The sale of Dynapower by private equity firm Pfingsten to industrial sensor manufacturer Sensata Technologies has been completed.
The US power electronics company manufactures power conversion systems (PCS) and other equipment widely used in battery energy storage systems, including the DC-to-DC converters that drive Powin Energy’s grid-scale DC-coupled solutions for solar-plus-storage projects. Dynapower began selling DC converters in 2017, far earlier than most of its competitors.
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Other products made by the company since its founding in the 1960s include power transformers, AC-DC inverters, hydrogen electrolysers and fuel cells, specialist equipment for industries, defence and more.
However, in commenting on the sale yesterday Pfingsten senior managing director Jim Norton said the energy storage market had always been the sector the equity company saw most potential in for Dynapower.
As well as supplying components to system integrators and manufacturers of battery energy storage systems (BESS), Dynapower also has its own range of energy storage systems for both utility-scale and behind-the-meter customers.
Pfingsten Partners bought South Burlington, Vermont-headquartered Dynapower at the end of 2012. It agreed a deal to sell the company to Sensata in April. As reported by Energy-Storage.news at the time, the deal valued the power engineering group at US$580 million.
Sensata said then that it expected strong sales for Dynapower equipment to represent more than US$1 billion in revenues from activities related to electrification by 2026.
“Our strategy from the outset was to leverage Dynapower’s technology to build a global leader in the nascent energy storage market,” Pfingsten’s Jim Norton said.
“Since our initial investment, we supported the business with significant investments in engineering, product development, people and systems to successfully position Dynapower as a mission critical supplier to the renewable energy generation, hydrogen and EV charging station markets.”
Pfingsten said the transaction closed on 12 July.