Goldman Sachs acquires EPC Power in energy storage, inverters play

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’s president 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 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…

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