Powin Announces $135 Million Growth Equity Investment from GIC, Trilantic Energy Partners North America and Energy Impact Partners
Investment will provide significant capital to support Powin’s continued growth and international expansion
GIC joins existing investors, Trilantic North America and Energy Impact Partners
Investment Strengthens Powin’s Leading Position in Grid-Scale Energy Storage
The investment follows the recent strategic equity financing of Samsung Venture Investment Corporation (Samsung Ventures).
PORTLAND, Oregon., July 15, 2022 /PRNewswire/ — Today Powin LLC (Powin)a world leader in energy storage solutions, announced a $135 million growth capital investment led by GIC, that of Singapore Sovereign Wealth Fund (GIC)with participation from existing lead investors Trilantic Energy Partners North America (Trilantic North America) and Energy Impact Partners (EIP). The partnership and investment embodies Powin’s mission to lead the sustainable transformation and decentralization of the world’s outdated power grids.
“We are grateful for this investment from GIC, Trilantic North America and EIP. We appreciate the vote of confidence and believe it demonstrates both our company’s market-leading position and our customers’ trust in us to change the way they generate, transmit and distribute electricity,” said Geoff Brown, CEO of Powin. “We look forward to using this investment to empower utilities, IPPs and other businesses to ensure no energy is wasted as we work to mitigate climate change.”
Energy storage technology is set to play a central role in power grid transformation and global decarbonization due to the rapid expansion of renewables. The investment will expand Powin’s global manufacturing, further develop its product line and support its relationships with international suppliers.
A rapidly growing 10 gigawatt-hour energy storage company
Powin has grown rapidly in recent years, building a 10 gigawatt-hour energy storage business despite supply chain disruptions, an uncertain regulatory environment and rising cost of capital.
This growth has been fueled by Powin’s differentiated manufacturing approach, innovative software and supply chain expertise, enabling them to efficiently deliver the safe and smart energy storage systems customers need to reduce project risk and increase project revenue.
“Grid-scale energy storage is crucial if we hope to accelerate the global transition to a new energy economy – and Powin’s reputation as a state-of-the-art energy storage platform has helped cement its position at the forefront of this generational market trend,” said Glenn Jacobson, Chairman of the Board of Powin and Managing Partner of Greenbelt Capital Partners. “We are thrilled to have GIC and Samsung Ventures join as partners in this investment and support Powin as it continues to use its platform to accelerate the adoption of fundamental structural changes in the way energy is produced, stored and consumed.
Evercore served as financial advisor to Powin on the transaction and Kirkland & Ellis LLP acted as legal advisor. Sidley Austin LLP acted as legal counsel to GIC on the transaction.
About Powin, LLC (Powin):
Powin is a world leader in the design and manufacture of secure and scalable energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted and distributed, helping the world achieve its decarbonization goals. Powin has delivered over 2,500 MWh of BESS in 12 states and eight countries and has a contracted pipeline to deliver over 10,000 MWh of energy storage systems globally over the next two years. To learn more, please visit www.powin.com.
About Trilantic North America / Greenbelt Capital Partners
Trilantic Capital Management LP (“Trilantic North America”) is a middle-market private equity firm focused on controlling and making significant minority investments in North America. Trilantic North America focuses on investments in the business services and consumer sectors. Greenbelt Capital Partners is a growth-oriented, middle-market private equity firm focused on controlling and large minority investments ranging from late-stage growth capital to private equity to infrastructure development in the construction industry. energy. The Greenbelt investment team recently spun off from Trilantic North America and continues to serve as an advisor to Trilantic North America and its managed funds. The senior Greenbelt team has committed approximately $4.6 billion of equity to several portfolio companies and consumed more than $58 billion mergers and acquisitions and financings in more than 210 transactions across the portfolio. For more information, visit www.greenbeltcapital.com.
About the GIC:
GIC is a leading global investment firm established in 1981 to secure that of Singapore financial future. As manager of that of Singapore foreign exchange reserves, GIC takes a disciplined, long-term investment approach and is uniquely positioned across a wide range of globally active asset classes and strategies. These include equities, fixed income, real estate, private equity, venture capital and infrastructure. The company’s long-term approach, multi-asset capabilities and global connectivity make it an investor of choice. GIC seeks to add significant value to our investments. Based at Singapore, GIC has a global talent force of over 1,800 people in 10 key financial cities and has investments in over 40 countries. Further information is available at https://www.gic.com.sg
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-thinking energy and industrial companies to advance innovation. With over $2.5 billion in assets under management, EIP invests globally in venture capital, 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, Cologneand Oslo. For more information on the EIP, please visit www.energyimpactpartners.com.
SOURCE Powin Energy