FlexGen Power Systems has secured approval from the U.S. Bankruptcy Court for the District of New Jersey to acquire key assets from Powin, a fellow energy storage company currently under Chapter 11 protection. The decision marks a major step forward for FlexGen, allowing it to absorb a significant portion of Powin’s business and technology. According to FlexGen’s announcement on August 6, the acquisition includes all of Powin’s intellectual property—both hardware and software—as well as its IT systems and spare parts inventory. Once the transaction is finalized, FlexGen’s portfolio will expand to more than 25 GWh of battery energy storage projects across 200 deployments in 10 countries. This move strengthens FlexGen’s position as a global leader in battery energy storage systems (BESS), further integrating its software capabilities with Powin’s hardware strengths.

The acquisition comes amid broader industry shifts, with Powin having filed for bankruptcy in June 2024 due to financial struggles linked to U.S. tariff policies and uncertainty around federal clean energy incentives. The company had previously warned of possible layoffs and operational shutdowns by July. To sustain operations during the bankruptcy process, Powin secured a $27.5 million DIP loan—backed by FlexGen as the stalking horse bidder. FlexGen’s motivation to acquire Powin appears rooted in strategic synergies: while FlexGen brings 15 years of software and microgrid control expertise, Powin contributes strong hardware integration and battery management technology. FlexGen’s leadership emphasized that the integration will ensure service continuity for Powin’s clients and improve system performance using its HybridOS® software and Remote Operations Center.

With this court approval, FlexGen now prepares to finalize the deal and absorb Powin’s operations, aiming to deliver enhanced grid reliability and uptime for customers worldwide.