he added in a post on LinkedIn.
According to Shugar, reliable energy storage is foundational to designing, building, and operating critical energy infrastructure. The addition of Prevalon will expand Nextpower’s ability to serve utility-scale customers and data centers with a broader portfolio of proven technologies and also provides Shugar with a significant foothold in one of the fastest-growing segments of the global power industry. Nextpower projects global demand for storage outside China could represent an opportunity of up to $35 billion by 2030, with the U.S. accounting for up to $15 billion.
“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 stated. “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.”
“That is the future we’re building toward,” added Shugar, sharing a photo of Prevalon BESS alongside Nextpower trackers (above). “Solar, storage, software, and field-proven execution working together.”
Nextpower’s Recent Acquisitions
Nextracker officially became Nextpower in November, 2025 to better reflect its position as an integrated power technology provider and distance itself from its reputation as a tracker company. Since mid-2024, the firm has been rapidly acquiring new business arms, including:
- Zimmermann PV-Steel Group ($378 million)
In June 2026, Nextpower entered into a definitive agreement to acquire German solar technology company Zimmermann, which specializes in fixed-tilt structures, carports, high-density trackers, and floating PV systems. The deal significantly expands Nextpower’s structural product lineup and doubles its addressable market presence across Europe. Zimmermann was founded in 1950 and expanded into the solar industry in 2009, delivering more than 2,500 solar projects across 58 countries. Fixed tilt represents approximately 50 percent of Europe’s utility PV market today, according to S&P Global, especially in markets such as Germany, France, and Poland. - Zigor Corporation’s power conversion business / Apex Power ($80.5 million)
In May 2026, Nextpower reached terms to acquire complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power. The transaction is expected to enable rapid scale-up of inverter manufacturing capacity in the U.S., with production ramping up in 2027. It will also 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. The 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. - Origami Solar ($53 million)
In September 2025, Nextpower (then Nextracker) doled out $53M cash for roll-formed steel solar frame pioneer Origami Solar. Steel frames offer a high-performance alternative to traditional extruded aluminum frames, delivering superior strength and durability, competitive cost, a robust localized supply chain, and a significantly lower carbon footprint. Since folding in U.S.-based Origami, Nextpower has announced major commercial orders for steel modules, including a three-year, 1 GW+ contract with Jinko Solar US. - Bentek Corporation ($78 million)
In May 2025, Nextpower (then Nextracker) acquired U.S.-based Bentek Corporation, an industry pioneer and manufacturer of electrical infrastructure used in all types of solar power plants. Its pre-assembled eBOS solutions are now offered as standalone, industry-compatible components for both trackers and fixed tilt systems, as well as in formats optimized for use in integrated NX Horizon system solutions. Bentek’s U.S. fabrication footprint further enhanced Nextpower’s domestic supply chain position; its products include trunk buses, combiner boxes, configurable harnesses, and more. - Ojjo ($119 million)
In June 2024, Nextpower (then Nextracker) closed on an all-cash transaction to scoop up Ojjo, a developer of specialized ground-mount foundation technology. Ojjo’s patented truss systems are engineered for rocky or difficult soil conditions while using significantly less steel than standard foundations. Integrating Ojjo enabled Nextpower to offer a unified tracker-plus-foundation package to simplify engineering and construction for developers. - AI and robotics suite ($40 million+)
Nextpower (then Nextracker) bolstered its artificial intelligence and robotics capabilities with three acquisitions spanning 2024 and 2025, snapping up SenseHawk IP (AI drone mapping, 3D modeling, digital site commissioning), Amir Robotics (water-free robotic panel cleaning), and OnSight Technology (autonomous inspection and thermal detection robots).
Facts Only
* Nextpower acquired Prevalon Energy, a BESS company, on Monday.
* The acquisition was valued up to $365 million.
* Nextpower now owns more than 6 gigawatt-hours (GWh) of energy storage systems worldwide.
* Nextpower's integrated platform includes storage, energy management software, power control technologies, and lifecycle services.
* Dan Shugar, founder and CEO of Nextpower, welcomed the Prevalon team.
* Nextpower has acquired Zimmermann, a German solar technology company specializing in fixed-tilt structures and other systems.
* Nextpower reached terms to acquire complementary assets from Zigor Corporation's power conversion business and Apex Power.
* Nextpower invested $53 million cash for Origami Solar.
* Nextpower acquired U.S.-based Bentek Corporation.
* Nextpower acquired Ojjo, a developer of specialized ground-mount foundation technology.
* Nextpower acquired various AI and robotics assets, including SenseHawk IP, Amir Robotics, and OnSight Technology.
Executive Summary
Nextpower completed the acquisition of Prevalon Energy, a utility-scale battery energy storage system (BESS) company, marking its entry into the energy storage market. This transaction valued the acquisition at up to $365 million and gives Nextpower ownership of over 6 gigawatt-hours (GWh) of deployed energy storage systems globally. The integrated platform now includes storage solutions, energy management software, power control technologies, and lifecycle services for applications like grid-connected storage and hybrid power plants.
The leadership structure remains with Tom Cornell, who led Prevalon as CEO. Leadership emphasizes the need for partners who understand technology and maintain accountability post-commissioning. The expansion is driven by the belief that reliable energy storage is foundational to critical infrastructure design and operation. Nextpower aims to serve utility-scale customers and data centers with a broader portfolio of proven technologies, positioning itself to capitalize on the projected global demand for energy storage, which is estimated at up to $35 billion by 2030.
Nextpower has also engaged in several acquisitions since folding in Nextracker, including Zimmermann, complementary assets from Zigor Corporation's power conversion business and Apex Power, Origami Solar, and Bentek Corporation, alongside investments in AI and robotics technologies like SenseHawk IP. These moves are intended to broaden the firm's capabilities across solar technology, power conversion, structural systems, and advanced automation.
Full Take
The narrative describes an aggressive strategy of horizontal expansion, moving from a specialized solar tracker focus to an integrated power technology provider by aggressively acquiring complementary technologies in the energy storage sector alongside existing solar and structural components. The core theme pivots on establishing control over the entire value chain—from hardware (trackers/frames) to energy management software and long-term operational services—to address the growing demand for dispatchable power.
The juxtaposition of solar expansion with battery storage acquisition reflects an attempt to capture the full spectrum of utility infrastructure build-out. The focus on continuity in leadership, specifically retaining Tom Cornell, suggests a strategy aimed at integrating specialized knowledge rather than simple asset absorption. The stated goal to serve utility-scale customers and data centers implies that the underlying assumption is that system integration (solar generation + storage + control) commands a premium and offers greater long-term customer lock-in compared to component-level solutions.
The massive projected market opportunity in global energy storage suggests this integration strategy attempts to position Nextpower as an essential infrastructure partner, moving beyond being a hardware supplier to becoming a solutions orchestrator for grid stability and renewable deployment. The pattern of acquiring specialized engineering (Bentek, Ojjo) alongside software/AI capabilities indicates a systemic drive to internalize necessary competencies to deliver the promised "accountable, bankable partners" status articulated by leadership, suggesting that capability acquisition is as important as financial scaling in this sector.
Bridge Questions: What specific metrics are being used to measure the efficacy of integrating these disparate technological stacks? How does the stated customer-centric approach translate into differentiated pricing or service models when combining solar execution with storage deployment? What risks are introduced by relying on a broad portfolio versus deep expertise in each acquired segment?
Sentinel — Human
The text exhibits the structural complexity and dense, specific sourcing typical of detailed financial or industry reporting, suggesting a high degree of human authorship focused on corporate strategy.