Hitachi Energy acquires eks Energy
October 24 2023 - 1:50AM
Hitachi Energy acquires eks Energy
Hitachi Energy, a global technology leader that is advancing a
sustainable energy future for all, announced today that it has
acquired a controlling stake of eks Energy, a leading
supplier of power electronics and energy management solutions
for storage and renewables integration, based in Seville, Spain,
from Powin LLC (Powin), a top global energy storage system
provider. The investment also marks the establishment of a
strategic partnership with Powin, who maintains a significant
ownership stake in eks Energy.
As the world transitions to more renewable energy sources, the
global demand for battery energy storage systems (BESS) continues
to surge and is expected to grow more than 20 percent per year
through 20301. By combining eks Energy’s power electronics and
advanced control capabilities with its own highly complementary
automation, software, and system integration offerings, Hitachi
Energy fortifies its position as a leading-edge technology provider
to the renewables and BESS market. With the strategic partnership,
Hitachi Energy and Powin aim to apply the strength of the two firms
to develop power conversion products specifically designed for the
next generation of energy storage systems.
“Hitachi Energy has been an innovative force in
the BESS and microgrid space for more than 30 years, and this
strategic acquisition demonstrates our continued commitment to
deliver the most advanced and proven solutions for our customers,”
said Massimo Danieli, Managing Director for the Hitachi Energy Grid
Automation Business Unit. “The market, including leading BESS
system integrators, has made it clear that it needs and wants
energy solutions powered by best-in-class power electronics
integrated with control and digital capabilities. New applications
and use cases are emerging every day, driven by the ever-increasing
need for integration of renewable resources in the grid and
electrification at the grid edge. eks Energy has an impressive
product deployment footprint in North America and Europe, and under
Powin has further extended their global reach. With this
significant addition to our portfolio, Hitachi Energy is ready to
address the demands of the fast-growing global BESS market with
speed and scale.”
“This strategic investment marks a significant
milestone in the energy storage industry, as it paves the way for
Hitachi, Powin and eks Energy to align their strengths in exploring
new opportunities on a global scale as well as an ability to better
serve new and existing customers,” said Jeff Waters, CEO of Powin.
“We are proud of what we have already developed with eks Energy,
including one of the world’s largest battery projects in history,
the Waratah Super Battery (WSB) where eks Energy’s unrivaled power
conversion systems are able to meet the Australian grid operators’
high standards of performance. We look forward to continuing to
work with eks Energy and Hitachi Energy to bring more projects like
WSB to the world.”
The addition of eks Energy to the Hitachi Energy
portfolio demonstrates accelerated traction on the company’s 2030
strategic growth plan. Hitachi Energy is continuously strengthening
its power grids core business while advancing the world’s energy
system to be more sustainable, flexible and secure. This
acquisition increases our core capabilities at the edge of the grid
including digital, power electronics and services, toward the
larger goal of advancing a sustainable energy future for all.
Nomura Greentech acted as exclusive financial
advisor and Shearman & Sterling acted as legal advisor to
Hitachi Energy.
Footnotes1 From BNEF 1H 2023 Energy Storage
Market Outlook
-END-
About Hitachi Energy Ltd.Hitachi Energy
is a global technology leader that is advancing a sustainable
energy future for all. We serve customers in the utility, industry
and infrastructure sectors with innovative solutions and services
across the value chain. Together with customers and partners, we
pioneer technologies and enable the digital transformation required
to accelerate the energy transition towards a carbon-neutral
future. We are advancing the world’s energy system to become more
sustainable, flexible and secure whilst balancing social,
environmental and economic value. Hitachi Energy has a proven track
record and unparalleled installed base in more than 140 countries.
Headquartered in Switzerland, we employ around 40,000 people in 90
countries and generate business volumes of over $10 billion
USD.https://www.hitachienergy.comhttps://www.linkedin.com/company/hitachienergyhttps://twitter.com/HitachiEnergy
About Hitachi, Ltd.Hitachi drives Social
Innovation Business, creating a sustainable society through the use
of data and technology. We solve customers' and society's
challenges with Lumada solutions leveraging IT, OT (Operational
Technology) and products. Hitachi operates under the business
structure of “Digital Systems & Services” - supporting our
customers’ digital transformation; “Green Energy & Mobility” -
contributing to a decarbonized society through energy and railway
systems, and “Connective Industries” - connecting products through
digital technology to provide solutions in various industries.
Driven by Digital, Green, and Innovation, we aim for growth through
co-creation with our customers. The company’s consolidated revenues
for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1
billion yen, with 696 consolidated subsidiaries and approximately
320,000 employees worldwide. For more information on Hitachi,
please visit the company's website at https://www.hitachi.com.
About PowinAt Powin, we are advancing the
next frontier of energy and changing the way we power our daily
lives by ensuring access to clean, resilient, and affordable power.
As a global energy platform provider, we offer fully integrated
battery storage solutions, software, and services to optimize grid
performance and enable the transition to cleaner energy sources. To
date, Powin has deployed over 3,200 MWh of battery systems
worldwide with 11,900 MWh under construction. To learn more, please
visit www.powin.com
- Hitachi Energy acquires eks Energy
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