Chinese solar power supplier Shunfeng has bought 30% in stake of US-based Powin Energy for $25m through its fully owned subsidiary SF Suntech.
Powin Energy developed a 5MW lithium-ion energy storage system (ESS) with charging/discharging rates of more than 80% for grid-level, commercial and transportation applications and aims to install it at large-scale power plants. “This is an important milestone for Powin Energy Corporation in that it will provide us with capital and a partner to help implement our growth strategy,” said Joseph Lu, president and chief executive officer of Powin Energy. The agreement will be used for further developments of the company’s ESS.
