NXT · Nextpower Inc.

Nextpower Inc. announced a definitive agreement to acquire Prevalon Energy LLC, a U.S.-headquartered joint venture between Mitsubishi Power Americas and EES, for total consideration of up to $365 million. The consideration comprises approximately $150 million in cash at closing, $50 million in Nextpower Class A common stock to be issued one year after closing (priced based on a VWAP calculation), and up to $165 million in contingent cash consideration. The acquisition is a strategic move into battery energy storage (BESS) and AI data center power markets, extending Nextpower's solar technology platform. Prevalon brings over 6 GWh of BESS deployments globally and 1.3 GW of firm supply contracts supporting AI and hyperscaler data centers. Nextpower's FY2027 outlook was raised, reflecting expected accretion from the acquisition, with revenue now projected at $4.0-$4.4 billion and adjusted EBITDA at $845-$930 million. The stock consideration is being issued in reliance on Section 4(a)(2) of the Securities Act as a private placement. The transaction is expected to close in Q2 FY27, subject to customary regulatory approvals. Nextpower's management emphasized the strategic fit, citing Prevalon's technology and customer relationships in utility and AI data center applications.