Energy storage company Powin announced a partnership with global technology provider Hitachi Energy under which Hitachi will take majority ownership in eks Energy (EKS). EKS is a power electronics and energy management solutions provider.
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.
Previously acquired by Powin in 2022, EKS 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 chief executive officer 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 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 over 3,200 MWh of battery systems worldwide, with another 11,900 MWh under construction.
Headquartered in Switzerland, Hitachi Energy employs around 40,000 people in 90 countries and generates business volumes of over $10 billion. Its parent company Hitachi is headquartered in Japan and employs over 320,000 people worldwide. The conglomerate operates in green energy and mobility, digital systems and services, and connective industries.
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