Nextpower: Quick takes from the Prevalon deal

研报英文原文证据摘录

Nextpower: Quick takes from the Prevalon deal

Equity Research

North America Clean Technology

28 May 2026

Nextpower

Quick takes from the Prevalon deal

First LookNXT continues its evolution from a solar component supplier

into a full-stack power infrastructure provider, thus

positioning itself to capture higher-value opportunities in NXT OVERWEIGHT North America Clean

Technologyfast-growing markets like AI data centers while also POSITIVE

Price Target USD 142.00

enhancing its value proposition for its existing solar customer Price (28-May-26) USD 137.17

base. Potential Upside/Downside +3.5%

Source: Bloomberg, Barclays Research

This announced acquisition positions NXT at the intersection of two megatrends - the solar

North America Clean Technology+ storage convergence and data center/AI power demand: NXT will now be able to provide

Christine Cho, CFA

solar generation + storage + controls + software, cementing its evolution from being a hardware

+1 212 526 8419

provider to providing an end-to-end power system. Data center demand was explicitly cited as a christine.cho@barclays.com

key demand driver and Prevalon has already deployed 1.3GW to hyperscalers. With all of the BCI, US

upcoming changes in the data center power architecture that are slated over the next several

Liam Duggan, CFA

years as GPU chips become increasingly dense, we think BESS will only become more

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important, and the entry into this market is likely to also provide NXT with further opportunities liam.duggan@barclays.com

into power electronics and the BTM market. BCI, US

NXT estimates global TAM ex-China to be ~$35bn by 2030, of which $15bn is in US: As seen

below, utility-scale BESS installations are set to continue an upward trajectory, totaling