Powin nets $135M for grid-scale energy storage
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.