FlexGen Power System, a provider of battery energy storage solutions and energy management software, has announced the acquisition of a significant portion of Powin’s business.
Through the acquisition, FlexGen will own all of Powin’s IP, including hardware IP, software IP, and information technology systems, along with a significant spare parts inventory.
The announcement was made following the approval from the U.S. Bankruptcy Court for the District of New Jersey, which is overseeing the Chapter 11 cases of Powin and its affiliates.
“Our top priority is customer success and delivering immediate operational stability, maximizing the value and performance of their systems. FlexGen’s proven financial strength means we’re a capital-light software and services partner that will remain in business to deliver on our customer promises,” added Gary Cristini, FlexGen’s CFO. “We thank Powin for their early-mover role in shaping the dynamic and important grid-scale battery market and honor our commitment to carry on that legacy and deliver exceptional uptime, reliability, and customer success.”
Upon closing of the acquisition, FlexGen will support over 25 GWh of battery energy storage systems and 200 projects across 10 countries in its portfolio.
“With this acquisition, we will continue to deliver the reliability and intelligence the grid, data centers and communities need to thrive in a world of growing energy needs,” said FlexGen CEO, Kelcy Pegler.
Earlier this year, FlexGen secured a $75 million revolving credit facility. J.P. Morgan acted as the lead arranger and administrative agent for the funding, along with commitments from Banco Santander, BNP Paribas, and First National Bank of Pennsylvania.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, there were three M&A transactions in the energy storage sector, down from 14 in the first half of 2024.
In July, Lyten, a lithium-sulfur battery developer, announced the acquisition of Dwa Energy Storage System (ESS) manufacturing operation in Gdansk, Poland, from energy storage solutions provider Northvolt. The financial terms of the acquisition have not been disclosed by either party and are expected to close in Q3 2025.
