FlexGen completes Powin acquisition, expands its battery fleet to more than 25 GWh

North Carolina-based FlexGen has finalized its acquisition of key assets and intellectual property from Oregon-headquartered energy storage integrator Powin, following approval of the deal by the U.S. bankruptcy court earlier this month.

FlexGen has acquired all of Powin’s intellectual property, including its software, hardware, and information technology systems, along with its spare parts inventory. With this acquisition, FlexGen is now supporting more than 25 GWh of battery energy storage systems across over 200 sites in 10 countries, providing software and services.

The company has also expanded its team by hiring former Powin employees “to ensure continuity for customers and maintain technical expertise for supported systems.”

Powin had submitted a notice to local and state officials in May, indicating plans to lay off at least 250 employees on or before July 28 if its business conditions did not improve. The company filed for Chapter 11 bankruptcy the following week.

In its bankruptcy filing, Powin listed between $100 million and $500 million in both assets and liabilities, and noted that some funds would be available to pay unsecured creditors.

Founded in the late 1980s, Powin transitioned from contract manufacturing to energy storage in 2010. According to a recent Wood Mackenzie report, Powin was the third-largest battery energy storage system (BESS) integrator in North America last year, behind Tesla and Sungrow.

The acquisition announcement comes during a turbulent period for the US BESS industry, amid policy changes and financial strain. Powin cited mounting industry headwinds – such as uncertainty over future import tariffs and investment tax credit (ITC) incentives – as key drivers of its “significant financial challenge.”

The company sourced many of its lithium iron phosphate (LFP) cells from Chinese manufacturers including Hithium, EVE Energy, and Rept, making them subject to high import duties.

However, Powin is not the only US battery firm facing challenges. Last week, ESS Inc., an iron flow battery manufacturer, released its quarterly financial report, acknowledging substantial doubt about its ability to continue operating without additional funding.

The long-duration storage specialist reported a 294% quarter-over-quarter revenue increase in Q2 2025, reaching $2.4 million, as it continues an operational reset aimed at stabilizing its finances. The company reduced operating expenses by 35% and cut its net loss in half year-over-year. Although it ended the quarter with just $800,000 in cash, a July capital infusion raised that amount to $7.2 million, with up to $31 million more secured.

ESS Inc. also launched its new Energy Base iron flow battery, completed its first sale, and submitted proposals totaling more than 1.1 GWh, citing strong market demand and a competitive advantage due to 98% US-sourced components.

Founded in 2011, ESS develops systems for utility- and commercial-scale energy storage applications. Its technology uses iron, salt, and water to deliver solutions offering up to 12 hours of flexible energy capacity.