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Delivering Advanced Battery Storage Solutions and Securing Major Funding
Powin, a manufacturer of battery storage, has announced its plan to increase production capacity by 2 GWh in the United States. To expedite the development and distribution of their modular battery storage solution called Stack750, Powin has partnered with Jabil Inc., a manufacturing company.
Jabil is anticipated to commence production in the fourth quarter, initially reaching an annual capacity of 2 GWh and subsequently scaling up to 4 GWh per year. By collaborating with Jabil, Powin aims to reduce supply chain risks and assist its customers in fulfilling domestic content obligations mandated by the Inflation Reduction Act.
Powin offers battery storage solutions, encompassing both software and hardware, with a deployed or under-construction capacity of 6,000 MWh. Their battery storage solutions cater to various applications such as grid service, transmission and distribution deferral, behind-the-meter usage, microgrids, and solar+storage setups. The company prides itself on delivering safer and more dependable lithium-ion storage options, backed by a track record of over 500,000 incident-free operational hours.
In 2022, Powin secured $135 million in growth equity funding, led by GIC (Singapore’s Sovereign Wealth Fund), along with participation from Trilantic Energy Partners North America and Energy Impact Partners. This investment was designated for expanding global manufacturing capabilities, further enhancing their product portfolio, and strengthening partnerships with international suppliers.
Overview
Powin stands as a leading force in the realm of renewable energy and battery storage solutions. With their innovative software and hardware offerings, they have successfully deployed or are in the process of constructing an impressive 6,000 MWh capacity.
Their battery storage options have proven to be versatile, catering to grid service, transmission and distribution deferral, behind-the-meter applications, microgrids, and solar+storage setups. Powin takes pride in providing customers with safer and more reliable lithium-ion storage solutions, as evidenced by their exceptional track record of over 500,000 incident-free operational hours.
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