ILJIN Electronics Forays into BESS, Buys Majority Stake in Power-One
Power-One also manufactures solar inverters and offers EV charging solutions
July 7, 2025
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ILJIN Electronics, a material subsidiary of Amber Group, has entered into definitive agreements for a majority stake in Bengaluru-based Power One Micro Systems.
Power-One offers battery energy storage systems (BESS), solar inverters (on-grid, off-grid, and hybrid), electric vehicle charging solutions, and uninterrupted power supply solutions.
The financial details of the transaction were not disclosed.
Power-One caters to multiple clients in the public and private sectors.
Greater Noida-based ILJIN Electronics is an integrated provider of printed circuit board (PCB) assembly and bare board PCB solutions.
The stake acquisition will enable ILJIN Electronics to unlock avenues of operational synergies and strategic growth opportunities. The Amber group company’s experience in electronic manufacturing services, pan-India manufacturing footprint, and R&D capability will help Power-One to expand its capabilities, accelerate product innovation, and strengthen its position in the BESS, solar inverters, and solar products and services.
Battery energy storage is gaining traction in India, driven by the increasing integration of renewable energy into the grid. The government has mandated renewable energy implementing agencies to incorporate a minimum two-hour co-located energy system, equivalent to 10% of the annual solar installed capacity, in all future tenders.
Renewable energy experts speaking at Mercom India’s Coimbatore C&I Clean Energy Meet opined that BESS will likely phase out power banking in the coming years.
Earlier this year, the Ministry of Power announced the second tranche of viability gap funding (VGF) to support BESS development. Under this tranche, a VGF of ₹1.8 million (~$21,043)/MWh will be provided to support the development of 30 GWh of BESS capacity.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, mergers and acquisitions witnessed a 15% YoY decline in 2024, with 82 transactions compared to 96 in 2023. There were 82 such transactions announced in 2024, with 21 projects costing $17.3 billion. By comparison, 96 companies (27 of which were disclosed) were acquired for $12.4 billion in 2023.