Powin, an energy storage solutions provider, has secured a revolving credit facility of up to $200 million primarily from KKR, a global investment firm.
Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners.
“We are excited to have KKR, a renowned leader in the investment community, supporting our mission to be the most trusted energy storage partner in the industry,” said Jeff Waters, CEO of Powin.
According to the company, over 17 GWh of projects have been deployed and are under construction. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
“Powin stands out as a leader and innovator in the clean energy space. We are proud to support them and their efforts to expand the use of battery energy storage systems through our deep experience in Asset-Based-Finance,” said Sam Mencoff, a Director at KKR.
In 2022, the company secured a $135 million growth equity investment led by GIC, a global investment firm, with participation from existing investors Trilantic Energy Partners North America (Trilantic North America) and Energy Impact Partners (EIP).
According to Mercom’s 1H and Q2 2024 funding and M&A report for Energy Storage and Smart Grid, announced debt and public market financing for Energy Storage companies in 1H 2024 came to $13 billion in 16 deals, a 294% increase year-over-year compared to $3.3 billion in 16 deals in 1H 2023.
Last Year, Fluence, a provider of energy storage products and services, announced that it entered into a four-year, $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding is secured by the company’s eligible inventory and other assets and replaces the company’s existing $200 million Revolving Credit Facility (RCF), which was terminated.
