Powin, an energy storage technology developer, said today it has raised $135 million in funding led by Singapore’s sovereign wealth fund GIC, with participation from existing investors Trilantic Energy Partners North America and Energy Impact Partners (EIP).
The investment comes on the back of the recent funding from Samsung Venture Investment and a strategic partnership with Samsung C&T, an engineering procurement and construction unit of Samsung, in June. The strategic alliance will help Powin enter 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 the total amount of funding it has raised so far. In February 2021, Powin received more than $100 million in equity funding from Trilantic North America and Energy Impact Partners.
Powin CEO Geoff Brown told TechCrunch that the latest funding would scale Powin’s global manufacturing and infrastructure, further develop its suite of products and support its relationship 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 left to waste as we work to mitigate climate change,” Brown said.
Energy storage can stabilize the electric grid, help global electricity system decarbonization, provide backup power during electricity outages, and offer many other benefits. One of the things that set Powin apart from competitors is Powin’s energy storage system integration, Brown said.
“When traditional integrators provide their solution, they purchase fully integrated battery modules or racks with battery management systems provided by their battery cells suppliers such as Samsung SDI, LG Energy Solution and CATL,” Brown told TechCrunch. “Powin developed our own energy storage management platform which combines the Battery Management System (BMS), Energy Management System (EMS) and Thermal Management System (TMS) called StackOS.”
The battery energy storage system integrator also designs and manufactures its own battery modules and racks, which are called Stacks, Brown continued. He added that its 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 new energy economy,” said Glenn Jacobson, the chairman of Powin board of directors and managing partner of Greenbelt Capital Partners Glenn. “We are excited to have GIC and Samsung Ventures join as partners in this investment and support Powin as it continues to use its platform to accelerate the adoption of the fundamental structural changes that need to take place in how energy is produced, stored and consumed.”