The US Bankruptcy Court for the District of New Jersey approved the battery energy storage system (BESS) and energy management software provider FlexGen’s acquisition of assets of the energy firm Powin.
The approval of the court, which is presiding over the Chapter 11 cases for Powin LLC and its affiliates, means that FlexGen will own all of Powin’s intellectual property (IP). This includes its hardware IP, software IP, and information technology systems, along with a spare parts inventory.
After the acquisition of the assets, the firm said its portfolio will be over 25GWh duration of BESS and 200 projects across 10 countries. Its remote operations centre will gain system visibility to ensure continuity for Powin customers whilst it provides its own controls software, analytics modules and lifecycle services.
The company said it is prepared to deliver immediate continuity and support for Powin’s customers.
Kelcy Pegler, CEO, FlexGen, said: “This is a significant milestone, not just for FlexGen, but for the entire industry, as storage is no longer a nice-to-have, but rather, essential to meeting global energy demand and opportunities. With this acquisition, we will continue to deliver the reliability and intelligence the grid, data centres and communities need to thrive in a world of growing energy needs.”
“Our top priority is customer success and delivering immediate operational stability, maximizing the value and performance of their systems. FlexGen’s proven financial strength means we’re a capital-light software and services partner that will remain in business to deliver on our customer promises,” added Gary Cristini, FlexGen’s CFO. “We thank Powin for their early-mover role in shaping the dynamic and important grid-scale battery market and honor our commitment to carry on that legacy and deliver exceptional uptime, reliability and customer success.”
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