New money: Powin, an energy storage company based in Oregon, has received a $135 million investment to continue growing its international business. The company is the world’s fifth largest battery energy storage system integrator, according to a trade journal.
The round was led by GIC, Singapore’s Sovereign Wealth Fund (GIC), with participation from existing lead investors Trilantic Energy Partners North America and Energy Impact Partners. The company did not disclose its total funding, TechCrunch reported.
“We look forward to using this investment to empower utilities, [independent power producers], and other businesses to ensure that no energy is left to waste as we work to mitigate climate change,” said Chief Executive Geoff Brown in a statement.
Quick background: Powin got its start in 1989 as a contract manufacturing company. In 2017 it shifted its entire focus to energy storage. Powin is based in Portland and has offices in Tualatin, Ore. and Taipei.
The company reports that it has delivered more than 2,500 megawatt hours (MWh) of energy storage in 12 states and eight countries. Over the next two years, it has contracts to increase that amount to 10,000 MWh.
“Powin is not a battery chemistry company, we are a platform company. We are focused on trying to build the best hardware and software platform that can deliver dispatchable renewable energy,” Brown told Energy Storage News in May.
Other Oregon batteries: ESS Inc. is another Oregon company in energy storage that’s building long-duration, iron-flow batteries. ESS went public in May through a merger with a special purpose acquisition company (SPAC); the company was valued at more than $1 billion.