GIC Bets on Energy Storage Company Powin
Posted on 07/14/2022
Powin LLC is a Tualatin, Oregon-based company that delves in energy storage. Singapore’s GIC Private Limited led a US$ 135 million growth equity investment in Powin. This investment included participation from existing lead investors Trilantic Energy Partners North America (Trilantic North America) and Energy Impact Partners LP (EIP).
In 2021, Powin revealed its Centipede battery energy storage platform. Centipede is the company’s first fully modular design, complete with pre-integrated segments containing batteries, thermal management equipment, and essential safety systems.
In March 2022, U.S. large-scale solar PV and energy storage project company Borrego selected Powin Energy as supplier of battery storage, with the pair signing an 800MWh supply agreement. Powin competes with Fluence Energy, LLC, which brought out its Fluence Cube and Wärtsilä which has Gridsolv Quantum. The Qatar Investment Authority is an investor in Fluence.
Advisors
Evercore served as financial advisor to Powin for the transaction and Kirkland & Ellis LLP acted as legal counsel. Sidley Austin LLP served as legal counsel to GIC in relation to the transaction.
Keywords: Trilantic Capital Management L.P.