Powin and Hitachi Energy Forge Strategic Alliance

October 24, 2023 at 01:30 AM EDT

Global powerhouse Hitachi Energy acquires majority stake in eks Energy in strategic partnership with Powin to expand energy storage offerings

Global energy storage platform provider Powin LLC (Powin) today announced a new partnership with global technology leader Hitachi Energy. With this landmark collaboration Hitachi Energy will take majority ownership in eks Energy (EKS), a leading supplier of power electronics and energy management solutions for renewables and energy storage projects, previously purchased by Powin in September 2022.

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EKS has successfully implemented over 4.5 gigawatts (GW) of inverters on a global scale, even in the most challenging and complex grid environments. (Graphic: Business Wire)

This deal will provide EKS with access to Hitachi Energy’s advanced engineering and control capabilities, expanded market reach, and supply chain optimization and leverage. Powin and Hitachi Energy’s shared market vision will ensure that all companies are positioned for future innovation and growth through the next decade and beyond.

As a part of the transaction, Powin retains a significant minority ownership in EKS and will remain actively involved in EKS’ product development and marketing efforts. This sale marks the commencement of an ambitious strategic relationship between Powin and Hitachi Energy, both committing to deeper technical and commercial collaboration. Initiatives include joint marketing activities, the integration of EKS’s technologies into Powin’s product roadmap, and the inclusion of Powin’s batteries in Hitachi Energy’s solutions at the edge of the energy system.

The global demand for energy storage solutions has reached a critical juncture, driven by the rapid growth of renewable energy sources, the electrification of various sectors, and increasing awareness of the need for sustainable and resilient energy infrastructure. To remain at the forefront of this burgeoning industry, this strategic alliance will build off Powin’s extensive battery expertise while leveraging Hitachi Energy’s deep-rooted experience in the electric energy industry.

“This is an incredible opportunity for Powin and Hitachi Energy to partner on shaping the future of the PCS solution,” said Powin CEO Jeff Waters. “Powin has played a pivotal role in EKS’s remarkable success, facilitating their impressive growth, and advancing their global expansion. Hitachi Energy’s expertise in research and development and impressive grid-edge capabilities will accelerate EKS’ continued growth and aid our shared mission to reinvent the global energy storage industry with safe, reliable, and scalable 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 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. 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.”

To date, Powin has deployed over 3,200 MWh of battery systems worldwide with 11,900 MWh under construction. As one of the largest energy storage providers in North America, Powin’s fully integrated business model is enabling the company to scale to meet the rising international demand for energy storage. During this transaction, Powin was advised by Evercore and Kirkland & Ellis.

About Powin, LLC (Powin):

At Powin, we are advancing the next frontier of energy and changing the way we power our daily lives by ensuring access to clean, resilient, and affordable power. As a global energy platform provider, we offer fully integrated battery storage solutions, software, and services to optimize grid performance and enable the transition to cleaner energy sources. To learn more, please visit www.powin.com.

About Hitachi Energy

Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world's energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of over $10 billion USD.

About Hitachi, Ltd.

Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of “Digital Systems & Services” - supporting our customers’ digital transformation; “Green Energy & Mobility” - contributing to a decarbonized society through energy and railway systems, and “Connective Industries” - connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

https://www.hitachienergy.com