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<a href="https://www.flexgen.com/" target="_blank" rel="noopener">FlexGen Power System</a>, a provider of battery energy storage solutions and energy management software, has announced the acquisition of a significant portion of Powin’s business.
Through the acquisition, FlexGen will own all of Powin&#8217;s IP, including hardware IP, software IP, and information technology systems, along with a significant spare parts inventory.
The announcement was made following the approval from the U.S. Bankruptcy Court for the District of New Jersey, which is overseeing the Chapter 11 cases of Powin and its affiliates.
“Our top priority is customer success and delivering immediate operational stability, maximizing the value and performance of their systems. FlexGen&#8217;s proven financial strength means we&#8217;re a capital-light software and services partner that will remain in business to deliver on our customer promises,&#8221; added Gary Cristini, FlexGen&#8217;s CFO. “We thank Powin for their early-mover role in shaping the dynamic and important grid-scale battery market and honor our commitment to carry on that legacy and deliver exceptional uptime, reliability, and customer success.”
Upon closing of the acquisition, FlexGen will support over 25 GWh of battery energy storage systems and 200 projects across 10 countries in its portfolio.
“With this acquisition, we will continue to deliver the reliability and intelligence the grid, data centers and communities need to thrive in a world of growing energy needs,” said FlexGen CEO, Kelcy Pegler.
Earlier this year, FlexGen <a href="https://cms.mercomindia.com/flexgen-power-systems-secures-75-million-revolving-credit-facility/" target="_blank" rel="noopener">secured</a> a $75 million revolving credit facility. J.P. Morgan acted as the lead arranger and administrative agent for the funding, along with commitments from Banco Santander, BNP Paribas, and First National Bank of Pennsylvania.
According to Mercom&#8217;s 1H and Q2 2025 Funding and M&amp;A Report for Energy Storage <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/">report</a>, there were three M&amp;A transactions in the energy storage sector, down from 14 in the first half of 2024.
In July, Lyten, a lithium-sulfur battery developer, <a href="https://cms.mercomindia.com/lyten-acquires-battery-manufacturing-operation-from-northvolt/" target="_blank" rel="noopener">announced</a> the acquisition of Dwa Energy Storage System (ESS) manufacturing operation in Gdansk, Poland, from energy storage solutions provider Northvolt. The financial terms of the acquisition have not been disclosed by either party and are expected to close in Q3 2025.

FlexGen to Acquire Powin’s Business Assets

<a href="https://www.flexgen.com/" target="_blank" rel="noopener">FlexGen Power Systems</a>, an energy storage solutions and software technology provider, secured a $75 million revolving credit facility. J.P. Morgan acted as the lead arranger and administrative agent for the funding, along with commitments from Banco Santander, BNP Paribas, and First National Bank of Pennsylvania.
According to the company, this funding will provide essential financial flexibility to expand its operations, strengthen its technology offerings, and meet the increasing demand for energy storage solutions globally.
“The rapid expansion of AI and cloud computing is driving unprecedented growth in data center power demands. This trend, combined with the broader energy transition, makes reliable and intelligent energy storage solutions more critical than ever for maintaining grid stability. This facility represents a significant milestone for FlexGen as we continue to lead the way in enabling the modern grid,” said Kelcy Pegler, Chief Executive Officer of FlexGen.
The company says its proprietary energy management software platform, HybridOS, has deployed over eight gigawatt-hours of energy storage capacity, providing operational performance and grid integration capabilities.
In 2022, the FlexGen <a href="https://cms.mercomindia.com/flexgen-raises-100-million/" target="_blank" rel="noopener">closed</a> a $100 million funding round. Vitol, an energy trading company, provided the funding in partnership with existing investors to help execute its project pipelines.
According to Mercom’s Annual and Q4 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid announced debt and public market financing for Energy Storage companies in 2024 increased 65% year-over-year, with $16.2 billion in 32 deals compared to $9.8 billion in 34 deals in 2023.
In October, Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://cms.mercomindia.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener">secured</a> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million. Sumitomo Mitsui Banking Corporation also participated in the funding.

