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

Nextpower (Nasdaq: NXT), a leading provider of integrated energy technology solutions, 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.”

Inducement Awards

In connection with the closing of the acquisition of Prevalon Energy, Nextpower also announced 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.

Nextpower | www.nextpower.com