Powin lands USD-135m growth equity investment from GIC, others
The Millikan energy storage facility in Irvine, California. Source: esVolta LP
US energy storage company Powin LLC said today it has received a growth equity investment of USD 135 million (EUR 134.1m) from Singapore's sovereign wealth fund GIC and existing lead investors.
Powin intends to use the fresh capital to support its continued growth and international expansion, scaling its global manufacturing and further developing its product offerings. The company says that in recent years it has managed to build out a 10-GWh energy storage business regardless of supply chain disruptions, an uncertain regulatory environment, and the rising cost of capital.
"We look forward to using this investment to empower utilities, IPPs, and other businesses to ensure that no energy is left to waste as we work to mitigate climate change," commented Geoff Brown, CEO of Powin.
In addition to GIC, the new financing came from Trilantic Energy Partners North America and Energy Impact Partners (EIP). Just last month, Power also agreed to sell a minority interest to and obtain strategic equity funding from a fund managed on behalf of Samsung C&T Corp (KRX:028260).
Evercore acted as Powin’s financial advisor, while Kirkland & Ellis LLP served as legal counsel. On the other hand, Sidley Austin LLP consulted GIC.