FlexGen Power Systems Secures $75 Million Revolving Credit Facility

FlexGen Power Systems, a provider of integration services and software technology for energy storage solutions, <a href="https://cms.mercomindia.com/flexgen-raises-100-million/">announced</a> the close of a $100 million Series C investment round. The funding was provided by Vitol, an energy trading company, in partnership with existing investors.
Renewable energy construction company MasTec is <a href="https://mercomindia.com/mastec-to-acquire-infrastructure-and-energy-alternatives/">acquiring</a> renewable energy and infrastructure services provider Infrastructure and Energy Alternatives (IEA) for $1.1 billion. MasTec will acquire all of the outstanding shares of IEA in a cash-and-stock transaction valued at $14 per share. The total transaction consideration will be approximately $1.1 billion based on estimated IEA net debt levels at closing. MasTec would issue approximately 2.8 million MasTec shares in the transaction. The acquisition is expected to close in the fourth quarter of 2022.
 Solid State, a manufacturer, and distributor of electronic components, <a href="https://cms.mercomindia.com/solid-state-acquire-custom-power-45-million/">entered</a> into a conditional agreement to acquire Custom Power, a battery systems manufacturer and energy solutions provider, for $45 million. Solid State said the acquisition helps to develop its brand portfolio and to provide increased capabilities to the group’s power business, specifically within the defense, medical and industrial markets.
Brill Power, a developer of intelligent battery management systems, announced that it <a href="https://cms.mercomindia.com/brill-power-raises-series-a-funding/">raised</a> $10.5 million in a Series A funding round. Legal &amp; General Capital and Barclays Sustainable Impact Capital Program led the funding round with participation from existing investors Oxford Science Enterprises, Oxford Investment Consultants, and Oxford University. With Shell Ventures and Climate KIC becoming shareholders as well.
Opdenergy, an independent renewable energy producer, has <a href="https://cms.mercomindia.com/opdenergy-closes-debt-facility/">closed</a> a €250 million (~$254 million) debt facility for issuing new senior bonds with EIG, an investor in energy and infrastructure sectors, and Generali Global Infrastructure. The agreement precedes the 2021 financing facility with EIG for issuing euro-denominated senior bonds in a principal amount up to €140 million (~$142 million).
Solarstone, a solar roofing startup, <a href="https://cms.mercomindia.com/solarstone-secures-10-million/">raised</a> €10 million (~$10.2 million) in funding. The company will use these funds to expand its integrated solar PV solutions business across Europe and beyond. Leading the round was Biofuel OÜ, an asset management company focusing on environmentally friendly wood refining, and sustainable forest management, with a clear focus on sustainable energy management and production.
Generate Capital, a sustainable infrastructure platform, has <a href="https://cms.mercomindia.com/generate-capital-acquires-esvolta/">acquired</a> large-scale battery storage developer esVolta. The acquisition will enable Generate to expand into the front-of-the-meter battery storage market. esVolta has a portfolio of more than 900 MWh of operational and utility-contracted projects in the U.S. and Canada. With projects under active development in Texas, Arizona, Montana, California, Virginia, Colorado, Washington, and New Mexico.
Sympower, a company developing solutions to balance the electricity grid, has <a href="https://cms.mercomindia.com/sympower-raised-22-4-million/">raised</a> €22 million (~$22.4 million) in an oversubscribed funding round led by Silicon Valley-based Activate Capital, Expon Capital, with previous investors Rubio Impact Ventures, PDENH and Rockstart also participating. The company plans to use the new funds to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.
Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, <a href="https://cms.mercomindia.com/revterra-raises-6-million-in-series-a-funding/">announced</a> a $6 million Series A funding round led by Equinor Ventures and SCF Ventures. The amount raised will be used to fund the development of the company’s S100 kinetic energy battery.
Enzinc, an advanced zinc battery developer, has <a href="https://enzinc.com/2022/07/25/battery-company-enzinc-closes-seed-funding-round/">closed</a> a $4.5 million seed round led by Portland-based 3×5 Partners. The capital raise will allow the team at Enzinc to finalize its prototype testing and automated anode production line design for robust mobility and long-duration stationary nickel-zinc batteries.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-community-solar-firm-summit-ridge-energy/">roundup</a>.

