FlexGen to acquire assets from bankrupt rival Powin Energy

The U.S. bankruptcy court approved energy storage integrator FlexGen’s bid to acquire assets from Powin Energy, enabling the energy-storage giant’s many customers a way to keep their batteries running once its bankruptcy is finalized.

Powin will acquire all of Powin’s IP, including its software, hardware and information technology systems, along with its spare parts inventory. Once the acquisition is complete, FlexGen said it will support over 25 GWh of battery energy story systems and 200 projects across 10 countries in its portfolio.

Upon closing the acquisition, FlexGen will support over 25 GWh of battery energy storage systems (BESS) and 200 projects across 10 countries in its portfolio, demonstrating FlexGen’s market leadership.

In a statement, FlexGen said it is “focused on ensuring immediate continuity and reliability for Powin customers and the grid by maximizing the value and performance of their systems.”

“Our top priority is customer success and delivering immediate operational stability, maximizing the value and performance of their systems,” said Gary Cristini, FlexGen’s chief financial officer.

As required by law, Powin submitted a notice to local and state officials in May that it planned to layoff at least 250 employees on or before July 28 if its present business circumstances did not improve. Powin filed for Chapter 11 bankruptcy the next week.

Powin’s bankruptcy filing listed between $100 million and $500 million in both assets and liabilities and indicated some funds would be available to pay unsecured creditors.

Powin was founded in the late 1980s, but shifted its focus from contract manufacturing to energy storage in 2010.

While a leader in battery energy storage systems, much of Powin’s supply chain relied on foreign components, as it imported many of its lithium-iron-phosphate batteries from various Chinese manufacturers, leaving them subject to high import duties.

Hitachi Energy also bid a fixed $15 million purchase Powin’s remaining 20% stake in EKS Energy, a Spanish power conversion system manufacturer. Hitachi was the only bidder, though the deal is not yet finalized.

The complete list of inventory FlexGen will acquire from Powin, along with the other winning bidders, is available here.

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