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Goldman Sachs Alternatives, Cleanhill Partners sell PCS manufacturer EPC Power for US$4.4 billion. September 4, 2026 Owners Goldman Sachs Alternatives and Cleanhill Partners have agreed to sell US power electronics manufacturer EPC Power Corp to manufacturing group Flex. The parties announced yesterday (3 September) that a definitive agreement has been reached in a deal worth US$4.4 billion. The transaction is expected to close in Q4 2026, subject to customary closing conditions. Buyer Flex is evaluating various financing alternatives and expects to fund the acquisition with a combination of debt and equity. EPC Power is a California-headquartered manufacturer of software-defined inverters, power conversion systems (PCS), microgrid and data centre power solutions, including solid-state transformers. EPC Power was acquired by Goldman Sachs Alternatives and Cleanhill Partners in 2022. At the time of the acquisition, other power electronics firms serving the renewable energy and energy storage industries were also changing hands. Spain's Eks Energy was bought by Powin in 2022 and is now fully owned by Hitachi Energy after the former's bankruptcy and Dynapower was acquired in the summer of 2022 by industrial sensor manufacturer Sensata for US$580 million. Since then, while energy sector demand for solar PV inverters and battery energy storage system (BESS) PCS has grown, data centres have rapidly emerged as a demand driver for power electronics in the industrial sector. Flex is a global contract manufacturer of products and solutions across multiple industries, including automotive, cloud computing, communications, data centres, healthcare, industrial and more. Headquartered in Singapore with its US HQ in Texas, Flex was formerly the owner of US solar PV tracker company Nextracker, which it acquired in 2015. Nextracker left Flex's ownership and became an independent company in 2024, and has since rebranded as Nextpower, a provider of integrated utility-scale solar infrastructure. The prospective new owner said EPC Power's power conversion capabilities will combine with Flex's existing portfolio of power, cooling and compute solutions. EPC Power will become part of Flex's Cloud and Power Infrastructure (CPI) business segment, which the parent company intends to spin out as a separate publicly traded company in Q1 2027. Flex specifically highlighted the potential of EPC Power's hardware, software, and controls platform for next-generation 800V data centre power architectures, including the power electronics company's rectifiers, DC-DC converters, and planned development of solid-state transformers (SSTs). EPC Power said its technology is designed to give data centre developers speed-to-power and to address the volatility of AI computing loads, which can cause megawatt swings in power demand in a fraction of a second. According to Flex, EPC Power is expected to generate around US$800 million in revenues in 2026, growing by ~40% in 2027. It also expects an EBITDA margin of roughly 30% next year. "We first invested in EPC Power in 2021 because we believed power conversion would become a critical enabling technology as renewable generation, grid modernisation, and digital infrastructure converged," Cleanhill Partners managing partners Ash Upadhyaya and Rakesh Wilson said. "That conviction came well before the extraordinary growth in power demand driven by AI." US power electronics manufacturing drivers. Around the time Goldman Sach Alternatives and Cleanhill Partners acquired EPC Power, Energy-Storage.news heard from various industry sources that while the PCS represents a small percentage of project Capex, its function at the heart of the BESS equipment means that any fault can be a major drain on Opex, result in lost revenues and impact the reputation of the BESS integrator more than the PCS provider. EPC Power's 'Made in America' status will likely be seen as a competitive advantage by its new owner. Last month, Energy-Storage.news reported on the opening of the company's third manufacturing facility in the US, adding 27GW of annual nameplate production capacity at a site in South Carolina that can be ramped to 40GW annual output. Around the same time, Heron Power, a power electronics startup led by former Tesla executive Drew Baglino, said it has selected a site in California for its first factory. Heron Power's planned facility also targets a 40GW annual production capacity of Heron Link, an integrated PCS for large-scale energy and data centre projects. The medium-voltage Heron Link is a 5MW PCS that integrates bidirectional inverters with solid-state transformers. Heron Power aims for commercial production to begin at the former distribution warehouse site in late 2027. CEO and founder Baglino said the US grid had to "grow faster than it has in decades," with new demand from AI and electric vehicles (EVs), and new supply from solar PV and wind energy. The geopolitical landscape also gives impetus for increasing domestic supply. The US has just seen its president issue an executive order banning imports of inverters, transformers, BESS and other bulk power equipment from 24 countries, including China, citing an "unusual and extraordinary threat" to national security. President Donald Trump's executive order came a few weeks after the Public Safety and Homeland Security Bureau (PSHSB) of the US Federal Communications Commission (FCC) classified foreign-produced power inverters and "advanced robotic devices" as national security threats.

