Solar Morning Spotlight (6/15): AESC Deal Signals Upside for NXT Prevalon

Research evidence excerpt

Solar Morning Spotlight (6/15): AESC Deal Signals Upside for NXT Prevalon

Equity Research

Industry Update — June 15, 2026

Clean Energy

Solar Morning Spotlight (6/15): AESC Deal

Signals Upside for NXT Prevalon

Our Call Praneeth Satish

AESC & NXT's Prevalon Energy have signed a 10 GWh battery cell agreement. We Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

estimate the supply deal implies $82MM of upside to Prevalons current revenue run-rate

Michael Blum(and potentially more if NXT is using multiple suppliers).

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

NXT's Prevalon Signs Large Supply Deal with AESC. AESC and Prevalon Energy have Ned Baramov, CFA

signed a three-year agreement to supply over 10 GWh of battery cells and modules. Equity Analyst | Wells Fargo Securities, LLC

Recall on 5/28, NXT announced the acquisition of Prevalon Energy. Ned.Baramov@wellsfargo.com | 212-214-8021

Eric Shiu

AESC Deal Signals Potential Step Change in Prevalon's Growth Rate. The 10+ GWh Associate Equity Analyst | Wells Fargo Securities, LLC

Eric.Shiu@wellsfargo.com | 212-214-5038

AESC supply agreement implies a 2-3x ramp in Prevalon volumes from a ~1.3 GWh

annual run-rate to ~3.3 GWh. At an est ASP of ~$100-150/kWh, that supports roughly Jack Farrell, CFA

$330-495M annual revenue vs. ~$333M today, or at least $82MM/yr of upside relative Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

to current revenue run-rate. This reflects a conservative case assuming NXT sources cells

solely from AESC, which is unlikely.

There Are Some Puts & Takes. The deal introduces two key considerations.(1) FEOC risk