Powin Announces $135M Growth Equity Investment from GIC, Trilantic Energy Partners North America, and Energy Impact Partners
Summary
We appreciate the vote of confidence and believe that it demonstrates both the market leadership position of our business and our customers trust in us to change the way they generate, transmit, and distribute electricity," said Geoff Brown, CEO of Powin. The investment will scale Powins global manufacturing, further develop its suite of products, and support its relationship with international suppliers.Powin has grown rapidly in recent years, building out a 10 gigawatt-hour energy storage business despite supply chain disruptions, an uncertain regulatory environment, and the rising cost of capital.This growth has been fueled by Powins differentiated manufacturing approach, innovative software, and supply chain expertise, enabling them to efficiently deliver the safe, intelligent energy storage systems customers need to reduce project risk and increase project revenues. "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 adoption of the fundamental structural changes in how energy is produced, stored, and consumed. As the manager of Singapores foreign reserves, GIC takes a long-term, disciplined approach to investing, and is uniquely positioned across a wide range of asset classes and active strategies globally. With over $2.5 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure and has a team of nearly 70 professionals based in its offices in New York, Washington, D.C., San Francisco, Palm Beach, London, Cologne, and Oslo.