Powin LLC, a global energy storage platform provider, has entered into a strategic alliance with technology leader Hitachi Energy, signaling a significant shift in the energy storage landscape. As part of this collaboration, Hitachi Energy will acquire majority ownership in eks Energy (EKS), a renowned supplier of power electronics and energy management solutions previously acquired by Powin in September 2022.
This partnership enables EKS to leverage Hitachi Energy’s advanced engineering capabilities, offering access to a broader market reach and enhanced supply chain optimization. Powin will maintain a minority stake in EKS and actively participate in the ongoing product development and marketing strategies, marking the beginning of a comprehensive technical and commercial collaboration between Powin and Hitachi Energy.
The global energy storage sector is experiencing unprecedented growth, driven by the rapid expansion of renewable energy sources and the electrification of various sectors. This collaboration positions both companies to meet the increasing demand for innovative and sustainable energy storage solutions. By combining Powin’s deep expertise in battery technology with Hitachi Energy’s extensive experience in the electric energy industry, the alliance aims to drive advancements in energy storage technologies.
“This partnership represents a pivotal moment for Powin and Hitachi Energy as we collectively shape the future of energy storage solutions,” said Powin CEO Jeff Waters. “By integrating our strengths, we are poised to redefine the industry landscape, ensuring reliable, scalable, and safe energy storage solutions for a rapidly evolving global market.”
Massimo Danieli, Managing Director for Hitachi Energy Grid Automation Business Unit, emphasized the strategic significance of the alliance, stating, “EKS, with its established presence in North America and Europe, combined with Powin’s global reach, positions Hitachi Energy to cater to the burgeoning global Battery Energy Storage System (BESS) market with unparalleled speed and scale.”
Powin, a major player in the energy storage sector, has a proven track record, having deployed over 3,200 MWh of battery systems globally, with an additional 11,900 MWh currently under construction. During this transaction, Powin received advisory support from Evercore and Kirkland & Ellis, ensuring a smooth and strategic collaboration process.
