Nextpower (NXT) told investors at the BNP Paribas Annual Power Up Conference on September 23 that U.S. electricity demand is projected to rise 12% to 19% over the next five years, driven by data centers, artificial intelligence build-out, and industrial reshoring.
CEO Dan Shugar highlighted that the company's backlog has grown to $5.5 billion, up from $2.1 billion when Nextpower went public roughly four years ago, with an additional $300 million in battery backlog. The company said it operates 35 factories in the United States, ships more than 1,000 trucks of finished goods weekly, and is building a domestic inverter plant with double-digit gigawatt capacity expected to come online in summer 2025. Nextpower claimed it was the first company to achieve 100% domestic content under U.S. Treasury standards.
Share price data showed NXT closing at $83.15 on September 23, up 3.33%, with after-hours trading at $84.12. The stock trades 49% below its 52-week high of $163.13 but 20% above its 52-week low. Nextpower carries a market capitalization of $12.6 billion, a P/E ratio of 21.6, and 17% revenue growth over the trailing twelve months.
At the conference, peers provided their own order-book snapshots. SOLV Energy CEO George Hershman reported an $8.5 billion backlog covering 24 to 30 months of work. David Zwillinger of DESRI said the company raised $10 billion in project-finance capital in 2025 and has 800 megawatts under construction, 3 gigawatts in its pipeline and more than 1 gigawatt operating. Yuri Horwitz of Sol Systems reported similar figures: 800 MW under construction, 3 GW in pipeline and over 1 GW operating.
On financing conditions, Zwillinger noted that with 10-year Treasury yields near 5% and a 60 basis-point spread, financing adds roughly $10 per megawatt-hour to project costs. Current power-purchase-agreement pricing sits in the $50 to $70 per megawatt-hour range, while new gas generation runs $100 to $150 per megawatt-hour, existing nuclear $100 to $120, new nuclear $200 to $300, and small modular reactors approximately $250 per megawatt-hour.
Interconnection and permitting timelines remain a major bottleneck. Shugar and other executives cited typical interconnection waits of three to six years and permitting of two to four years. A PJM project started in 2019 is not expected online until 2029, while a MISO project began in 2022 is targeting full approval in 2027. Exceptions exist: Minnesota offers around an 18-month permitting window, while ERCOT in Texas permits in roughly three weeks and interconnects in about a year.
NXT deployed a 200-megawatt, 800-megawatt-hour system for Idaho Power, and the company said it simplified its tracker-foundation interface from 17 parts to one, enabling crews to run three shifts daily versus one under manual installation at a fixed staffing level of 650 people.
Wall Street price targets for NXT range from $70 to $175.
