Powin LLC (Powin) a global energy storage platform provider, and Akaysha Energy, a leading Australian battery storage developer announced today (Aug 30) a partnership framework agreement where Powin is to deploy over 1.7GWh of energy storage systems over the next two years.
This partnership with Akaysha represents Powin's entry into one of the largest and most sophisticated energy markets in the world. As Australia continues to decommission fossil fuel power plants and invest further in renewable power, energy storage is critical in maintaining grid reliability while keeping energy prices low.
With more than 3 GWh of energy storage capacity in its portfolio, Akaysha was recently acquired by a fund managed by BlackRock Real Assets' Climate Infrastructure business. BlackRock Real Assets recently announced its intent to commit more than AU$1 billion (US$700 million) of capital to support Akaysha's development of battery storage assets in Australia.
"It is critical to have a diverse competitive landscape in the Australian ESS market. Powin's vertically integrated and flexible business model reduces project cost and risk by having multiple trusted cell suppliers, proprietary software, and an in-house power plant controller," said Akaysha Energy's Managing Director, Nick Carter.
Akaysha partnered with Powin for the performance, reliability and safety capabilities of their Stack product line and StackOS control system. Utilizing their StackOS advanced power plant controller, Powin's engineering team and Akaysha have been working closely for several months and are well advanced in the grid interconnection process including the Generator Performance Standard mandated by Australia's grid operator required to enter the market and interconnect generation to the Australian grid on initial projects.
"This partnership is a key milestone as we expand our footprint globally and invest in new regions," said Powin's CEO, Geoff Brown. "Powin has spent the last decade developing our product in order to bring the benefits of clean and reliable electricity to the entire world. We are thrilled to partner with Akaysha Energy on this project due to their unrivaled knowledge of the Australian energy market and their team's extensive track record of bringing jobs and critical infrastructure to help Australia meet their net zero targets."
On July 12, 2022, the U.S. and Australia signed the Australia - United States Net-Zero Technology Acceleration Partnership to accelerate the development and deployment of zero-emissions technology that reduces greenhouse gas emissions and supercharges economic growth. The U.S. and Australia have a shared goal to reach net-zero carbon emissions by 2050. Both countries have recognized the integral role energy storage will play in reducing emissions by accelerating the adoption of renewables and improving grid reliability.
About Powin, LLC (Powin):
Powin is a global leader in the design and manufacture of safe and scalable energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted, and distributed, helping the world achieve decarbonization objectives. Powin has delivered over 2,500 MWh of BESS in over 8 different countries and has a contracted pipeline to supply over 10,000 MWh of energy storage systems globally over the next three years. To learn more, please visit www.powin.com.
About Akaysha Energy (Akaysha)
Akaysha Energy brings together market leading experience in energy markets, technology, development, asset management and capital markets for end-to-end development of Battery Energy Storage Systems (BESS) and renewables projects in Australia and across the APAC region. For additional information on Akaysha Energy, please visit www.akayshaenergy.com.au.
Contacts
Amy Silber
amy.silber@antennagroup.com
