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.
The agreement also obtains a two-year option for SF Suntech to acquire an additional 30% interest in the US energy storage company for further $37.5m. The initial acquisition gives SF Suntech four seats on Powin Energy’s board.
Hong-Kong-based Shunfeng announced earlier this year that it wants to acquire four businesses including a solar park operator in Europe and a geothermal heat pump company in China. “We view the technology of Powin Energy Corporation as of strategic significance to our strategy of developing and deploying large-scale energy storage devices throughout China and elsewhere in the world,” said Shunfeng chairman Zhang Yi.
Shunfeng is China’s largest private solar power supplier.