Powin raises $153 million in funding from GIC, Trilantic North America and Singapore Energy Impact Partners – TechCrunch
Powinan energy storage technology developer, said today it has raised $135 million in funding led by Singapore sovereign wealth fund GIC, with participation from existing investors. Trilantic Energy Partners North America and Energy Impact Partners (EIP).
The investment is based on recent funding from Samsung Venture Investment and strategic partnership relations with Samsung C&T, a Samsung engineering construction and procurement unit, in June. The strategic alliance will help Powin penetrate the Middle East and Southeast Asia, and enable Samsung C&T to accelerate its battery energy storage system (BESS) business.
The Oregon-headquartered company did not disclose its valuation and total funding it has raised so far. In February 2021, Powin received more than $100 million in equity from Trilantic North America and Energy Impact Partners.
Powin’s CEO, Geoff Brown, told TechCrunch that the latest funding will scale Powin’s global manufacturing and infrastructure, further develop its product suite and support its relationships. company with international suppliers and global customers.
“We look forward to using this investment to empower utilities, independent power producers (IPPs) and other businesses to ensure that no energy is wasted,” said Brown. fees as we work to mitigate climate change.
Energy storage can stabilize the grid, help the global power system decarbonize, provide backup power in the event of a power outage, and provide many other benefits. Brown says one of the things that sets Powin apart from competitors is the integration of Powin’s energy storage system.
Brown told TechCrunch: “When traditional integrators deliver their solutions, they purchase battery modules or racks that are fully integrated with the battery management systems provided by their battery suppliers. as provided by Samsung SDI, LG Energy Solution and CATL. “Powin has developed our own energy storage management platform that combines a Battery Management System (BMS), an Energy Management System (EMS) and a Thermal Management System (TMS) called StackOS.”
The battery energy storage system integrator also designs and manufactures its own battery modules and racks, called Stacks, Brown continued. He added that their key customers include Invenergy, EDF, Southern Power, Idaho Power, Ameresco, Borrego, Leeward Energy and STEM.
“Grid-scale energy storage is crucial if we hope to accelerate the world’s transition to a single economy,” said Powin Chairman of the Board of Directors and managing partner of Greenbelt Capital Partners. new energy economy. “We are pleased to have GIC and Samsung Ventures join as partners on this investment and support Powin as it continues to use its platform to accelerate the adoption of fundamental changes to its infrastructure. Structure needs to take place in the way energy is produced, stored and consumed. ”
