MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

Silver Demand Forecast to Drop 19% in 2026 on Lower Solar Cell Loadings

Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects

<a href="https://www.hitachienergy.com/" target="_blank" rel="noopener">Hitachi Energy</a>, a provider of sustainable energy and power grid solutions, has completed the acquisition of the remaining stake in eks Energy, a provider of power electronics and energy management solutions for integrating storage and renewables.
In 2022, energy storage system provider Powin <a href="https://cms.mercomindia.com/powin-acquires-eks/" target="_blank" rel="noopener">acquired</a> eks Energy to expand Powin&#8217;s offering to include the eks Power Conversion System and Power Plant Controller, enabling the company to deliver a complete AC energy storage platform.
Then, later in 2023, Powin sold the majority of the company&#8217;s stake to Hitachi, which acquired the remaining shares of eks Energy after Powin filed for bankruptcy earlier this year.
The acquisition is expected to enhance Hitachi Energy&#8217;s power conversion system technology for energy storage. Power converters play a critical role in connecting a power source to a power supply, ensuring that currents and voltages are balanced correctly to meet end-user demand.
The integration of eks Energy&#8217;s technology and talent is stated to provide Hitachi Energy with greater strategic and operational flexibility.
&#8220;As the worldwide market leader in grid automation solutions, the acquisition of eks Energy strengthens our leadership position, enabling one of the industry&#8217;s most comprehensive solution portfolios that combines proven converter and control technology with Hitachi Energy&#8217;s global scale, unparalleled grid expertise, and digital capabilities,&#8221; said Massimo Danieli, Managing Director of Hitachi Energy&#8217;s Business Unit Grid Automation.
According to Mercom&#8217;s 1H and Q2 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report </a>for Energy Storage, in the first half of 2025, there were three M&amp;A transactions in the energy storage sector, down from 14 in the first half of 2024.
In November, Lyten, a developer of lithium-sulfur batteries, announced the <a href="https://cms.mercomindia.com/lyten-acquires-battery-manufacturing-assets-from-cuberg/" target="_blank" rel="noopener">acquisition</a> of a lithium-metal battery manufacturing facility and cell-making equipment in San Leandro, California, from Cuberg, a battery manufacturer owned by Northvolt. It will also acquire battery cell development and manufacturing equipment, as well as make additional equipment investments, to expand the facility&#8217;s capacity.

