Powin, an energy storage solutions provider, announced 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).

The company plans to use the new funds to scale its global manufacturing, further develop its suite of products, and support the company’s relationship with international suppliers.

“We are grateful for this investment from GIC, Trilantic North America, and EIP. We appreciate the vote of confidence and believe that it demonstrates both the market leadership position of our business and our customers’ trust in us to change the way they generate, transmit, and distribute electricity. We look forward to using this investment to empower utilities, IPPs, and other businesses to ensure that no energy is left to waste as we work to mitigate climate change,” said Geoff Brown, CEO of Powin.

Powin has delivered around 2,500 MWh of BESS in 12 states and eight countries and has a contracted pipeline to supply over 10,000 MWh of energy storage systems globally over the next two years.

“Grid-scale energy storage is crucial if we hope to accelerate the world’s transition to a new energy economy – and Powin’s reputation as a leading, technology-forward energy storage platform has helped to cement its position at the forefront of this generational market trend,” said Glenn Jacobson, Chairman of Powin Board of Directors and Managing Partner of Greenbelt Capital Partners.

Evercore served as financial advisor to Powin for the transaction, and Kirkland & Ellis acted as legal counsel, with Sidley Austin serving as the legal counsel to GIC for the transaction.

Recently, Powin signed an agreement to sell a minority interest to and obtain strategic equity funding from Samsung Venture Investment Corporation, a fund managed on behalf of Samsung C&T. As part of the agreement, Samsung C&T has designated Powin as a preferred storage provider and will bid for new projects with Powin as the BESS hardware and software provider.

According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid, and Efficiency, total corporate funding (including VC, Debt, and Public Market Financing) in Battery Energy Storage came to $12.9 billion in 26 deals compared to $4 billion in 27 deals in Q4 2021.