Funding and M&A Roundup: FlexGen Power Closes $100 Million Series C Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-flexgen-power-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
FlexGen Power Systems, a provider of integration services and software technology for energy storage solutions, <a href="https://mercomcapital.com/flexgen-raises-100-million/">announced</a> the close of a $100 million Series C investment round. The funding was provided by Vitol, an energy trading company, in partnership with existing investors.
Renewable energy construction company MasTec is <a href="https://mercomindia.com/mastec-to-acquire-infrastructure-and-energy-alternatives/">acquiring</a> renewable energy and infrastructure services provider Infrastructure and Energy Alternatives (IEA) for $1.1 billion. MasTec will acquire all of the outstanding shares of IEA in a cash-and-stock transaction valued at $14 per share. The total transaction consideration will be approximately $1.1 billion based on estimated IEA net debt levels at closing. MasTec would issue approximately 2.8 million MasTec shares in the transaction. The acquisition is expected to close in the fourth quarter of 2022.
 Solid State, a manufacturer, and distributor of electronic components, <a href="https://mercomcapital.com/solid-state-acquire-custom-power-45-million/">entered</a> into a conditional agreement to acquire Custom Power, a battery systems manufacturer and energy solutions provider, for $45 million. Solid State said the acquisition helps to develop its brand portfolio and to provide increased capabilities to the group’s power business, specifically within the defense, medical and industrial markets.
Brill Power, a developer of intelligent battery management systems, announced that it <a href="https://mercomcapital.com/brill-power-raises-series-a-funding/">raised</a> $10.5 million in a Series A funding round. Legal &amp; General Capital and Barclays Sustainable Impact Capital Program led the funding round with participation from existing investors Oxford Science Enterprises, Oxford Investment Consultants, and Oxford University. With Shell Ventures and Climate KIC becoming shareholders as well.
Opdenergy, an independent renewable energy producer, has <a href="https://mercomcapital.com/opdenergy-closes-debt-facility/">closed</a> a €250 million (~$254 million) debt facility for issuing new senior bonds with EIG, an investor in energy and infrastructure sectors, and Generali Global Infrastructure. The agreement precedes the 2021 financing facility with EIG for issuing euro-denominated senior bonds in a principal amount up to €140 million (~$142 million).
Solarstone, a solar roofing startup, <a href="https://mercomcapital.com/solarstone-secures-10-million/">raised</a> €10 million (~$10.2 million) in funding. The company will use these funds to expand its integrated solar PV solutions business across Europe and beyond. Leading the round was Biofuel OÜ, an asset management company focusing on environmentally friendly wood refining, and sustainable forest management, with a clear focus on sustainable energy management and production.
Generate Capital, a sustainable infrastructure platform, has <a href="https://mercomcapital.com/generate-capital-acquires-esvolta/">acquired</a> large-scale battery storage developer esVolta. The acquisition will enable Generate to expand into the front-of-the-meter battery storage market. esVolta has a portfolio of more than 900 MWh of operational and utility-contracted projects in the U.S. and Canada. With projects under active development in Texas, Arizona, Montana, California, Virginia, Colorado, Washington, and New Mexico.
Sympower, a company developing solutions to balance the electricity grid, has <a href="https://mercomcapital.com/sympower-raised-22-4-million/">raised</a> €22 million (~$22.4 million) in an oversubscribed funding round led by Silicon Valley-based Activate Capital, Expon Capital, with previous investors Rubio Impact Ventures, PDENH and Rockstart also participating. The company plans to use the new funds to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.
Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, <a href="https://mercomcapital.com/revterra-raises-6-million-in-series-a-funding/">announced</a> a $6 million Series A funding round led by Equinor Ventures and SCF Ventures. The amount raised will be used to fund the development of the company’s S100 kinetic energy battery.
Enzinc, an advanced zinc battery developer, has <a href="https://enzinc.com/2022/07/25/battery-company-enzinc-closes-seed-funding-round/">closed</a> a $4.5 million seed round led by Portland-based 3×5 Partners. The capital raise will allow the team at Enzinc to finalize its prototype testing and automated anode production line design for robust mobility and long-duration stationary nickel-zinc batteries.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-community-summit-ridge-energy/" target="_blank" rel="noopener">roundup</a>.

