Strategic Partnership: Powin and Hitachi Energy to expand energy storage market presence
Leading energy storage solutions provider in North America, Powin LLC (Powin) has forged a strategic partnership with global technology major, Hitachi Energy to expand its footprint in the energy storage business. As part of the deal, Hitachi Energy will take majority ownership in eks Energy (EKS), a power electronics and energy management solutions provider for renewables and energy storage projects.
The strategic partnership intends to build on Powin's battery expertise while drawing from Hitachi Energy's experience in the electric energy industry. Further, the new alliance is also aimed at ensuring Hitachi remains at the forefront of the massively growing energy storage industry.
"The market has made it clear that it needs and wants energy solutions powered by best-in-class power electronics integrated with control and digital capabilities," said Massimo Danieli, Managing Director for Hitachi Energy Grid Automation Business Unit.
"EKS 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."
Together Powin and Hitachi will collaborate on deeper technical and commercial collaboration which will include the integration of EKS's technologies into Powin's product roadmap, the inclusion of Powin's batteries in Hitachi Energy's solutions at the edge of the energy system, and joint marketing activities. Another key reason for the strategic alliance is to provide EKS with access to Hitachi Energy's engineering and control capabilities and wider market reach.
While Powin retains a significant minority ownership in EKS, the company intends to stay active in EKS' product development and marketing efforts. EKS was previously purchased by Powin in September 2022.
"Hitachi Energy's expertise in research and development and impressive grid-edge capabilities will accelerate EKS' continued growth and aid our shared mission to reinvent the global energy storage industry with safe, reliable, and scalable solutions," said Powin CEO Jeff Waters.
Powin has deployed over 3,200 MWh of battery systems worldwide and has another 11,900 MWh projects under construction the company stated.