All Access

Climate Deals

Standard

Climate Deals Thought Bubble

Thought Bubble

Climate Deals Alerts

Alert

mustard

BFD Expert Voices - Climate Deals

BFD Expert Voices

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

pittsburgh

atlanta

san-diego

charlotte

boulder

washington-dc

kansas-city

dallas

denver

detroit

des-moines

austin

boston

chicago

cleveland

columbus

houston

indianapolis

miami

nashville

new-orleans

nw-arkansas

philadelphia

phoenix

portland

richmond

salt-lake-city

san-antonio

san-francisco

seattle

tampa-bay

twin-cities

raleigh

huntsville

colorado-springs

axios-local

axios-pro

axios-live

the-axios-show

Goldman Sachs Asset Management and Cleanhill Partners have acquired a majority stake in EPC Power,  a maker of power conversion systems for energy storage and solar PV systems. 

Why it matters: Energy-storage deployment is booming, especially for grid-scale systems. New storage incentives in the Inflation Reduction Act will only accelerate this trend.

The IRA didn't trigger the acquisition, EPC president and CEO Devin Dilley tells Axios. But the incentives will accelerate the company's planned expansion.

What's happening: EPC Power, which has a factory and its HQ in the San Diego area, makes a critical energy-conversion component known as an inverter. The company has sold more than 2 GW of inverters to date.

Terms of the agreement with Goldman and Cleanhill, a private equity firm, were not disclosed. 

EPC is opening a second factory on the East Coast later this year. It runs an engineering and sales office in Helsinki that will serve the European market. 

Catch up fast: Inverters are a linchpin of the energy transition, helping regulate energy generation and storage, particularly at grid-scale.

They convert the DC power that's stored in batteries or generated by solar panels into the AC power that's used by the grid.

State of play: Energy storage is booming, in turn driving demand for inverters.

New installations last quarter more than doubled from 2021 to 2,608 MWh, a Q2 record, according to Wood Mackenzie.

The bottom line: "As inverters get more and more penetration on the grid, they will become the dominant controlling feature of the grid," Dilley tells Axios.

Goldman Sachs acquires EPC in energy-storage play

The San Diego-based company makes inverters.

Illustration of an energy lightning bolt in a glass display case.

Batteries

<p>Goldman Sachs Asset Management<strong> </strong>and Cleanhill Partners have acquired a majority stake in EPC Power,  a maker of power conversion systems for energy storage and solar PV systems. </p>

Goldman Sachs acquires EPC in energy-storage play

What to read next