Greenko, AES vie for NEC Corp’s US unit

Greenko Energy Holdings and AES Corp. of the US have emerged as front-runners to acquire Massachusetts, US-based NEC Energy Solutions in a deal potentially valued at around $300 million, said two people aware of the development.

Hyderabad-based Greenko’s interest in the company owned by Japan’s NEC Corp. comes against the backdrop of Greenko investing in Silicon Valley-based Keracel, a maker of solid-state batteries with 3D printing technology. NEC Energy holds the intellectual property rights for megawatt-scale lithium-ion batteries.

“The due diligence on NEC Energy Solutions is taking place. AES and Greenko are the ones left in the race to acquire it, with the deal having an enterprise value of around $300 million.