Hitachi Energy acquires eks Energy
Strategic acquisition adds advanced power electronics and energy management software capabilities to meet accelerated, global demand for battery energy storage solutions
Zurich, Switzerland, Oct. 24, 2023 (GLOBE NEWSWIRE) -- 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.
1 From BNEF 1H 2023 Energy Storage Market Outlook
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.
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.
At 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
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
XPENG G9 Achieves a Five-Star 2023 Safety Rating from Euro NCAP6.12.2023 11:00:00 CET | Press release
The new XPENG G9, now on sale in Europe, received a five-star 2023 safety rating from Euro NCAPThis is XPENG's second five-star safety rating for an international model following the new P7 in October; and its first SUV obtained both Euro NCAP and C-NCAP five-star ratings AMSTERDAM, Dec. 06, 2023 (GLOBE NEWSWIRE) -- XPENG Motors (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announces that the international model of their flagship electric SUV, XPENG G9, has received a five-star 2023 safety rating from Euro NCAP. Euro NCAP's five-star safety rating system aims to help consumers, their families and businesses compare vehicles more easily and identify the safest choice for their needs. The tests, which replicate real-life road danger scenarios, represent the European gold standard for comprehensive automotive safety testing. The rating recognises the XPENG G9's advanced body structure and comprehensive passive s
AS Tallink Grupp: Managers’ Transactions6.12.2023 11:00:00 CET | Press release
Person subject to the notification requirement Name: AS Infortar Position: Closely associated person (X) Legal person Person Discharging Managerial Responsibilities in Issuer Name: Hanschmidt, Ain Position: Member of the Supervisory Board Name: Pant, Eve Position: Member of the Supervisory Board Issuer: AS Tallink Grupp LEI: 529900QRMWAKKR3L9W75 Notification type: Initial Notification _____________________________________ Transaction date: 04.12.2023 Venue: Nasdaq OMX Tallinn Instrument type: Share ISIN: EE3100004466 Nature of the transaction: Acquisition Transaction details: (1): Volume: 105,178; Unit price: 0.68 EUR Aggregated transactions: (2): Volume: 105,178; Volume weighted average price: 0.68 EUR Anneli Simm Investor Relations Manager AS Tallink Grupp Sadama 5 10111 Tallinn E-mail Anneli.email@example.com
CDR-Life Announces First Patient Dosed in Phase 1 Study with Boehringer Ingelheim Evaluating Potential Treatment for Geographic Atrophy6.12.2023 11:00:00 CET | Press release
ZÜRICH, Switzerland, Dec. 06, 2023 (GLOBE NEWSWIRE) -- CDR-Life Inc. today announced that the first patient has been dosed in the Phase 1 trial of BI 771716 for the treatment of geographic atrophy (GA). Licensed to Boehringer Ingelheim, BI 771716 is a highly specific antibody fragment of reduced size, enabling an optimized penetration through all retinal layers to the most critical target site driving GA disease pathology. The Phase 1 study (NCT06006585) is evaluating the safety, tolerability and pharmacokinetics of intravitreal single rising doses and multiple doses of BI 771716 as a potential treatment for GA. GA is a chronic and progressive, irreversible retinal disease that occurs in people with late-stage dry age-related macular degeneration (AMD) impacting the ability to see. More than 5 million people worldwide suffer from GA, of which more than 40% are legally blind. GA worsens with age, affecting 1 in 29 people above the age of 75 and 1 in 4 people above 90. Consequently, risi
ForFarmers N.V.: Approval competition authority for the acquisition of Piast Pasze Sp. z.o.o.6.12.2023 10:30:00 CET | Press release
Lochem, 6 December 2023 Approval competition authority for the acquisition of Piast Pasze Sp. z.o.o. Today, ForFarmers received approval from the Polish competition authority to acquire Piast Pasze Sp. z.o.o. ("Piast"). With this transaction, announced on 25 July 2023, ForFarmers/Tasomix's volume in Poland will expand by 410,000 tonnes, strengthening its position in the broiler sector in particular. Parties will work towards a closing of the acquisition. This transaction is in line with ForFarmers/Tasomix's strategic objectives to expand in the attractive Polish agricultural market. This press release contains information that qualifies as inside information within the meaning of Article 7 paragraph 1 of the EU Market Abuse Regulation. Note to the editor / For further information: Floor van Maaren, T: 06-29597746 Paweł Świerkula, Managing Director ForFarmers/Tasomix M + 48 510 22 00 22 • E: firstname.lastname@example.org About ForFarmers ForFarmers N.V. is an international organisation tha
Resultat af auktion over 1,75 pct. Danske Stat 2025 og 2,25 pct. Danske Stat 20336.12.2023 10:26:31 CET | pressemeddelelse
Bud, salg, skæringspris, pro rata og effektiv rente fremgår af nedenstående oversigt: ISINBud mio. kr. (nominelt)SalgSkæringskursPro-rataEffektiv rente, pct. p.a.99 23138 1,75% 15/11/20251.8601.10098,34100 %2,6499 24532 2,25% 15/11/2033300 300 97,80100 %2,50I alt2.1601.400 Salget bliver afviklet den 8. december 2023.