Applications: Stationary Energy Storage

Notable 2025 BESS Mergers, Acquisitions & Bankruptcies

Powin Energy, a DC-block integrator that was one of the pioneers in the U.S. market, filed for Chapter 11 bankruptcy in June. stranding over 11 GWh of deployed projects. Their assets were purchased by Flexgen in August. Hitachi acquired Powinʼs 20% stake in PCS manufacturer Eks Energy.

Following the Northvolt bankruptcy, Lyten acquired Northvoltʼs BESS manufacturing infrastructure Europeʼs largest), product portfolio, and IP.

AESI Terastor, a US-based BESS integrator, declared bankruptcy in May.

Li-cycle, a leading US battery recycler declared bankruptcy, also in May.

Hithium had filed for IPO in Hong Kong HKEX) in March 2025, but the application lapsed in September related to a $21m intellectual property lawsuit filed by CATL. HiTHIUM is still private as of the end of 2025.

Extracted from the PDF; charts and images may read imperfectly.