Hitachi Energy has announced that it has acquired a controlling stake in eks Energy, a supplier of power electronics and energy management solutions for storage and renewables integration, based in Seville, Spain, from Powin LLC (Powin), a global energy storage system provider.
The company shared that the investment also marks the establishment of a strategic partnership with Powin, which maintains a significant ownership stake in eks Energy.
It noted that the transition to more renewable energy sources means global demand for battery energy storage systems (BESS) continues to surge. By combining eks Energy’s power electronics and advanced control capabilities with its own highly complementary automation, software, and system integration offerings, Hitachi Energy said it is fortifying its position as a “leading-edge technology provider to the renewables and BESS market.”
With the strategic partnership, Hitachi Energy and Powin shared they will develop power conversion products specifically designed for the next generation of energy storage systems.
“Hitachi Energy has been an innovative force in the BESS and microgrid space for more than 30 years, and this strategic acquisition demonstrates our continued commitment to deliver the most advanced and proven solutions for our customers,” said Massimo Danieli, Managing Director for the Hitachi Energy Grid Automation Business Unit.
“The market, including leading BESS system integrators, has made it clear that it needs and wants energy solutions powered by best-in-class power electronics integrated with control and digital capabilities. New applications and use cases are emerging every day, driven by the ever-increasing need for integration of renewable resources in the grid and electrification at the grid edge. eks Energy 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.”
“This strategic investment marks a significant milestone in the energy storage industry, as it paves the way for Hitachi, Powin and eks Energy to align their strengths in exploring new opportunities on a global scale as well as an ability to better serve new and existing customers,” said Jeff Waters, CEO of Powin. “We are proud of what we have already developed with eks Energy, including one of the world’s largest battery projects in history, the Waratah Super Battery (WSB) where eks Energy’s unrivaled power conversion systems are able to meet the Australian grid operators’ high standards of performance. We look forward to continuing to work with eks Energy and Hitachi Energy to bring more projects like WSB to the world.”
Nomura Greentech acted as the exclusive financial advisor, and Shearman & Sterling acted as legal advisor to Hitachi Energy.
