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Perspective: Exceeding expectations
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Powin Energy Corporation (Powin), a global leader in the design and manufacture of safe and scalable battery energy storage solutions, announced today that it has signed an agreement to sell its controlling interest to and obtain significant equity funding from lead investors Trilantic North America and Energy Impact Partners (EIP). This transaction will enable Powin to accelerate its growth plans, while enhancing its bankability profile and solidifying its position as a leader in the energy storage market.
For nearly the past decade, Powin has worked to advance its patented battery management technology and develop market leading product offerings. Headquartered in Tualatin, Oregon, Powin has built over 600 MWh of systems, supporting 54 projects in 10 states and 8 countries. Powin has a contracted pipeline to supply over 4,000 MWh of energy storage systems globally over the next five years.
Published: 5 Feb 2021, 12:22
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Image: Powin Energy.
Energy storage system integrator Powin Energy has gained equity investment which the company claimed will allow it to significantly improve its integrated software and hardware platform.
The Oregon-headquartered company has also sold its controlling interest to the two investment groups involved, Trilantic North America and Energy Impact Partners and obtained equity funding which a company representative told
Energy-Storage.news is “in excess of US$100 million”.
Powin has been involved in the energy storage space for nearly a decade as the development arm of a manufacturing company started up in 1989, but pivoted fully into its current role as an integrator of battery energy storage systems in 2017. The company said it has built more than 600MWh of battery storage worldwide and has a claimed global pipeline of 4,000MWh of systems contracted for installation over the next five years.
Energy storage startup Powin Energy has raised more than $100 million in equity investment to compete with better-funded rivals in the large-scale grid battery market.
Powin buys battery cells and hooks them up with proprietary software controls and ancillary equipment to produce full-fledged power plants. It competes in the upper echelons of the energy storage integration market with the likes of Tesla, Fluence and Wärtsilä.
But those competitors are storage businesses nestled within billion-dollar, publicly traded enterprises. Powin is a bootstrapped company based amid the evergreens of Tualatin, Oregon that managed to build some 600 megawatt-hours of storage on its own.
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