Powin, a recognised global leader in battery energy storage solutions, proudly announces its successful acquisition of a revolving credit facility amounting to $200 million. This financial support, primarily sourced from insurance accounts managed by KKR, a prominent investment firm, is set to play a pivotal role in empowering Powin to enhance its operational capabilities, drive innovative projects, and solidify its competitive edge in the energy storage industry.
Harnessing Market Potential
The recent capital infusion substantially strengthens Powin’s ability to exploit the rapid growth in the energy storage market. According to projections from Bloomberg New Energy Finance, the global energy storage sector is anticipated to surpass 100 gigawatt-hours of capacity by 2024. Furthermore, the market is expected to experience an impressive annual growth rate of 21%, potentially reaching 442 gigawatt-hours by 2030. This surge is driven by the increasing adoption of renewable energy sources, such as solar and wind power, alongside the growing necessity for grid stability and resilience in the face of climate change.
CEO’s Vision for the Future
“We are thrilled to have KKR’s support as we pursue our mission to be the most trusted partner in energy storage solutions,” said Jeff Waters, CEO of Powin. “This credit facility empowers us to fast-track our expansion, drive technological advancements, and deliver greater value to our customers. It reinforces our commitment to advancing a sustainable energy future. With this robust backing, we can invest in cutting-edge technologies that respond to the evolving needs of our clients and the market.”
KKR’s Strategic Investment
“Powin is an exemplary leader and innovator in the clean energy domain,” stated Sam Mencoff, Director at KKR. “We are proud to partner with them in their mission to promote the widespread adoption of battery energy storage systems. Our extensive experience in Asset-Based Finance aligns seamlessly with Powin’s goals, and we believe this collaboration will catalyse substantial progress in the energy storage landscape.”
Investor Support and Confidence
The newly secured liquidity package serves as a testament to the robust confidence investors have in Powin’s strategic vision and growth trajectory. Notable equity investors supporting Powin include Greenbelt Capital Partners, Trilantic Capital Partners, and Energy Impact Partners. This backing showcases a unified belief in Powin’s innovative approach and effective market strategy, reinforcing the company’s status at the forefront of the energy transition.
Guggenheim Securities’ Advisory Role
Guggenheim Securities, LLC, a well-respected global investment and advisory firm, played a crucial role as Powin’s financial advisor throughout this capital-raising initiative. Their deep expertise in financial markets and comprehensive understanding of the energy sector were instrumental in structuring the deal, ensuring all stakeholders’ interests were effectively aligned.
Strategic Growth Plans
With this new funding secured, Powin is poised to accelerate its growth trajectory and enhance its commitment to innovation within the energy storage sector. This collaboration with KKR, combined with Powin’s dedication to developing sustainable energy solutions, signifies a transformative phase for the company as it works to meet the escalating global demand for energy storage solutions.
A Vision for Sustainable Energy
This significant financing empowers Powin to enhance its product offerings and assume a vital role in the evolving energy landscape. By driving forward advancements in battery energy storage technology, Powin is well-positioned to make significant contributions towards a sustainable energy future, helping to build a more resilient energy grid and foster a cleaner environment for generations to come.