Nextpower to acquire Zigor's power conversion assets and Apex Power for up to $80.5M
What's the deal? Nextpower (formerly Nextracker), a solar PV solutions provider, has agreed to acquire parts of Zigor Corporation's power-conversion business and its US subsidiary, Apex Power. The deal is worth up to $80.5M in cash — $46M at closing plus up to $34.5M in potential earnouts.
The acquired assets include modular inverter technology, engineering talent, and capabilities spanning solar, battery storage, and data centre applications. Nextpower also plans to invest roughly $50M in growth initiatives to accelerate its push into power conversion.
Why now? Nextpower chief executive officer Dan Shugar said the acquisition responds to "strong customer requests for reliable, high-quality power conversion solutions." The company expects to ramp US inverter manufacturing in 2027.
The deal reflects a broader wave of consolidation. Corporate M&A in the solar sector jumped 47% year-on-year in Q1 2026, with 28 transactions compared to 19 in Q1 2025, according to Mercom Capital Group.
What could go wrong? The transaction still requires foreign direct investment approval from the Spanish government, along with other customary conditions. Integration risk looms as Nextpower absorbs new technology, talent, and product lines into its existing platform.
Zigor will continue to operate its remaining business independently.
The signal: This deal shows how solar infrastructure companies are moving beyond their core products — trackers, in Nextpower's case — to offer integrated platforms spanning solar, storage, and data centres. The bet is that customers want fewer vendors delivering more of the stack, and that US manufacturing capacity will be a competitive advantage as domestic production incentives take hold.
Read more: mercomcapital.com