EPC Power announces sale to Flex for $4.4 billion. Sep 03, 2026, 19:20 ET EPC Power's Intelligent Power Conversion Solutions Directly Address the Fundamental Challenges of an Aging U.S. Power Grid Supporting the Energy Demand Supercycle and the AI Era POWAY, Calif., Sept. 3, 2026 /PRNewswire/ - EPC Power Corp. ("EPC Power"), a leading North American designer and manufacturer of high-performance, software-defined power conversion solutions for data centers, utility-scale energy storage, and microgrids, today announced it has entered into a definitive agreement to be acquired by Flex (NASDAQ: FLEX) for $4.4 billion. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the fourth quarter of 2026. Building on the two companies' existing collaboration, EPC Power will become, upon closing, a business within Flex's Cloud and Power Infrastructure segment. The transaction brings EPC Power's differentiated power conversion technology platform to Flex's broad portfolio of power and thermal management technologies for mission-critical applications. EPC Power's next-generation 800-volt data center power architectures, including digital rectifiers and solid-state transformers, enable more efficient power delivery for higher-density AI infrastructure and extend leadership with Flex into an integrated grid-to-chip portfolio. The combined company is positioned to help solve one of the most pressing challenges facing the technology and energy industries today: delivering the fast, resilient and secure power that AI data centers need while supporting stable grid operations amid a generational surge in power demand. "What we accomplished over the last four years demonstrates the power of strong partnerships and a shared commitment to innovation. Together with Goldman Sachs Alternatives and Cleanhill Partners, EPC Power emerged as a U.S. technology leader in power conversion solutions that enable the next generation of data centers, AI computing, and grid modernization. We expanded our domestic manufacturing footprint nearly tenfold, strengthening America's industrial base and reinforcing the critical role of U.S. innovation in powering the future economy. This is only the beginning of what EPC Power can accomplish," said Jim Fusaro, Chief Executive Officer of EPC Power. "This is a landmark moment for EPC Power and every colleague who helped build this company. When we founded EPC Power, we set out to solve the hardest problems in power electronics, and our partnership with Goldman Sachs Alternatives and Cleanhill Partners enabled us to solve those problems for mission-critical infrastructure globally," added Devin Dilley, Co-Founder, President and Chief Innovation Officer of EPC Power. Solving the Binding Constraint on AI Infrastructure Power availability has become the gating factor for data center growth. As AI workloads drive unprecedented increases in power density, resilience and control requirements, operators must address speed-to-power and load volatility, where the rapid, large-swing power draw of AI training and inference clusters can destabilize the local grid. EPC Power's technology is purpose-built for these conditions. The company's solutions, including its Agile Grid Forming(TM) technology, deliver performance and reliability that enables on-site energy storage, microgrid and grid-support configurations for data centers, which allow operators to energize capacity faster and ride through grid instability. Grid operators and utilities benefit from stronger reliability and power quality across their networks. "We are immensely proud of our partnership with Jim, Devin and the EPC Power team that saw the company launch new product platforms, increase domestic U.S. manufacturing and partner with customers to solve novel challenges in AI power architecture. EPC Power plays a critical role in supporting grid reliability and speed to power during a period of growing concerns around energy security. We wish Flex and the EPC team continued success during their stage of growth," said Alexander Mass, Global Co-Head of Energy Transition Investing within Private Equity at Goldman Sachs Alternatives. "As grid resilience and data center power demand have converged into one of the defining challenges of the next decade, it has been a privilege to support EPC Power's operational and commercial scale-up into a global platform positioned at the center of those megatrends," added Eddie Sigman, Investor within Private Equity at Goldman Sachs Alternatives. "We first invested in EPC Power in 2021 because we believed power conversion would become a critical enabling technology as renewable generation, grid modernization and digital infrastructure converged. That conviction came well before the extraordinary growth in power demand driven by AI. Since then, we have had the privilege of working closely with Jim, Devin and the EPC team as the company grew, expanded its U.S. manufacturing footprint and created high-quality jobs in the U.S. We are proud to have supported EPC from an early stage and, in its next phase, alongside Goldman Sachs Alternatives as the business entered a new period of growth. Seeing what the team has built over the past five years has been incredibly rewarding, and we believe Flex is the right partner for EPC's next chapter," said Ash Upadhyaya and Rakesh Wilson, Managing Partners at Cleanhill Partners. Goldman Sachs & Co. LLC. and J.P. Morgan Securities LLC served as financial advisors, and Vinson & Elkins LLP served as legal counsel, to EPC Power and its controlling shareholders Goldman Sachs Alternatives and Cleanhill Partners. About EPC Power EPC Power Corp. (EPC Power) is a power solutions platform that develops high-performance power conversion systems for mission-critical applications, including data centers, utility-scale energy storage, and microgrids. EPC Power's solutions are designed to deliver reliable, resilient, and secure energy for demanding applications, including AI-driven workloads and grid stability use cases supported by EPC Power's Agile Grid Forming(TM) technology. Visit EPCPower.com for more information. About Flex Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps leading brands design, build, and manage products that improve the world. With a global footprint spanning 30 countries, Flex delivers advanced manufacturing and supply chain solutions, innovative products and technology, and lifecycle services that support customers from concept to scale. In the AI era, Flex is helping customers accelerate data center deployment by solving power, heat, and scale challenges through cutting-edge power and cooling technology and scalable IT infrastructure solutions. For information about Flex's intent to spin off its Cloud and Power Infrastructure portfolio, visit: https://flex.com/transaction-resources About Private Equity at Goldman Sachs Alternatives Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $706 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, venture capital, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has more than $4.0 trillion in assets under supervision globally as of June 30, 2026. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. About Cleanhill Partners Cleanhill Partners is a private equity firm focused on energy transition and digital infrastructure. The firm invests in companies across power generation, energy storage, grid modernization, domestic manufacturing and related technologies that support the growing demand for reliable power. Cleanhill works closely with management teams to help companies scale and build long-term value. The firm is led by investors and operators with more than two decades of experience across. For more information, visit www.cleanhillpartners.com. SOURCE EPC Power

Transaction Highlights: Adds leading power conversion capabilities, including differentiated grid-forming technology, for data center and utility applications.