FlexGen has secured court approval to acquire a substantial portion of bankrupt competitor Powin's business, including all intellectual property and a significant spare parts inventory.
Power Systems, LLC, a leading provider of battery energy storage solutions and energy management software, has been granted court approval to acquire the assets of Powin, LLC. The U.S. Bankruptcy Court for the District of New Jersey, which is overseeing Powin’s Chapter 11 cases, greenlit the acquisition. The purchase will reinforce FlexGen’s market leadership and is a pivotal step in the company's mission to enhance the reliability and resilience of global power grids.
The acquisition is particularly impactful as it will add over 14.5 GWh of battery energy storage system projects to FlexGen's portfolio, bringing the total supported systems to more than 25 GWh across 200 projects in 10 countries. FlexGen will now own all Powin's intellectual property, hardware and software IP, along with information technology systems and a large inventory of spare parts.
FlexGen’s CEO, Kelcy Pegler, hailed the acquisition as a "significant milestone" not just for the company, but for the entire industry. "Storage is no longer a nice-to-have, but rather, essential to meeting global energy demand and opportunities," Pegler stated. He emphasized that the acquisition would enable FlexGen to continue delivering the reliability and intelligence required for grids, data centers, and communities to thrive in an era of rapidly growing energy needs.
A key element of the transition plan involves FlexGen’s Remote Operations Center (ROC) gaining visibility into Powin's systems to ensure operational continuity for its customers. Furthermore, Powin customers will now have access to FlexGen’s suite of products, including its proprietary FlexGen HybridOS® controls software, analytics modules, and lifecycle services. FlexGen, known for its hardware-agnostic approach, is well-equipped to support the diverse systems in Powin’s portfolio, drawing on 15 years of integration experience with over 65 configurations from 22 global vendors.
FlexGen CFO Gary Cristini underscored the company’s commitment to its new customers. "Our top priority is customer success and delivering immediate operational stability, maximizing the value and performance of their systems," Cristini said. He also highlighted FlexGen’s financial stability as a key factor in ensuring a reliable partnership for Powin’s customers. The company expressed gratitude for Powin's pioneering role in the grid-scale battery market and committed to carrying on that legacy by delivering "exceptional uptime, reliability, and customer success." The acquisition is a strategic response to the dynamic and challenging market conditions that contributed to Powin’s bankruptcy, including industry headwinds and policy uncertainties, and signals a new chapter of growth and consolidation for the energy storage market.
