Goldman Sachs Asset Management and Cleanhill Partners have acquired a majority stake in EPC Power, a maker of power conversion systems for energy storage and solar PV systems.

Why it matters: Energy-storage deployment is booming, especially for grid-scale systems. New storage incentives in the Inflation Reduction Act will only accelerate this trend.

What's happening: EPC Power, which has a factory and its HQ in the San Diego area, makes a critical energy-conversion component known as an inverter. The company has sold more than 2 GW of inverters to date.

Catch up fast: Inverters are a linchpin of the energy transition, helping regulate energy generation and storage, particularly at grid-scale.

State of play: Energy storage is booming, in turn driving demand for inverters.

The bottom line: "As inverters get more and more penetration on the grid, they will become the dominant controlling feature of the grid," Dilley tells Axios.