Doosan GridTech sold to strategic buyer in carve-out from Korea's Doosan
What's the deal? Doosan GridTechDealroom has a profile for this one. Try Dealroom → has been sold to an undisclosed strategic buyer, carved out of Doosan EnerbilityDealroom has a profile for this one. Try Dealroom →, part of Korea's Doosan Group. The company develops software and controls that run grid-scale battery storage plants, including a production-ready power plant controller. Vancouver- and New York-based advisory firm Kadenwood Group ran the sell-side process; terms were not disclosed.
Why now? Doosan's leadership decided to spin out the business, with Kadenwood engaged in November 2025. First conversations in August 2025 were about a minority capital raise, but the mandate became a full sale after a group review.
What's the endgame? Kadenwood took the business to financial sponsors, infrastructure investors and strategic buyers, launching the process in early December 2025 and running meetings through 2026. It built the pitch around the power plant controller, which chief executive officer Steve Levy describes as "the only piece of a power plant that's sticky."
The sale was not straightforward. Doosan GridTech carried legacy long-term service contracts on plants in Australia that had to be renegotiated — what Levy called "the enormous hill to climb" — and an early front-runner stepped back late in the process before Kadenwood brought forward the eventual buyer.
What did the client say? "We had a very strong close coming with one group, and when it went south, you didn't get down," Levy said. He added the final buyer was "a perfect match."
The signal: The deal fits a broader pickup in energy-storage M&A. MercomDealroom has a profile for this one. Try Dealroom → data reported by EnergyTech put first-half 2026 corporate storage transactions at 15, up from four a year earlier, alongside $8.9 billion in sector funding. Buyers are increasingly after the software and controls layer where Doosan GridTech sits — the same logic behind NextpowerDealroom has a profile for this one. Try Dealroom →'s agreement to buy Prevalon EnergyDealroom has a profile for this one. Try Dealroom → for up to $365 million.
Read more: AP News
Image credit: Generated with Gemini
