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Powin nets $135M for grid-scale energy storage

Illustration of a battery with a dollar bill wrapped around it.

Illustration: Aïda Amer/Axios

Powin, an Oregon-based grid-scale storage provider, received a $135 million growth-equity investment led by Singapore's GIC, Powin announced today.

Why it matters: This type of investment from a firm such as GIC — the city-state's sovereign wealth fund — shows that grid-scale storage as an investment opportunity is a focal point not just for the U.S. and Europe, but large global investors as well.

The details: Trilantic Energy Partners North America and Energy Impact Partners also invested.

Zoom in: Trilantic and EIP last year agreed to buy a controlling interest in Powin.

  • That transaction valued Powin at $100 million, per Pitchbook.

Of note: Powin has installed 2.5 GWh of battery storage systems in eight countries. It's meanwhile built a 6.5 GWh pipeline of projects.

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