The Sustainable Investing enterprise inside Goldman Sachs Asset Administration and Cleanhill Companions have acquired a majority stake in inverter provider EPC Power Corp. Within the announcement, the 2 buyers famous the signing into regulation of the Inflation Discount Act of 2022, which extends a first-ever tax credit score to stand-alone vitality storage, creating a big monetary incentive for adopting EPC Energy’s inverters and different applied sciences.
“EPC Energy is uniquely positioned to play a important position within the evolution of the U.S. photo voltaic and vitality storage worth chains and is now properly capitalized to proceed its trajectory of fast development,” stated Alexander Mass, managing director of Goldman Sachs Asset Administration.
EPC Energy is the one scaled provider of good inverters which can be designed, engineered and 100% manufactured within the U.S. Its good inverters are fitted to purposes in standalone vitality storage, photo voltaic vitality storage and knowledge heart backup energy. They permit the buildout of battery storage required to assist the proliferation of renewable vitality technology.
“In an exploding market of cleantech innovators, EPC Energy stands out for its industry-leading know-how, which instantly helps the renewable vitality transition whereas preserving grid reliability and efficiency,” stated Rakesh Wilson and Ash Upadhyaya, managing companions at Cleanhill Companions, which first invested in EPC Energy in 2021 when it underwrote a credit score facility to assist its development.
Power storage installations globally are projected to multiply 20 instances by the top of 2030 in comparison with the top of 2020, in accordance with BloombergNEF’s 2021 World Power Storage Outlook. The U.S. is at present the world’s largest marketplace for vitality storage.
“EPC Energy is extraordinarily pleased with the sturdy status and monitor file we’ve constructed by specializing in product innovation and forging deep relationships with our prospects,” stated Devin Dilley, co-founder and chief govt officer of EPC Energy Corp. “Because the world turns into extra reliant on renewable vitality, inverters must proceed to get smarter. Goldman Sachs and Cleanhill Companions assist this imaginative and prescient and are dedicated to investing in EPC Energy and our individuals to capitalize on this thrilling market alternative and to positively affect the U.S. vitality transition.”
To this point, EPC Energy has bought greater than 2 GW of good inverters globally. EPC Energy is predicated in Southern California, working its first manufacturing facility in Poway in San Diego County, with a second U.S. manufacturing location on the East Coast scheduled to open in late 2022 to considerably increase manufacturing capability.
William Blair served because the unique monetary advisor to EPC Energy; Foley & Lardner served as authorized counsel to EPC Energy; Vinson & Elkins and Kirkland & Ellis served as authorized counsel to Goldman Sachs and Cleanhill Companions.