The eks Energy acquisition: one year later

Today, we have the pleasure of speaking with Alberto Prieto, CEO of eks Energy. After spending more than 25 years at ABB and Hitachi Energy, Alberto stepped into his role at eks Energy in February 2024, bringing with him decades of experience in operations, manufacturing, and technical management, as well as a keen eye for the future of energy.

Our interview comes with a significant milestone - the one-year anniversary of Hitachi Energy’s acquisition of eks Energy. By combining eks Energy’s cutting-edge power electronics with Hitachi Energy’s robust system integration, battery energy storage system (BESS), and automation capabilities, both organizations are now poised to deliver more efficient, reliable, and scalable energy storage solutions. These advancements don’t just make business sense, they are crucial for accelerating the transition to renewable energy, reducing carbon footprints, and ensuring a sustainable future for our planet. For our customers, this means access to innovative technologies that can help meet their business goals by providing solutions that enhance grid stability and reliability. Let’s hear what Alberto has to say.

Q1: eks Energy recently celebrated an important milestone. Can you tell us about it?

Alberto: Gladly. Yesterday, we marked the one-year anniversary of our acquisition by Hitachi Energy in Seville with a town hall meeting. We reflected on the significant progress we’ve made in the integration, highlighted our shared achievements in terms of collaborating across teams, and re-emphasized the significance of obtaining our provisional license to operate in terms of health, safety, and quality. Due to its high visibility, the brand migration was also a highlight. We clarified the benefits of being under the global Hitachi brand and how it will enhance customer relationships by providing resources, knowledge, speed, and scale. This rebranding is already helping us gain entry and build closer connections with customers, and we celebrated the progress by unveiling our new office in Seville.

Q2: How has this acquisition benefited both companies?

Alberto: The acquisition has certainly been transformative for eks Energy but also for Hitachi Energy. By integrating our power electronics and advanced control capabilities with Hitachi Energy’s automation, software, and system integration offerings, we’ve created a stronger, more agile, and innovative entity. This synergy has cemented Hitachi Energy Grid Edge Solutions’ position as a leading technology provider in the BESS market by enabling Hitachi Energy to offer more comprehensive solutions to its customers. These combined strengths have leveled up our ability to tackle larger and more complex projects, positioning Hitachi Energy as the go-to provider of choice for large-scale BESS solutions.

On the eks Energy side, Hitachi Energy’s well-established supply chain and commitment to quality, which we adopted early on, have significantly enhanced our execution capabilities. Moreover, we are aligning our service offerings to emphasize remote management and case management skills based on Hitachi Energy’s deep expertise. We have also begun to pool service resources, like leveraging our US-based and Australian service engineers who have a deep understanding of the nuances of multiple grid codes and systems across a variety of applications, business models, and geographies. Many competitors simply manufacture or produce a range of inverters, but now that we operate together, we can offer best-in-class solutions and much more.

Q3: Can you elaborate on how the combined portfolios of eks Energy and Hitachi Energy complement each other?

Alberto: Absolutely. eks Energy brings advanced power electronics and energy management software capabilities, which are crucial for renewable integration and battery energy storage systems (BESS). On the other hand, Hitachi Energy offers robust automation, software, and system integration solutions. Now working as one, we can deliver comprehensive, high-performance energy storage solutions that provide end-to-end coverage, from power conversion to system integration, enhancing overall efficiency and reliability.

The synergy between our companies also enhances our ability to address new applications and use cases, driven by the increasing need for renewable resource integration and grid edge electrification. This means customers can benefit from cutting-edge technology that adapts to evolving energy market needs. Moreover, the combined strengths allow us to tackle larger and more complex projects, making it easier to scale solutions to meet the growing global demand for BESS, which is expected to grow more than 20 percent per year through 2030.

Q4: How does the strategic alliance with eks Energy contribute to Hitachi Energy’s market share growth?

Alberto: The global demand for BESS solutions is growing rapidly, largely driven by the transition to renewable energy sources but also by the need to protect against extreme weather and fluctuating energy prices. With eks Energy, Hitachi Energy gains immediate access to power electronics that exponentially strengthen its positioning as a leading-edge provider of comprehensive BESS solutions. This strategic move allows us to offer end-to-end solutions, from power conversion to system integration, making us a more attractive partner for customers planning large-scale projects.

Additionally, both of our market footprints are now better balanced. eks Energy has a strong presence in the US, Australia, and Latin America. We pioneered large-scale energy storage projects in Hawaii, Puerto Rico, and other regions needing grid resiliency. Now, advanced solutions are required elsewhere, and Hitachi Energy’s portfolio is boosting our presence in Europe and APAC, where demand for large-scale BESS projects is growing. This geographical harmonization gives us each the reach and agility to better serve a global customer base with tailored solutions that meet regional needs and unique regulatory requirements.

Q5: Looking ahead, what news and innovations can we expect from the combined efforts of Hitachi Energy and eks Energy?

Alberto: Innovation is at the heart of our collaboration. Our combined R&D efforts are focused on creating solutions that meet the evolving needs of the energy market, ensuring we remain at the forefront of technological advancements. We are also exploring new ways to integrate digital technologies and advanced analytics into our products, enhancing their performance and providing greater value based on customer preference.

We are also developing a liquid-cooled inverter, which we plan to release early next year that will set new standards in efficiency and reliability. In the next few years, we plan to follow up with a silicon carbide version that will be more energy efficient, lower-cost, and have a smaller footprint. In addition to product innovation, eks Energy is expanding its facilities and labs in Seville as well as leveraging labs in the US, Italy, and Australia to support its growing operations.