Powin Energy sells subsidiaries to focus on energy storage market
US firm Powin Energy Corporation (OTCMKTS:PWON) said on Thursday it has completed the sale of the former Powin Corporation’s manufacturing assets in a drive to fully concentrate on the energy storage sector.
Earlier in October, Powin Corporation merged with Powin Energy to form the current business. The merged entity has now sold Q Pacific Corporation to Weiping Cai, as well as Powin Mexico to Rolland Holdings Company for about USD 1.2 million (EUR 1.1m) in total.
"The sale of Powin Mexico and Q Pacific represents our commitment to the future of our energy storage business," said Powin Energy president Geoffrey Brown, adding that he considers the company’s current position in this market to be very competitive.
Powin Energy offers the patented Battery Pack Operating System (bp-OS) for utility, microgrid and electric vehicle (EV) fast-charging applications.