Powin Energy Corp., an Oregon-based battery energy storage company, signed an agreement to sell its controlling interest to lead investors Trilantic North America and Energy Impact Partners (EIP).
Powin declined to reveal each entity’s new ownership share. However, the company told pv magazine USA that private equity firm Trilantic and investment platform EIP invested more than $100 million as part of the deal.
According to Powin, the transaction will enable the company to accelerate its growth plans, enhance its bankability profile, and solidify its position in the energy storage market.
For nearly a decade, Powin has worked to advance its battery management technology and develop product offerings. Analyst firm Guidehouse Insights recently ranked Powin as a leading utility-scale energy storage system integrator, with the company joining Tesla, Fluence, RES, and other major market players.
Powin said it has built more than 600 MWh of systems, supporting 54 projects in 10 U.S. states and eight countries. The company also has a contracted pipeline to supply over 4,000 MWh of energy storage systems globally during the next five years.
CEO Geoff Brown said the agreement highlights the investors’ confidence in “the great potential of the storage market.”
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