From pv magazine USA
Energy storage company Powin has announced a partnership with Hitachi Energy under which the latter will take majority ownership in eks Energy (EKS). EKS is a power electronics and energy management solutions specialist.
As part of the transaction, Powin retains a significant minority ownership in EKS, and said it will remain actively involved in product development and marketing activities. The transaction was advised by Evercore and Kirkland & Ellis.
EKS, which was acquired by Powin in 2022, will now have access to Hitachi Energy’s advanced engineering and control capabilities, expanded market reach, and supply chain leverage. The new partnership is expected to lead to joint marketing efforts, integration of EKS technologies into Powin’s product roadmap, and inclusion of Powin’s batteries in Hitachi Energy’s energy solution projects.
Powin CEO Jeff Waters said the partnership will be instrumental in shaping the future of power control systems solutions.
“The 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,” said Massimo Danieli, managing director for Hitachi Energy's Grid Automation Business Unit. “EKS has an impressive product deployment footprint in North America and Europe, and under Powin has further extended their global reach.”
Powin has deployed more than 3,200 MWh of battery systems throughout the world, with another 11,900 MWh under construction.
Hitachi Energy, headquartered in Switzerland, employs around 40,000 people in 90 countries and generates business volumes of more than $10 billion. Its parent company, Hitachi, is based in Japan. The conglomerate operates in the green energy and mobility, digital systems and services, and connective industries.
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