Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners acquired a majority stake in smart inverter provider EPC Power.

The financial terms of the deal were not disclosed.

“EPC Power is extremely proud of the strong reputation and track record we’ve built by focusing on product innovation and forging deep relationships with our customers,” said Devin Dilley, co-founder and chief executive officer of EPC Power Corp. “As the world becomes more reliant on renewable energy, inverters need to continue to get smarter. Goldman Sachs and Cleanhill Partners support this vision and are committed to investing in EPC Power and our people to capitalize on this exciting market opportunity and to positively impact the U.S. energy transition.”

Energy storage installations globally are projected to multiply 20 times by the end of 2030 compared to the end of 2020, according to BloombergNEF’s 2021 Global Energy Storage Outlook.

San Diego, California-headquartered EPC Power produces inverters, a full PCS kit for utility-scale energy storage and solar-plus-storage applications, and data center backup UPS systems. The company has sold more than 2GW of smart inverters globally.

Tax credits from the recently announced inflation reduction act have created a significant financial incentive for adopting inverters and other technologies.

William Blair served as the exclusive financial advisor to EPC Power; Foley & Lardner served as legal counsel to EPC Power; Vinson & Elkins and Kirkland & Ellis served as legal counsel to Goldman Sachs and Cleanhill Partners.

As per Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were 13 energy storage M&A transactions in 1H 2022 compared to nine in 1H 2021.

Last Month, Germany-based Schuler Group, a subsidiary of Andritz, an international technology group offering plants, equipment, systems, and services for various industries, acquired Sovema Group, an Italian battery manufacturer.