Goldman, Cleanhill take control of US smart inverters maker EPC Power

Image Credits: EPC Power Corp.

September 15 (Renewables Now) - The Sustainable Investing business within Goldman Sachs Asset Management and private equity firm Cleanhill Partners have bought a majority stake in US smart inverters maker EPC Power Corp with eyes set on the solar power and energy storage industries.

Based in San Diego County, California, EPC Power is the only US-headquartered provider of an end-to-end power conversion solution. The company offers smart inverters, which, it says, are suited for stand-alone energy storage, solar-plus-storage and data centre backup power applications.

With about 180 employees in total, EPC Power has one production facility in Poway, San Diego County, and is establishing a second factory on the East Coast. It also maintains an engineering and sales office in Finland to serve the European market. To date, the company has sold over 2 GW of smart inverters around the world.

At a time when the US is focusing on boosting domestic production, Alexander Mass, managing director of Goldman Sachs Asset Management, believes that “EPC Power is uniquely positioned to play a critical role in the evolution of the US solar and energy storage value chains and is now well capitalised to continue its trajectory of rapid growth.”

While this is Goldman’s first investment in EPC Power, Cleanhill Partners has been a financial backer since 2021 when it underwrote a credit facility to support the company’s growth.

The parties did not disclose the size of their joint strategic investment.

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