Powin is raising $153 million in funding from Singapore-based GIC, Trilantic North America and Energy Impact Partners.

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Povinenergy 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).

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The investment comes from recent funding from Samsung Venture Investment and Strategic partnership With Samsung C&T, Samsung’s engineering and construction division, in June. The strategic alliance will help Powin expand into the Middle East and Southeast Asia, and enable Samsung C&T to accelerate its Battery Energy Storage Systems (BESS) business.

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The Oregon-headquartered company did not disclose its valuation or the total amount of funding raised. In February 2021, Povin received over $100 million in equity from Trilantic North America and Energy Impact Partners.

Powin CEO Jeff Brown told TechCrunch that the latest funding will expand Powin’s global manufacturing and infrastructure, continue to develop its product portfolio, and maintain relationships with international suppliers and customers around the world.

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“We look forward to using this investment to empower utilities, independent power producers (IPPs) and others to ensure energy is not wasted as we work to mitigate climate change,” Brown said.

Energy storage can stabilize the electrical grid, help decarbonize the global power grid, provide backup power during power outages, and offer many other benefits. One of the things that sets Powin apart from the competition, according to Brown, is the integration of Powin’s energy storage system.

“When traditional integrators provide their solution, they buy fully integrated battery modules or racks with battery management systems provided by their battery cell vendors such as Samsung SDI, LG Energy Solution and CATL,” Brown told TechCrunch. “Powin has developed its own energy storage management platform that integrates a battery management system (BMS), an energy management system (EMS) and a thermal management system (TMS) called StackOS.”

The battery storage system integrator also designs and manufactures its own battery modules and racks, called stacks, Brown continued. He added that its key clients are Invenergy, EDF, Southern Power, Idaho Power, Ameresco, Borrego, Leeward Energy and STEM.

“Grid-scale energy storage is critical if we hope to accelerate the world’s transition to a new energy economy,” said Powin Chairman and Managing Partner of Greenbelt Capital Partners. “We are pleased that GIC and Samsung Ventures are joining as partners in this investment and supporting Powin as it continues to use its platform to accelerate adoption of the fundamental structural changes that must occur in how energy is produced, stored and consumed. “.


Credit: techcrunch.com /

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