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Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines

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2 years ago

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The largest BESS supply agreement in Southeast Asia to date

HEFEI, China, Dec. 6, 2024 /PRNewswire/ — Sungrow, the global leading PV inverter and energy storage system provider, announced the signing of a landmark agreement with Citicore Renewable Energy Corporation (CREC) for 1.5 GWh Battery Energy Storage (BESS). This collaboration marks the largest BESS supply agreement in Southeast Asia to date. The cutting-edge energy storage solutions will be integrated into CREC’s solar power projects, enhancing the efficiency and sustainability of renewable energy in the Philippines.

Under the agreement, CREC will procure 1.5 GWh of Sungrow’s state-of-the-art BESS technology, which will also be supported by engineering and construction design services to ensure seamless integration with CREC’s solar facilities. 

Advancing Energy Efficiency and Grid Stability

The project features a photovoltaic installed capacity of 302MWp. During the peak period of the day, all the electricity cannot be fully transmitted to the National Grid Corporation of the Philippines (NGCP), resulting in a large amount of abandoned light. Configuring Sungrow’s advanced PowerTitan2.0 energy storage system will enable the surplus electricity to be stored during the day and dispatched to the grid at night. This innovative approach minimizes energy wastage, enhances renewable energy utilization, and maximizes project investment returns.

The energy storage solution also addresses critical challenges in grid stability:

Grid Congestion Relief: Due to the power limitation of the NGCP grid connection point, the photovoltaic power station cannot output at full capacity during peak periods. Configuring an energy storage system can alleviate grid congestion and improve grid stability.Smoother Energy Output: As of now, the Philippine power grid coverage rate is about 91%, and some areas still have problems with no power coverage, insufficient power supply, and unstable power. By configuring energy storage in a photovoltaic power station, the randomness and volatility of the photovoltaic power station can be quickly adjusted to ensure the stable output of the photovoltaic power station’s grid-connected point and support the stability of the power grid.

Unprecedented Delivery Timeline

Typical overseas projects usually take 6 months from signing to delivery. However, for this CREC project, the lead time is only 2 months from the agreement signing to the shipment of the 1st batch, which is almost impossible to achieve. Leveraging Sungrow’s extensive expertise in delivering utility-scale projects, the PowerTitan 2.0 system, featuring an AC-DC integrated design,  underwent pre-installation and pre-commissioning for immediate grid connection on-site. Furthermore, supported by the professional project management team and delivery team, Sungrow can achieve the delivery and satisfy the customer’s demand in such a ‘rush hour’.

“The immediate development of battery energy storage systems is a necessary step to fulfill the maximum potential of our renewable energy facilities. With these installed together with our solar facilities, we will be able to provide needed power at any point of day or night,” said CREC President and CEO Oliver Tan.  

“We are happy to support CREC in its goals to advance energy storage systems in the Philippines, and through our technology, we will be able to help CREC and the Philippines with its power needs,” stated Sungrow VP of PV&ESS Shawn Shi. 

About CREC 

Citicore Renewable Energy Corporation (CREC) is a publicly listed, leading pure-play renewable energy company committed to the development and operation of solar, hydro and wind projects in the Philippines. CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, engages in power project development operations, and participates in retail electricity supply. CREC is also the sponsor of the Philippine’s first and largest renewable energy REIT, Citicore Energy REIT (CREIT). For more information, please visit www.crec.com.ph. 

About Sungrow 

Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com. 

 

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SOURCE Sungrow

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

Published

21 minutes ago

on

July 23, 2026

By

NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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Fathom Applauds Introduction of the FRONTIER Act, the First Federal Blueprint for Independent AI Verification

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21 minutes ago

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July 23, 2026

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Reps. Lori Trahan (D-MA-03) and Jay Obernolte (R-CA-23) introduce a bill to build a competitive marketplace of independent verifiers for frontier AI models.

WASHINGTON, July 23, 2026 /PRNewswire/ — Fathom welcomes the introduction of the FRONTIER Act, the most complete federal framework yet for independent, third-party verification of frontier AI. The legislation is built to earn public trust as AI technology continues to accelerate. As frontier systems begin to take autonomous action in the world, the gap between what these models can do and our ability to keep them in check is widening. FRONTIER is the starting point to close that gap.

“AI governance keeps running into the same wall. The technology is hard to measure and it moves faster than any law can keep up with,” said Andrew Freedman, Co-Founder and CEO of Fathom. “Trying to write the perfect rules and freezing them in place won’t work. What will work is a competitive market of independent verifiers who are accountable for real-world outcomes and who the government can actually count on. The FRONTIER Act shows we can move fast and still get this right.”

The bill gets the fundamentals correct. It sets one public standard – the adequate mitigation of catastrophic risk – and holds both the AI companies and their independent verifiers accountable to it. FRONTIER does not freeze a single testing method into statute. Instead, it licenses competing verification organizations, allows them to sharpen their methods, and gives the government the power to revoke a license when a verifier’s work does not hold up in the field. That is how you build a system that keeps pace with the science instead of falling behind it.

Fathom thanks Reps. Trahan and Obernolte for their leadership, and for their courage in releasing a discussion draft, inviting scrutiny, and incorporating substantive improvements from across the field. One priority improvement as the bill advances: giving the government a fuller range of tools to act upstream – for pushing companies to close identified gaps in risk mitigation early, rather than only once a catastrophe is imminent. We are committed to working with these sponsors, committees of jurisdiction, and Congressional leadership to continue refining the bill in the weeks and months ahead.

About Fathom
Fathom is an independent nonprofit whose mission is to build a governance architecture that helps society navigate the transition to a world with AI by fostering trust, safety, and innovation. Fathom has developed and championed the independent verification model for AI and works with policymakers across the country to put it into practice. Learn more at http://fathom.org.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fathom-applauds-introduction-of-the-frontier-act-the-first-federal-blueprint-for-independent-ai-verification-302833546.html

SOURCE Fathom AI Inc.

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