Greenko emerges preferred buyer for NEC Corp’s US unit for $300 million

Greenko Energy Holdings has emerged as the preferred buyer for Massachusetts-based NEC Energy Solutions in a deal potentially valued at around $300 million, said two people aware of the development.

NEC Energy holds the intellectual property rights for megawatt-scale lithium-ion batteries. The development assumes significance and comes in the backdrop of India’ production-linked incentives (PLI) package worth up to around ₹2 trillion for 10 manufacturing sectors including, advanced chemistry cells (ACC) battery for the next five years.

“While an exclusivity agreement is yet to be signed, Greenko has emerged as the preferred buyer,” said a person cited above requesting anonymity.

Earlier, AES Corp. of the US was also in the fray for the company owned by Japan’s NEC Corp., as reported by Mint earlier. This potential deal comes against the backdrop of Greenko investing in Silicon Valley-based Keracel, a maker of solid-state batteries, and the single-largest foreign clean energy investment in India so far of $980 million for a 17% stake in Greenko announced by Japan’s ORIX Corp on 11 September.

Sovereign funds GIC Holdings Pte. Ltd and ADIA-backed Greenko have pivoted towards battery storage and green hydrogen.