(ADPnews) - Dec 23, 2010 - US original equipment manufacturer (OEM) Powin Corp (OTC:PWON) said yesterday it set up a new unit -- Powin Renewable Energy Resources Inc -- in a drive to capitalise on the sector's potential.
The subsidiary will provide OEM services to clean energy market players and will also offer renewable energy products such as LED lighting and fixtures, wind turbines, solar panels and lithium batteries.
Powin's revenues coming from the manufacturing of such products have been rapidly growing in the past few years. In 2008 the company booked USD 42 million (EUR 32m), while in 2009 renewable energy product sales amounted to USD 77 million. The company projects the figure to keep growing by 25-30% each year through 2015.