Hitachi Energy Acquires Remaining Shares of eks Energy

<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

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					</table>Large-scale solar project costs in India <a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-rose-marginally-in-q1-2025" target="_blank" rel="noopener">increased</a> for the second consecutive quarter, according to Mercom’s Q1 2025 India Solar Market Update, average project costs rose 3% quarter-over-quarter and 1% year-over-year. The average selling price of Indian-made DCR-compliant modules increased in Q1 2025, fueled by strong demand from government programs like PM Surya Ghar and PM KUSUM and rising component costs. With developers scrambling to secure limited production slots, pricing pressure increased further. Meanwhile, non-DCR module prices declined slightly due to a correction following last quarter’s surge, primarily driven by anti-dumping duties on solar glass and aluminum frames.
The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-proposes-sale-lease-renting-of-energy-storage-systems" target="_blank" rel="noopener">proposed</a> an amendment to the Electricity Rules 2025 to permit the sale, lease, and renting of energy storage systems (ESS). The Ministry invited comments on the draft amendment from stakeholders to be sent by July 10, 2025. The amendment provides a wider regulatory framework for ESS in India to introduce it as an independent energy infrastructure. ESS can be utilized either as an independent project or as part of a generation, transmission, or distribution system. It can also be developed, owned, leased, or operated by a generating company or a transmission, or a distribution licensee.
The Ministry of Power is <a href="https://www.mercomindia.com/india-plans-530-billion-ultra-high-voltage-ac-transmission-system-by-2034" target="_blank" rel="noopener">enhancing</a> India’s power transmission infrastructure with an ultra-high voltage alternating current transmission system. Nine 1,100 kV lines and ten substations have been identified for development by 2034, with an investment of ₹530 billion (~$6.2 billion). The Central Power Research Institute is developing the system’s testing facilities, according to Power Minister Manohar Lal.
Mercom India is <a href="https://www.mercomindia.com/low-cost-clean-energy-solutions-to-help-ci-businesses-become-sustainable" target="_blank" rel="noopener">hosting</a> the fourth edition of its ‘C&amp;I Clean Energy Meet’ in Coimbatore, Tamil Nadu, on June 13, 2025. Registration for the day-long event will start at 9:30 AM at the Welcomhotel by ITC Hotels. These clean energy meets aim to educate commercial and industrial energy consumers on the adoption of clean energy to reduce costs and make their operations sustainable. As a major industrial hub and textile capital, Coimbatore is witnessing an increase in rooftop solar installations.
Solar engineering, procurement, and construction firm SEPC <a href="https://www.mercomindia.com/sepc-bags-133-mw-solar-epc-contract-in-maharashtra" target="_blank" rel="noopener">received</a> a letter of award from Parmeshi Urja for the EPC of 133 MW of solar projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program in Maharashtra. The contract value for the works is ₹6.5 billion (~$76 million). In September 2024, Parmeshi Urja, a subsidiary of India Power, won the auction to develop the same 133 MW project across four districts in Maharashtra. The project originated from a tender floated by MSEB Solar Agro Power, a wholly owned subsidiary of the Maharashtra State Electricity Board Holding Company, in January 2024.
The West Bengal Power Development Corporation <a href="https://www.mercomindia.com/west-bengal-floats-om-tender-for-10-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for biennial operation and maintenance of 10 MW ground-mounted solar power projects at the Sagardighi Thermal Power Project for two years. Bids must be submitted by July 9, 2025. Bids will be opened on July 11. The scope of work entails daily solar module washing, removal of ground faults and any other faults to ensure 100% project availability, and monitoring of string current, ambient temperature, and wind speed on an hourly basis. It also covers checking for defects at night before the start of solar hours.
NHPC <a href="https://www.mercomindia.com/nhpc-issues-tender-for-2-5-mw-rooftop-solar-projects-in-nagaland" target="_blank" rel="noopener">issued</a> a request for proposal for setting up 2.56 MW rooftop solar projects at various government buildings in Nagaland. Bids must be submitted by July 11, 2025. Bids will be opened on July 13. The scope of work includes the design, engineering, component procurement and supply, erection, and commissioning of the solar projects.  It also entails obtaining all the project permits and licenses. Selected bidders must provide net metering and obtain a no-objection certificate for the projects’ grid connectivity, if required. They must also ensure synchronization with the existing distribution network grid at the project locations. Only modules from the Approved List of Models and Manufacturers of a minimum 500 W capacity must be used in the projects.
NTPC <a href="https://www.mercomindia.com/ntpc-raises-750-million-via-external-commercial-borrowing" target="_blank" rel="noopener">raised</a> an unsecured $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years. The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs, including flue gas desulphurization projects, renewable energy projects, and refinancing of existing external commercial borrowing for capital expenditure purposes. Bank of Baroda acted as the transaction’s mandated lead arranger and underwriter of the transaction. HDFC Bank was the mandated lead arranger and bookrunner for the greenshoe portion of the transaction. The deal was executed through the IFSC banking units of Bank of Baroda and HDFC Bank in GIFT City, Gandhinagar.
U.S.-based energy storage firm Powin and its eight other subsidiaries <a href="https://www.mercomindia.com/energy-storage-firm-powin-and-its-subsidiaries-file-for-bankruptcy-in-new-jersey" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection in New Jersey. The company and its subsidiaries, PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million. Powin’s creditors include Ace Engineering, Qingdao CIMC-POWIN New Energy Technology, Contemporary Amperex Technology, Celestica, Clean Energy Services CES, Formosa Electronic Industries, among others.
Hit by multiple macroeconomic challenges, U.S. residential solar fintech and energy-efficient home improvement platform Solar Mosaic <a href="https://www.mercomindia.com/clean-energy-lender-solar-mosaic-files-for-bankruptcy" target="_blank" rel="noopener">filed</a> for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The company aims to complete its restructuring and recapitalization through this filing. Solar Mosaic stated that its capital flows had been impacted by challenges, including high interest rates and legislation that threatened to remove residential solar tax credits. The company determined that a court-supervised restructuring and recapitalization process was the best option to maintain its loan servicing platform, achieve a full sale and marketing process for its assets, and maximize value for its stakeholders.

