Battery storage manufacturer Powin raises $135 million

Hecate Grid, a company that specializes in energy storage, selected Powin to be the project’s architect for the Johanna Energy Storage System. Powin provided full design and installation services (BESS) for two identical, colocated battery energy storage units (BESS) at Johanna 1 & Johanna 2 in Santa Ana. The project will be serviced under a 20-year, long-term service agreement. (Courtesy: Powin)

Powin, a manufacturer and distributor of battery energy storage systems has raised $135M in growth equity.

GIC, Singapore’s Sovereign Wealth Fund, was the investor. Trilantic Energy Partners North America (Energy Impact Partners) also participated in the transaction.

The company offers software and hardware solutions to battery storage. It has delivered more than 2,500 MW of BESS in 12 US states and eight other countries.

Powin’s contracted pipeline is more than 10,000 MWh over the next two-years.

Geoff Brown, Powin CEO, said that they look forward to using the investment to empower IPPs, utilities, and other businesses in order to ensure no energy is wasted as we work to mitigate global climate change.

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Powin’s 88MW/387MWh battery storage project is located in California. The BESS is coupled with a solar farm. (Courtesy: Powin)

Powin’s battery storage options are available for grid service, transmission and distribution deferral, behind-the-meter and microgrid applications.

The company claims to offer safer and more reliable lithium-ion storage options for customers. It boasts over 500,000 hours of incident-free operations.

Powin’s battery storage options are available for grid service, transmission and distribution deferral, behind-the-meter, and solar+storage purposes.

Powin will make use of the latest investment to expand its global manufacturing, develop its products suite, and strengthen its relationships with international suppliers.