Smart Energy Finances: Hitachi Energy acquires eks Energy

Swiss tech major Hitachi Energy has acquired eks Energy in a strategic move to add power and electronics and energy management software to their ever-growing portfolio.

The move is hoped to enable them to tap into the global energy storage market, coming in as Dutch company Skoon announces a successful Series A raise for their offering, an AI-powered platform that is hoped to help ‘reshape’ on-site energy supply.

Hitachi Energy acquires eks Energy

Tech major Hitachi Energy has announced a strategic acquisition of eks Energy, adding its advanced power electronics and energy management software capabilities to Hitachi’s growing portfolio.

Hitachi Energy called the move part of its strategy to meet global demand for battery energy storage solutions.

eks Energy, based in Seville, Spain, was acquired by the Switzerland-based company from Powin LLC, a top global energy storage system provider.

The investment also marks the establishment of a strategic partnership with Powin, which 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% per year through 2030, states Hitachi Energy, citing Bloomberg New Energy Finance’s (BNEF’s) 2023 Energy Storage Outlook.

By combining eks Energy’s power electronics and advanced control capabilities with Hitachi Energy’s automation, software and system integration offerings, the company is looking to fortify its position as a leading-edge technology provider to the renewables and BESS market.

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Through 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.

Commenting in a release was Massimo Danieli, managing director for the Hitachi Energy Grid Automation Business Unit: “New applications and use cases (for the BESS market) 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.”

Added 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 unrivalled power conversion systems are able to meet the Australian grid operators’ high standards of performance.”

Nomura Greentech acted as exclusive financial advisor and Shearman & Sterling acted as legal advisor to Hitachi Energy.

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€5 million for mobile grid systems

Skoon Energy, an AI-powered software platform for clean mobile energy, has closed €5 million ($5.3 million) in Series A funding, led by American VC Blue Bear Capital, with participation from Graduate Entrepreneur Fund.

Founded in 2017, Skoon Energy aims to reshape on-site energy supply by connecting users of traditional fossil fuel powered generators with suppliers of clean mobile energy systems, such as batteries, hydrogen and solar generators.

The company’s AI-powered software platform enables customers to select the best energy system for their specific needs, monitor their energy usage and report on carbon savings.

According to the company, data-driven access to global energy systems enables grid operators, through the platform, to enable flexibility in the electricity grid.

“Instead of relying on legacy infrastructure, which can be outdated, grid operators can deploy a mobile grid – mobile energy systems – to support or replace their electricity grid at scale,” stated the company in a release.

“This flexibility in time and location placement allows grid operators and their customers to save costs and efficiencies to unlock the benefits of freedom in planning.”

Currently, Skoon’s platform is being used by rental companies across Europe including Atlas Copco, Volta Energy and Morillo Energy, as well as large scale energy users such as Vattenfall, the Dutch Ministry of Defence and the Port of Amsterdam.

“Our years of experience replacing fossil fuel generators at project sites (…) means Skoon is ready to tackle grid congestion challenges at a large scale,” said Peter Paul van Voorst tot Voorst, Skoon Energy’s founder and CEO.

“The funding from Blue Bear Capital and Graduate Entrepreneur Fund not only validates our platform’s value, but also serves as a critical launchpad to realize our vision to replace the use of fossil fuels at on-site projects and to provide clean power and true flexibility to electricity grids, globally.”

“Skoon unlocks access to low-carbon power generation to decarbonise the $10 billion global power rental market,” added Dr. Carolin Funk, partner at Blue Bear Capital. “Their platform provides an integral service that connects hard-to-electrify use-cases with innovative suppliers, reducing reliance on fossil fuels and improving overall grid stability.”

The Series A round follows investments by Kees Koolen, early investor and CEO of Booking.com and former COO of Uber; Damen Shipyards, the Netherlands’ oldest family-run maritime services company; and Rabobank.

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Cheers,
Yusuf Laties
Content Producer
Smart Energy International

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