<a href="https://flexgen.com/" target="_blank" rel="noopener">FlexGen Power Systems</a>, a provider of integration services and software technology for energy storage solutions, announced the close of a $100 million Series C investment round. The funding was provided by Vitol, an energy trading company, in partnership with existing investors.
FlexGen said the new funding would help execute its project pipelines.
&#8220;We are excited to have Vitol join our existing investors to help power our continued growth. It is clearer than ever that the future of energy relies on energy storage that is cost-effective, safe, and easy to manage. This latest round of investment expands the advantaged position that FlexGen has with our customers across the utility, IPP, and co-op markets,&#8221; said Kelcy Pegler, CEO of FlexGen.
Founded in 2009, FlexGen has installed more than 3 GW of energy storage systems for its clients in the United States for utility, microgrid, and C&amp;I customers. The company’s energy management software platform, HybridOS, allows energy storage owners to deploy various power market strategies and combine storage solutions with any form of generation.
&#8220;We will not reach our carbon reduction targets without energy storage, which addresses the intermittency of renewables generation and helps to create a more stable grid for the future. FlexGen is the leader in energy storage solutions, and we look forward to supporting the company&#8217;s international expansion through our global footprint, as well as providing battery optimization solutions for FlexGen&#8217;s customers,&#8221; said R. Andrew de Pass, Head of Renewables, Vitol Inc.
Akin Gump Strauss Hauer &amp; Feld acted as legal counsel to Vitol. DLA Piper served as legal counsel, and Citi acted as sole placement agent to FlexGen.
Recently, Wildcat Discovery Technologies, a developer of new battery materials, <a href="https://cms.mercomindia.com/wildcat-raises-90-million/" target="_blank" rel="noopener">raised</a> $90 million in a Series D funding round led by Koch Strategic Platforms (KSP), an investment subsidiary of Koch Industries, with significant investments from Eastman Kodak and Fifth Wall Climate. The company said that the new funding round would support its ‘super cell’ development and commercialization.
According to Mercom’s 1H and Q2 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, Total corporate funding (including venture capital funding, public market, and debt financing) for Energy Storage, Smart Grid, and Efficiency companies in 1H 2022 was up significantly year-over-year (YoY) with $17 billion compared to $10.4 billion raised in 1H 2021.

FlexGen Power Raises $100 Million in Series C Funding

Software technology provider for energy storage solutions, <a href="https://flexgen.com/" target="_blank" rel="noopener">FlexGen Power Systems</a>, has received a $150 million equity commitment from funds managed by the affiliates <a href="https://www.apollo.com/" target="_blank" rel="noopener">Apollo Global Management</a>.
Denver-based venture capital firm, the <a href="https://www.altiragroup.com/" target="_blank" rel="noopener">Altira Group</a>, which has invested over $1 billion with partners in over 60 companies and the initial investment group led by Mark Dreyfus and Jerry Miller will collaborate with Apollo on this investment.
FlexGen has supported the deployment of more than 1.2 GWh of energy storage systems for utility, microgrid, and commercial and industrial (C&amp;I) customers both in the United States and internationally since its incorporation in 2009.
The company recognizes energy storage as a multi-billion-dollar sector. Energy storage integration necessitates software and technology solutions that play a crucial role in the widespread adoption of renewables by mitigating the grid&#8217;s intermittency and reliability concerns.
&#8220;Energy storage will play an important role in transitioning to an economy fueled by renewable energy. Our energy storage solutions will assist in bridging the reliability gap of the grid and speed up the adoption of clean energy,&#8221; said Olivia Wassenaar, Senior Partner and Co-Lead of Natural Resources at Apollo.
&#8220;Our cooperation with Apollo will enhance the capabilities we can offer going forward while creating the bankability that the market values and accelerate our growth,&#8221; said Kelcy Pegler, Jr., CEO of FlexGen.
Vinson &amp; Elkins acted as legal counsel to the Apollo Funds. DLA Piper worked as legal counsel, and Citi was a financial advisor to FlexGen.
The investment in FlexGen is built on Apollo&#8217;s track record of investing in businesses supporting the clean energy transition.
In the last 18 months, Apollo Funds has invested in <a href="https://uswindinc.com/" target="_blank" rel="noopener">US Wind</a>, electric-driven gas-compression company <a href="https://www.total-operations.com/" target="_blank" rel="noopener">TOPS</a>, and sustainable bio-energy producer <a href="https://graanulinvest.com/" target="_blank" rel="noopener">AS Graanul Invest</a>. Apollo funds also formed joint ventures with <a href="https://www.johnsoncontrols.com/" target="_blank" rel="noopener">Johnson Controls</a> and <a href="https://www.greatbayrenewables.com/" target="_blank" rel="noopener">Great Bay Renewables</a>.
The Apollo Fund-sponsored Spartan series of special purpose acquisition (SPAC) vehicles have announced or completed combinations with Fisker, an EV auto company; <a href="https://mercomindia.com/sunlight-financial-go-public-spac/" target="_blank" rel="noopener">Sunlight Financial</a>, a residential solar financing company; and most <a href="https://mercomindia.com/allego-public-spac-deal/" target="_blank" rel="noopener">recently</a>, Allego, a pan-European EV charging company.
According to Mercom Capital Group&#8217;s <a href="https://mercomindia.com/corporate-funding-battery-storage-4-7-billion-q1-2021/" target="_blank" rel="noopener">Q1 2021 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, battery storage companies raised $994 million in VC funding, including private equity and corporate venture capital globally.
For more reports on M&amp;A transactions and funding in solar, wind, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.

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