The press release stated that the acquisition will expand Powin’s offering to include the EKS Power Conversion System and Power Plant Controller, enabling the company to deliver a complete AC energy storage platform capable of advanced control functionality to support microgrid applications while interfacing with multiple generation assets.
According to Powin, it has delivered over 2,500 MWh of BESS in over eight countries and has a contracted pipeline to supply over 10,000 MWh of energy storage systems globally over the next three years. “The EKS acquisition will give us direct access to an industry-leading team, their power conversion technology, advanced controls, and decade’s worth of experience; enabling Powin to offer a fully wrapped solution to further enhance the customer experience,” said Powin CEO Geoff Brown. “This landmark deal accelerates our mission to building the grid of the future by delivering safe, scalable, and integrated storage solutions.”
According to Bloomberg New Energy Finance, as the world transitions to cleaner energy sources, global demand for energy storage will continue to surge to an estimated market of $49 billion by 2028. “With over a decade of experience and 4.5GW of global inverter installations, the EKS Energy team has proven to be able to deploy and interconnect our solutions in many of the toughest and complicated grid conditions in the world. With Powin, there is endless potential in how we can integrate our software capabilities, as well as our AC and DC hardware, together into a seamless package at a large scale,” said EKS Energy CEO Javier Landero.
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.
Earlier this year, 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. With this deal, Schuler will be the sole owner of Sovema.