Big news in the energy sector! Hitachi Energy just completed a major acquisition, taking full control of a key player in power conversion systems. What does this mean for the future of renewable energy and grid technology? This strategic move promises exciting developments.
Hitachi Energy has solidified its position as a global leader in the energy sector by successfully acquiring full ownership of Eks Energy, a pivotal manufacturer of advanced power conversion systems. This strategic move marks a significant milestone in the company’s commitment to enhancing its technological capabilities and expanding its influence in the rapidly evolving landscape of sustainable energy infrastructure.
The acquisition, completed recently, involved Hitachi Energy securing the remaining 20% stake in Eks Energy, previously held by the now-bankrupt US battery storage system integrator Powin. This final step follows Powin’s Chapter 11 bankruptcy filing in June, which precipitated a series of asset divestitures, ultimately leading to Hitachi Energy’s decisive bid to fully integrate the Spanish-headquartered power electronics specialist into its operations.
Eks Energy has long been recognized for its cutting-edge work on inverters, sophisticated power conversion systems (PCS), and intricate power plant control (PPC) systems. Their solutions have proven instrumental in diverse applications, from large-scale solar PV installations to complex mixed-technology microgrids, operating effectively in both demanding grid-tied and isolated off-grid environments globally. Their expertise in power electronics is a critical asset.
Prior to this full acquisition, bringing power electronics in-house through Eks Energy had significantly benefited Powin, allowing it to deliver highly complex solutions without sole reliance on third-party providers. A notable example was their collaboration on projects like the Elkhorn battery energy storage system, where Eks Energy’s advanced capabilities were crucial in achieving project objectives.
For Hitachi Energy, which operates its own comprehensive energy storage system integration business alongside extensive digital grid automation solutions, this acquisition promises profound synergies. The company anticipates greater integration across its entire suite of products, fostering a more cohesive and innovative approach to energy management. Massimo Danieli, managing director of Hitachi Energy’s Grid Automation business unit, underscored this, stating that full ownership of the power electronics specialist empowers the company to offer a “comprehensive solution portfolio that combines proven converter and control technology with Hitachi Energy’s global scale, unparalleled grid expertise and digital capabilities.”
This strategic expansion aligns with Hitachi Energy’s long-term vision, which began with its rebrand in 2021 from Hitachi ABB Power Grids. Alberto Prieto, the CEO appointed to lead EKS under Hitachi Energy, previously shared insights into the parent company’s ongoing quest for advanced power conversion architecture to complement its existing portfolio of high-voltage equipment and transformers. This acquisition explicitly addresses that identified gap, reinforcing the company’s full-spectrum offering.
Since its initial investment in the power conversion systems specialist, Hitachi Energy has established a dedicated center of excellence in Seville. This hub is designed to significantly enhance collaboration across vital functions, including research and development, product advancement, and customer-facing initiatives, thereby solidifying the combined entity’s innovative capabilities and market responsiveness. This represents a key outcome of the mergers & acquisitions strategy.