Daily News Wrap-Up: Utility Solar Project Costs Up Slightly in Q1 2025

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					</table>U.S.-based energy storage firm <a href="https://powin.com/" target="_blank" rel="noopener">Powin</a> and its eight other subsidiaries have filed for Chapter 11 bankruptcy protection in New Jersey.
The company and its subsidiaries,  PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million.
Powin’s creditors include <a href="https://powin.com/" target="_blank" rel="noopener">Ace Engineering</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Qingdao CIMC-POWIN New Energy Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Contemporary Amperex Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Celestica</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Clean Energy Services CES</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Formosa Electronic Industries</a>, among others.
Powin is a battery solutions company established in 2016. As of 2023, the company had over 17 GWh of projects deployed and under construction.
Last year, the company secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by global investment firm KKR.
The credit facility was supposed to support Powin’s working capital needs, drive continued innovation, and further enhance the company’s financial flexibility as it expands its leadership position in the storage industry.
In March 2025, Powin signed a memorandum of understanding to establish a partnership aimed at scaling the Brazilian energy storage market. The partnership was focused on addressing the growing demand for utility-scale energy storage solutions (30 MW+), driven by the country’s renewable energy expansion and grid reliability needs.
Recently, another U.S.-based residential clean energy company, Sunnova Energy, <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection on Sunday. The company was under pressure from increasing debt and falling demand.  Earlier this month, Sunnova TEP Developer, Sunnova Energy’s subsidiary, filed a voluntary petition for relief under Chapter 11 before the United States Bankruptcy Court for the Southern District of Texas.
Last year, another battery developer and manufacturer, Northvolt AB <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for bankruptcy protection in the U.S. The company will seek to restructure under Chapter 11 of the bankruptcy code.

Energy Storage Firm Powin and Its Subsidiaries File for Bankruptcy in New Jersey

Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://cms.mercomindia.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
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. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Recurrent Energy Closes $500 Million Investment

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-recurrent-energy-closes-500-million-investment/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://mercomcapital.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://mercomcapital.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. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://powin.com/" target="_blank" rel="noopener">Powin</a>, an energy storage solutions provider, has secured a revolving credit facility of up to $200 million primarily from KKR, a global investment firm.
Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners.
“We are excited to have KKR, a renowned leader in the investment community, supporting our mission to be the most trusted energy storage partner in the industry,” said Jeff Waters, CEO of Powin.
According to the company, over 17 GWh of projects have been deployed and are under construction. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
“Powin stands out as a leader and innovator in the clean energy space. We are proud to support them and their efforts to expand the use of battery energy storage systems through our deep experience in Asset-Based-Finance,” said Sam Mencoff, a Director at KKR.
In 2022, the company <a href="https://cms.mercomindia.com/powin-receives-135-million/" target="_blank" rel="noopener">secured</a> a $135 million growth equity investment led by GIC, a global investment firm, with participation from existing investors Trilantic Energy Partners North America (Trilantic North America) and Energy Impact Partners (EIP).
According to Mercom’s 1H and Q2 2024 funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-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 1H 2024 came to $13 billion in 16 deals, a 294% increase year-over-year compared to $3.3 billion in 16 deals in 1H 2023.
Last Year, Fluence, a provider of energy storage products and services, <a href="https://cms.mercomindia.com/energy-storage-company-fluence-secures-debt-financing/" target="_blank" rel="noopener">announced</a> that it entered into a four-year, $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding is secured by the company’s eligible inventory and other assets and replaces the company’s existing $200 million Revolving Credit Facility (RCF), which was terminated.

