US-headquartered energy storage platform provider Powin LLC has formed a partnership with global technology leader Hitachi Energy, under which Hitachi Energy will take majority ownership in EKS Energy (EKS), a supplier of power electronics and energy management solutions for renewables and energy storage projects that was previously purchased by Powin in September 2022.
The deal will provide EKS with â€œaccess to Hitachi Energyâ€™s advanced engineering and control capabilities, expanded market reach, and supply chain optimisation and leverage,â€ a statement said.
As a part of the transaction, Powin retains a significant minority ownership in EKS and will remain actively involved in EKSâ€™ product development and marketing efforts.
Powin CEO Jeff Waters, said: â€œPowin has played a pivotal role in EKSâ€™s remarkable success, facilitating their impressive growth, and advancing their global expansion. Hitachi Energyâ€™s expertise in research and development and impressive grid-edge capabilities will accelerate EKSâ€™ continued growth and aid our shared mission to reinvent the global energy storage industry with safe, reliable, and scalable solutions.â€
Massimo Danieli, managing director for Hitachi Energy Grid Automation Business Unit, said: â€œThe market has made it clear that it needs and wants energy solutions powered by best-in-class power electronics integrated with control and digital capabilities. EKS has an impressive product deployment footprint in North America and Europe, and under Powin has further extended their global reach. With this significant addition to our portfolio, Hitachi Energy is ready to address the demands of the fast-growing global BESS market with speed and scale.â€
To date, Powin has deployed over 3,200 MWh of battery systems worldwide with 11,900 MWh under construction.
Powin was advised on the transaction by Evercore and Kirkland & Ellis.