Powin Energy Corporation (Powin), a global leader in the design and manufacture of safe and scalable battery energy storage solutions, announced today (Feb 4) that it has signed an agreement to sell its controlling interest to and obtain significant equity funding from lead investors Trilantic North America and Energy Impact Partners (EIP). This transaction will enable Powin to accelerate its growth plans, while enhancing its bankability profile and solidifying its position as a leader in the energy storage market.
For nearly the past decade, Powin has worked to advance its patented battery management technology and develop market leading product offerings. Headquartered in Tualatin, Oregon, Powin has built over 600 MWh of systems, supporting 54 projects in 10 states and 8 countries. Powin has a contracted pipeline to supply over 4,000 MWh of energy storage systems globally over the next five years.
"I am incredibly pleased to have Trilantic North America and EIP join us on our journey to transform the electric grid by building the world's best batteries," said Geoff Brown, CEO of Powin. Brown continued, "This investment marks their confidence in our team and products as well as the great potential of the storage market. Beyond the capital they are providing, our new partners are adding invaluable perspective and experience to help us manage the massive growth and increase in demand we are experiencing. Together we will bring the innovation, capital, and skill needed to deliver industry-leading value and reliability and create a cleaner energy future for all."
"For many years, the key constraint to wide-scale renewable energy adoption was the lack of an economic storage solution," said Glenn Jacobson, Partner at Trilantic North America. "Powin's differentiated manufacturing and supply chain expertise puts the company at the forefront of the significant improvements we're seeing in the economics of battery storage. We're immensely proud to partner with Geoff and the entire Powin team as they continue to scale their business and play a crucial role in driving the energy transition."
Powin was founded in 1989 as a high-quality, high-volume contract manufacturing company with a large supplier network and relationship base in Asia. The company evolved into Powin Energy by marrying its robust supply chain management with specially developed technology, a high-growth market, and a vital social mission: to lead the sustainable transformation of the outdated electric grid through increased renewables penetration, non-wires alternatives, and power decentralization. Powin's safe and cost-effective energy storage solutions are revolutionizing the way energy is generated, transmitted, and distributed for utilities, IPPs, and energy consumers worldwide.
"The grid-scale energy storage market, which is still in its infancy, will be essential to achieving global decarbonization goals over the next decade," said Sameer Reddy, Partner at EIP. "We look forward to partnering with Powin to help bring their unique technology to utilities around the world and enable a more resilient, cleaner grid."
"We have worked very hard over the last 10 years to bring Powin to its current stature. I would like to thank all of our team members and partners for the role they have played in our shared success throughout Powin's history," said Joseph Lu, Founder and Chairman of Powin. "In partnering with Trilantic North America and EIP, we will now be able to execute our planned innovations within our integrated software and hardware platform. Our goal is to continue to disrupt the traditional cost structures of integrated energy storage systems and to provide the safest and lowest levelized cost of storage to push the widespread adoption of renewable energy and to bring accessible clean energy to all parts of the world."
About Powin Energy Corporation
As a global leader in the design and manufacture of safe and scalable battery energy storage solutions, Powin Energy Corporation (Powin) supplies the software and hardware to the growing volume of next generation energy storage projects that will transform the grid, enable high levels of renewable generation and put conventional generators out of business. Powin's journey is just beginning - if you are interested in learning more, please visit www.powin.com.
About Trilantic North America
Trilantic Capital Management L.P. ("Trilantic North America") is a private equity firm focused on control and significant minority investments in North America. Trilantic North America's primary investment focus is in the business services, consumer and energy sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. Magazine's 2019 list of Top 50 Founder-Friendly Private Equity Firms. For more information, visit www.trilanticnorthamerica.com.
About Energy Impact Partners
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure - and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Contacts
Media
For Powin Energy Corporation:
Sarah Bray
sarah@innovantpr.com
713.496.3489
For Trilantic North America:
Mariel Seidman-Gati
mseidman-gati@prosek.com
646.818.9013
For Energy Impact Partners:
Tori McDonnell
tori@teamsilverline.com
703.338.2362
