Powin Energy, a US-based battery storage system provider backed by solar module producer Shunfeng Photovoltaic International, has secured more than $100m in funding, Greentech Media has reported.
Private equity firm Trilantic North America and investment firm Energy Impact Partners (EIP) provided the funding, taking a controlling interest in the process.
Powin provides modular battery systems for grid-scale storage, helping to make renewable energy more reliable for general energy use. It has so far built out more than 600 MWh of storage across power projects in eight countries.
Shunfeng Photovoltaic invested $25m in the company in 2014 in return for a stake sized at about 20%, before energy-focused private equity fund Arroyo Energy Investors supplied $15m three years later.
Geoff Brown, Powin’s chief executive, said: “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.
“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.”
