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Energy storage technology goes mainstream as Goldman Sachs partner acquires majority stake in EPC Power

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News Tech: Goldman Sachs Asset Management and Cleanhill Partners, a private equity firm, have acquired a majority stake in smart inverter supplier EPC Power, according to an announcement Thursday. The transaction comes as the Inflation Cut and other circumstances have put EPC Power, a company focused on energy storage applications, on the brink of potentially rapid growth, executives of the company said. Adam Kabulski, EPC Power’s vice president of sales and marketing, said the growing involvement of major financiers in energy storage technology shows that the field is beginning to mature.

“It is too early to translate into any project, but it is very clear that this will lead to a significant increase in market activity in North America,” Dilley said in an interview. EPC Power has so far been successful in weathering supply chain disruptions caused by Covid-19 and has been able to sell more than 2 GW of smart inverters globally, Dilley said. But with capital inflows from Goldman Sachs and Cleanhill Partners, he said, EPC Power will be able to maintain larger inventories and weather future supply shocks. The company is also building a second manufacturing facility on the East Coast.

A utility-scale smart inverter supplier in North America is set to expand with capital flows from partners Goldman Sachs and Cleanhill. EPC Power said the deal will provide the financing it will need to capitalize on post-IRA growth amid ongoing supply chain concerns. Since the passage of the law, creating the first federal tax credit for off-grid storage projects, EPC Power co-founder and CEO Devin Dilley said the company has gotten a lot out of its calls asking for information about its inverter.

But financing won’t be the only benefit coming from the acquisition, according to Kabulski. One of the main issues that thwart smart inverter manufacturers, says Kabulski, is that large-scale customers want to know they are investing in a product with durability that matches the inverter’s 20-year lifespan. Backed by a company that will last at least as long. And so far, very few companies have crossed that threshold, says Kabulski. “A company like Goldman Sachs adds stability,” he said. With their support, he said, EPC Power can demonstrate that its business is sustainable.

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