Global energy storage developer Powin Energy has raised $135 million in funding led by Singapore’s sovereign wealth fund GIC, per its announcement
The round also saw participation from existing investors Trilantic Energy Partners North America and Energy Impact Partners (EIP).
Powin notes that the funds will enable it to scale global manufacturing, further develop its suite of products and support its relationship with international suppliers.
The company has developed its own energy storage management platform called StackOS which combines the Battery Management System (BMS), Energy Management System (EMS) and Thermal Management System (TMS).
“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,” added Geoff Brown, CEO of Powin.
Energy storage can stabilise the electric grid, help global electricity system decarbonisation, provide backup power during electricity outages, and offer many other benefits.
Powin counts companies like Invenergy, EDF, Southern Power, Idaho Power, Amersco, Borrego, Leeward Energy and STEM as key customers.
The latest investment comes on the back of the funding the company had received in June from Samsung Venture Investment, as well as a strategic partnership it had formed with Samsung C&T, an engineering procurement and construction unit under Samsung.
The strategic alliance is slated to help Powin enter the Middle East and Southeast Asia while helping Samsung C&T accelerate its battery energy storage system business.
The Oregon-headquartered company has not disclosed its valuation and the total amount of funding it has raised so far.
Before this year, Powin received more than $100 million in equity funding from Trilantic North America and Energy Impact Partners.