Nextpower has signed a deal to buy the power conversion part of Zigor Corporation and its U.S. branch, Apex Power. The company is paying around $80.5 million in cash for these assets.
The deal is structured with an initial payment of $46 million at closing, supplemented by an additional $34.5 million contingent on future performance goals. Beyond the acquisition cost, Nextpower has committed a further $50 million in capital to fuel its expansion and growth within the power conversion and inverter sector.
The acquisition will add modular inverter technology and engineering personnel to Nextpower’s operations. The technology supports battery storage and solar inverter applications at 1500V, repowering applications at 600V and 1000V, and is designed for 2000V applications. The modular design can be configured up to 5.2 MVA.
“With this acquisition, Nextpower will launch a comprehensive inverter offering in response to strong customer requests for reliable, high-quality power conversion solutions,” said Dan Shugar, founder and CEO of Nextpower.
The company expects to scale up inverter manufacturing capacity in the U.S., with production ramp anticipated to begin in 2027. The acquired assets will be integrated into Nextpower’s operations, which include solar trackers and electrical balance of systems.
The transaction is subject to foreign direct investment approval by the Spanish government and other customary closing conditions. Zigor will continue to operate its remaining business independently, separate from the assets being acquired.
Nextpower designs and delivers technology platforms for solar power plants. The acquired inverter business will operate within its power electronics platform and is intended to serve solar, battery storage, and data center markets.
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