Flex is adding EPC Power’s power conversion technology to its infrastructure portfolio
It says this acquisition brings together capabilities spanning power conversion, storage, and data center infrastructure under its portfolio
EPC Power will become a part of Flex’s CPI segment shortly before its planned separation in 2027
Flex, the US-based global electronics contract manufacturer, has agreed to acquire EPC Power for $4.4 billion. The company said the deal will expand its power conversion capabilities for AI data centers and grid applications.
Under the agreement, EPC Power will become part of Flex’s Cloud and Power Infrastructure (CPI) segment. The transaction is expected to close in Q4 2026.
The acquisition is linked to Flex’s planned separation of its CPI business. Flex expects EPC Power to join the segment before it is separated into an independent publicly traded company in Q1 2027.
EPC Power develops power conversion systems combining hardware, software, and controls. Its technology is designed for next-generation 800 V data center architectures, allowing power systems to connect high-voltage grid supplies more directly to data center loads.
The company’s platform includes digital rectifiers, inverters, energy storage, and grid-forming controls. Its systems can also combine functions traditionally handled by separate equipment, including transformers, backup power or UPS systems, protective devices, and 800 V DC power conversion. The modular platform can scale to 6 MW per system.
EPC Power also has a roadmap for solid-state transformers (SSTs) and provides systems that can integrate multiple on-site generation sources, including solar and fuel cells.
Flex said the acquisition will broaden its existing portfolio across power, cooling, and computing, creating portfolio synergies. The combined portfolio is intended to cover more of the power path from the grid to the computing infrastructure, including grid interconnection, facility distribution, power conversion, storage, and rack-level power delivery.
EPC Power is expected to generate about $800 million in revenue in calendar 2026, according to Flex. The latter expects organic revenue growth of about 40% in 2027, while its EBITDA margin is expected to expand by double-digit percentage points to about 30%.
California-based EPC Power has more than 15 GW deployed across 62 countries, according to Flex. Its annual US manufacturing capacity is expected to exceed 30 GW in 2027. In July 2026, the company launched its new manufacturing plant with an initial annual capacity of 27 GW, with the ability to scale to 40 GW, it stated at the time (see EPC Power Adds 27 GW Inverter Capacity In South Carolina).
“Together with our existing power, cooling and compute capabilities, this transaction expands our ability to design and deliver digital infrastructure as an integrated system,” said Flex CEO Revathi Advaithi. EPC Power CEO Jim Fusaro said customers need power systems that are ‘more intelligent, efficient and resilient’ as AI infrastructure demand increases.
Flex said it is evaluating financing options and expects to fund the acquisition through a combination of debt and equity.
Flex previously owned solar tracker company Nextpower, which rebranded from Nextracker and has since evolved into a utility-scale clean energy technology platform (see Flex Spinning Off Nextracker Business).
