‍New strategic investment in EPC Power, the only U.S.-based provider of an end-to-end power conversion solution, helps fuel the U.S. economy’s clean energy transition

EPC Power Corp., a leading North American supplier of high-

performance, utility-scale, smart inverters, today announced the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners have acquired a majority stake in its company. The strategic investment, along with a comprehensive recapitalization, positions EPC Power to expand and deliver against rapid growth in the renewable energy storage markets while helping facilitate the U.S. economy's clean energy transition.
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The transaction closely follows the signing into law of the Inflation Reduction Act of 2022, which among other provisions extends a first-ever tax credit to stand-alone energy storage, creating a significant financial incentive for adopting EPC Power's inverters and other technologies. EPC Power is the only U.S.-based, end-to-end power conversion solution provider, making its technology well-suited for grid-scale applications that require added layers of security.

"EPC Power is extremely proud of the strong reputation and track record we've built by focusing on product innovation and forging deep relationships with our customers," said Devin Dilley, co-founder and chief executive officer of EPC Power Corp. "As the world becomes more reliant on renewable energy, inverters need to continue to get smarter. Goldman Sachs and Cleanhill Partners support this vision and are committed to investing in EPC Power and our people to capitalize on this exciting market opportunity and to positively impact the U.S. energy transition."
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"In an exploding market of cleantech innovators, EPC Power stands out for its industry-leading
technology, which directly supports the renewable energy transition while preserving grid
reliability and performance," said Rakesh Wilson and Ash Upadhyaya, managing partners at
Cleanhill Partners, which first invested in EPC Power in 2021 when it underwrote a credit facility to support its growth; since then, the firm has also provided counsel on operational matters and facilitated strategic partnerships to help the company achieve rapid scale. "As prior investors in EPC Power, we have every confidence that the company will meet its ambitious and environmentally critical objectives and we are excited to partner with Goldman Sachs for the next stage of EPC Power's growth."


"EPC Power is uniquely positioned to play a critical role in the evolution of the U.S. solar and
energy storage value chains and is now well capitalized to continue its trajectory of rapid
growth," said Alexander Mass, managing director of Goldman Sachs Asset Management. "As
the only scaled supplier of smart inverters that are designed, engineered and 100%
manufactured in the U.S., EPC Power is a natural continuation of our thematic investment
activity in this space, in partnership with Cleanhill Partners and EPC management."

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Energy storage installations globally are projected to multiply 20 times by the end of 2030
compared to the end of 2020, according to BloombergNEF's 2021 Global Energy Storage
Outlook. The U.S. is currently the world's biggest market for energy storage.

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EPC Power's smart inverters are uniquely suited for applications in stand-alone energy storage,
solar energy storage and data center backup power. They enable the buildout of battery storage required to support the proliferation of renewable energy generation. Going beyond the role of traditional inverters to feed power into the grid, "smart" inverters are powered by advanced software and work dynamically with the grid to increase resilience, reliability, safety and security.
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To date, EPC Power has sold more than two gigawatts of smart inverters globally. EPC Power
is based in Southern California, operating its first manufacturing facility in Poway in San Diego
County, with a second U.S. manufacturing location on the East Coast scheduled to open in late
2022 to significantly expand production capacity. To support its growing customer base in
Europe, EPC Power also maintains an engineering and sales office in Helsinki, Finland. The
company employs approximately 180 people.
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William Blair served as the exclusive financial advisor to EPC Power; Foley & Lardner served as legal counsel to EPC Power; Vinson & Elkins and Kirkland & Ellis served as legal counsel to
Goldman Sachs and Cleanhill Partners.

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About EPC Power Corp.
EPC Power Corp. designs, develops and manufactures American-made smart inverters. The
company is the only U.S.-based provider of end-to-end power conversion solution. EPC's
headquarters is in San Diego County, Calif., and the company is opening its East Coast
manufacturing location in late 2022. EPC extended its global presence by opening an
engineering and sales office in Helsinki, Finland, to support the European market. EPC has
been ISO 9001:2015 certified since 2017. Serving customers on a global level, EPC Power
Inverters are certified to all North American Standards (UL1741/CSA 22.2) as well as Australian
and European standards and grid codes (IEC/VDE, etc.). For more information, visit
https://www.epcpower.com.

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About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management
provides clients around the world with a dedicated partnership and focus on long-term
performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver
investment and advisory services for the world's leading institutions, financial advisors and
individuals, drawing from our deeply connected global network and tailored expert insights,
across every region and market—overseeing more than $2 trillion in assets under supervision
worldwide as of June 30, 2022. Driven by a passion for our clients' performance, we seek to
build long-term relationships based on conviction, sustainable outcomes, and shared success
over time. Follow us on Linkedin.
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About Cleanhill Partners
Cleanhill Partners is a private equity firm pursuing investments in the energy transition sector
that contribute to decarbonization. The firm invests in scalable businesses with visibility into
revenues, earnings and cash flow growth, leveraging its thesis-driven approach and operational expertise to enhance value in each of our investments. For more information, visit
www.cleanhillpartners.com.