Hitachi Energy has acquired a controlling stake of Eks Energy, a supplier of power electronics and energy management solutions for storage and renewables integration, from Powin LLC (Powin), an energy storage system provider. The investment also marks the establishment of a strategic partnership with Powin, who maintains a significant ownership stake in Eks Energy.
As the world transitions to more renewable energy sources, the global demand for battery energy storage systems (BESS) is expected to grow more than 20% per year through 2030. The acquisition combining Eks Energy’s power electronics and advanced control capabilities with Hitachi Energy’s automation, software, and system integration offerings, and strengthens Hitachi Energy’s position as a technology provider to the renewables and BESS market. With the strategic partnership, Hitachi Energy and Powin aim to apply the strength of the two firms to 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 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 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 its 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, chief executive officer of Powin.
