SAN JOSE: Nextpower, a provider of intelligent power generation systems for solar power plants, said Thursday it has agreed to acquire complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power.
The transaction, valued at approximately $80.5 million in cash plus potential earnouts, is designed to expand Nextpower’s product portfolio in utility-scale solar power conversion and support its entry into battery energy storage and data center markets, a statement noted.
“With this acquisition, Nextpower will launch a comprehensive inverter offering in response to strong customer requests for reliable, high-quality power conversion solutions rounding out our integrated platform,” said Dan Shugar, founder and CEO of Nextpower. “We will be in market with products for solar, storage, and data centers, and building out U.S. manufacturing as quickly as is prudent.”
The acquisition includes modular, field-deployed inverter technology and experienced engineering talent. The technology is suitable for new battery storage and solar inverter applications at 1500V, repowering applications at 600V and 1000V, and is 2000V ready. The modular skid design can be configured up to 5.2 MVA.
Nextpower plans an incremental investment of approximately $50 million related to growth initiatives, including acceleration of its entry into the power conversion market. The company expects to begin scaling inverter manufacturing capacity in the U.S. in 2027.
Closing of the acquisition is subject to foreign direct investment approval by the Spanish government and other customary conditions.
Zigor will continue to operate its remaining business independently, separate from the assets acquired by Nextpower.