Clean tech firm Powin secures $25M to develop battery technology
Cathy Cheney | Portland Business Journal
Powin Energy Corp., a subsidiary of Tualatin-based Powin Corp., has secured a $25 million investment by a Hong Kong-based manufacturer to perfect its battery storage technology. Above, company executives receive an award during a Portland Business Journal manufacturing event.
Tualatin-based Powin Corp.[5] has secured a $25 million investment from the U.S. subsidiary of a Hong Kong manufacturing firm to develop its energy storage technology.
SF Suntech Inc., a Delaware-based subsidiary of Shunfent Photovoltaic International Ltd., which is traded on the Stock Exchange of Hong Kong Ltd., will invest $25 million[6] in Powin’s energy subsidiary, Powin Energy Corp., in a deal that promises to give the company access to Chinese markets.
The deal gives SF Suntech control over four of the company’s seven board seats. According to the share subscription agreement, SF Suntech has an option to acquire an additional 30 percent of Powin Energy Corp. for $37.5 million, according to a press release as well as documents filed with the U.S. Securities and Exchange Commission.[7]
Officials declined to say what share of the company is at stake in the current deal, but said it is a “significant” investment in the long-term growth of a company that is advancing the state of energy storage battery technology.
Powin Corp. (OTCQB: PWON) is a contract manufacturer established by Joseph Lu, president and CEO, an engineer with ties to manufacturing in both the U.S. and China. The firm makes parts for Daimler and other companies at its Tualatin plant as well as at partner plants in China. Lu established Powin Energy Corp. about seven years ago to capitalize on opportunities in the renewable energy field.
Powin Energy, incorporated in Oregon, focuses on battery systems that store renewable energy for peak use at a utility scale. It also builds and retrofits electric vehicle charging station.
Wendy Culverwell covers sustainable business, manufacturing and law.
References
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- ^ Powin Corp. (www.bizjournals.com)
- ^ will invest $25 million (www.businesswire.com)
- ^ U.S. Securities and Exchange Commission. (www.sec.gov)