Energy Storage Provider Powin Secures $200 Million in Debt Funding

Global energy storage platform provider <a href="https://powin.com/" target="_blank" rel="noopener">Powin</a> announced the acquisition of <a href="https://www.eksenergy.com/about-us" target="_blank" rel="noopener">EKS Energy</a>, a provider of advanced power electronics and energy management solutions for energy storage and renewables.
The press release stated that the acquisition will expand Powin’s offering to include the EKS Power Conversion System and Power Plant Controller, enabling the company to deliver a complete AC energy storage platform capable of advanced control functionality to support microgrid applications while interfacing with multiple generation assets.
According to Powin, it has delivered over 2,500 MWh of BESS in over eight countries and has a contracted pipeline to supply over 10,000 MWh of energy storage systems globally over the next three years. “The EKS acquisition will give us direct access to an industry-leading team, their power conversion technology, advanced controls, and decade’s worth of experience; enabling Powin to offer a fully wrapped solution to further enhance the customer experience,” said Powin CEO Geoff Brown. “This landmark deal accelerates our mission to building the grid of the future by delivering safe, scalable, and integrated storage solutions.”
According to Bloomberg New Energy Finance, as the world transitions to cleaner energy sources, global demand for energy storage will continue to surge to an estimated market of $49 billion by 2028. “With over a decade of experience and 4.5GW of global inverter installations, the EKS Energy team has proven to be able to deploy and interconnect our solutions in many of the toughest and complicated grid conditions in the world. With Powin, there is endless potential in how we can integrate our software capabilities, as well as our AC and DC hardware, together into a seamless package at a large scale,” said EKS Energy CEO Javier Landero.
As per 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, there were 13 energy storage M&amp;A transactions in 1H 2022 compared to nine in 1H 2021.
Earlier this year, Germany-based Schuler Group, a subsidiary of Andritz, an international technology group offering plants, equipment, systems, and services for various industries, <a href="https://cms.mercomindia.com/schuler-acquires-battery-manufacturer-sovema/" target="_blank" rel="noopener">acquired</a> Sovema Group, an Italian battery manufacturer. With this deal, Schuler will be the sole owner of Sovema.

Powin Acquires EKS to Deliver Fully Integrated Grid-Scale Energy Storage Systems

<a href="https://powin.com/" target="_blank" rel="noopener">Powin</a>, an energy storage solutions provider, announced a $135 million growth equity investment led by GIC, a global investment firm with participation from existing investors Trilantic Energy Partners North America (Trilantic North America) and Energy Impact Partners (EIP).
The company plans to use the new funds to scale its global manufacturing, further develop its suite of products, and support the company&#8217;s relationship with international suppliers.
&#8220;We are grateful for this investment from GIC, Trilantic North America, and EIP. We appreciate the vote of confidence and believe that it demonstrates both the market leadership position of our business and our customers&#8217; trust in us to change the way they generate, transmit, and distribute electricity. We look forward to using this investment to empower utilities, IPPs, and other businesses to ensure that no energy is left to waste as we work to mitigate climate change,&#8221; said Geoff Brown, CEO of Powin.
Powin has delivered around 2,500 MWh of BESS in 12 states and eight countries and has a contracted pipeline to supply over 10,000 MWh of energy storage systems globally over the next two years.
&#8220;Grid-scale energy storage is crucial if we hope to accelerate the world&#8217;s transition to a new energy economy – and Powin&#8217;s reputation as a leading, technology-forward energy storage platform has helped to cement its position at the forefront of this generational market trend,&#8221; said Glenn Jacobson, Chairman of Powin Board of Directors and Managing Partner of Greenbelt Capital Partners.
Evercore served as financial advisor to Powin for the transaction, and Kirkland &amp; Ellis acted as legal counsel, with Sidley Austin serving as the legal counsel to GIC for the transaction.
Recently, Powin <a href="https://www.prnewswire.com/news-releases/powin-to-accelerate-global-growth-with-samsung-ct-corporations-support-301568562.html" target="_blank" rel="noopener">signed</a> an agreement to sell a minority interest to and obtain strategic equity funding from Samsung Venture Investment Corporation, a fund managed on behalf of Samsung C&amp;T. As part of the agreement, Samsung C&amp;T has designated Powin as a preferred storage provider and will bid for new projects with Powin as the BESS hardware and software provider.
According to Mercom&#8217;s Q1 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid, and Efficiency, total corporate funding (including VC, Debt, and Public Market Financing) in Battery Energy Storage came to $12.9 billion in 26 deals compared to $4 billion in 27 deals in Q4 2021.

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