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Flex now controls both compute fabrication and power conditioning for AI data centers, closing a vertical gap that hyperscalers previously sourced separately.
2.5 GW
of combined power throughput annually
34%
year-over-year in the most recent quarter
5 MW
per unit and grid-scale battery inverters
150 kW per rack
and grid interconnection queues in North America now average
Flex Ltd. announced the acquisition of EPC Power, a manufacturer of multi-megawatt power conversion systems, for an undisclosed sum. The transaction closes an architectural gap in Flex's AI data center supply chain: the company now controls both the server fabrication layer and the power conditioning equipment that feeds it. EPC Power specializes in uninterruptible power supplies, battery energy storage inverters, and grid-tied power conversion systems — hardware that converts and stabilizes incoming utility voltage before it reaches compute racks. The target company ships equipment capable of handling 2.5 GW of combined power throughput annually, according to investor materials.
Flex has been assembling AI infrastructure contracts since late 2022, manufacturing Nvidia DGX server chassis and custom liquid-cooled racks for hyperscalers. Revenue from its Cloud Solutions segment grew 34% year-over-year in the most recent quarter, driven almost entirely by AI compute deployments. But until now, Flex stopped at the rack door. Hyperscalers and colocation operators contracted power distribution separately, often through Eaton, Vertiv, or Schneider Electric. EPC Power gives Flex a seat at that table. The company's product line includes modular UPS systems rated up to 5 MW per unit and grid-scale battery inverters, both of which integrate directly with the type of distributed energy resources now being co-located with AI campuses to avoid utility transmission bottlenecks.
The timing reflects structural tension in the data center buildout. AI training clusters are pushing power densities past 150 kW per rack, and grid interconnection queues in North America now average 5.2 years from application to energization, per the Lawrence Berkeley National Laboratory. Operators are increasingly designing campuses with on-site generation or battery buffers to avoid waiting for utility upgrades. Flex's existing customers — Microsoft, Meta, Google — are all deploying hybrid power architectures that blend utility feeds with on-site storage and, in some cases, natural gas peaker plants or small modular reactors. EPC Power's inverter portfolio fits into that topology. The company's equipment converts DC battery output to AC grid voltage and vice versa, enabling facilities to arbitrage power costs or ride through grid outages without shutting down training runs. For Flex, this means a single contract can now cover servers, racks, cooling distribution units, and the power electronics that tie everything to the utility or on-site generation.
The acquisition also opens a secondary revenue channel unrelated to AI: utility-scale energy storage. EPC Power has shipped inverters into 12 GWh of grid-connected battery projects over the past three years, mostly in Texas and California. Flex's existing relationships with industrial customers and its global manufacturing footprint give EPC's product line access to markets it could not reach independently. Flex operates 16 manufacturing sites across North America, Europe, and Asia, and its supply chain is already qualified for Department of Energy Loan Programs Office financing — a material advantage as the Inflation Reduction Act continues to subsidize domestic energy storage deployments. The company has not disclosed whether EPC Power's inverter business will remain a standalone product line or be integrated into Flex's industrial segment, but the revenue contribution is expected to be reportable within two quarters.
Operators building or expanding AI data center capacity should watch for Flex's next contract announcements, particularly from hyperscalers with multi-gigawatt campuses under construction. If Flex begins shipping integrated power and compute solutions as a bundled offering, it will signal that the industry is moving away from best-of-breed procurement toward vertically integrated vendors. That shift would compress margins for standalone power equipment suppliers and accelerate consolidation among second-tier manufacturers. The first indicator will be whether Flex's Cloud Solutions backlog — currently $4.7 billion — includes power electronics in the next earnings disclosure, expected in late April.
EPC Power's inverter capacity is already committed through the third quarter of 2025, according to investor materials. The bottleneck is no longer design. It is manufacturing throughput and grid interconnection permits.
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For the principal
If your office holds data center REITs or power infrastructure funds, expect margin pressure on standalone equipment suppliers as Flex bundles offerings.
For the operator
Track Flex's Cloud Solutions backlog disclosures for bundled power contracts — first sign the industry is pivoting to vertically integrated vendors over best-of-breed procurement.
For the house
Huang Goodman initiates coverage on Flex equity with 18-month target; short Vertiv and Eaton against hyperscaler-weighted data center REIT basket for structural compression.
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