October 02, 2024 02:31 PM Eastern Daylight Time

PORTLAND, Ore.– (BUSINESS WIRE )–Powin, a global leader in battery energy storage solutions, announced it has raised up to $200 million in a revolving credit facility led by insurance companies managed by leading global investment firm KKR. The credit facility will be critical to supporting Powin’s working capital needs, continuing to drive innovation and providing additional financial flexibility as the company expands its leadership position in the energy storage industry.

“We are pleased to have KKR, a recognized leader in the investment industry, support our mission to become the industry’s most trusted energy storage partner. This credit facility will enable us to accelerate our expansion, drive innovation and deliver maximum value to our customers, strengthening our commitment to moving toward a sustainable energy future.”Post this

The strengthened capital base will enable the Company to capitalize on the vast market opportunity and better serve the surging demand in the rapidly expanding global energy storage sector, which Bloomberg New Energy Finance expects to surpass 100 gigawatt-hours in 2024 and grow at an annual rate of 21% to reach 442 gigawatt-hours by 2030. The increasing global demand for energy storage is driven by the rapid expansion of renewable energy sources and the growing need for supply grid stabilization and resilience.

“We are pleased to have KKR, a recognized leader in the investment industry, support our mission to become the industry’s most trusted energy storage partner,” said Jeff Waters, CEO of Powin. “This credit facility will enable us to accelerate our expansion, drive innovation and deliver maximum value to our customers, strengthening our commitment to moving toward a sustainable energy future.”

“Powin is a recognized leader and innovator in the clean energy sector,” said Sam Menkoff, a Director at KKR. “We are pleased to bring our extensive asset-based finance experience to support Powin’s efforts to expand the use of battery energy storage systems.”

This strategic liquidity financing underscores investor confidence in Powin’s vision and future growth, with equity investors including Greenbelt Capital Partners, Trilantic and Energy Impact Partners. Guggenheim Securities, a world-renowned investment advisory firm, acted as financial advisor to Powin and played a key role in facilitating this financing.

About Powin

At Powin, we are breaking new ground in energy and transforming the way we power everyday life by ensuring access to clean, resilient and affordable power. With 17 gigawatt-hours of projects currently under development and construction, we are a leading reliable energy storage provider committed to delivering superior customer experience through end-to-end energy storage solutions. As a global energy storage platform provider, we offer fully integrated battery solutions, software and services to optimize grid performance and enable the transition to cleaner energy sources. For more information, please visit www.powin.com .

About KKR

KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. Our goal is to generate attractive investment returns by employing world-class people and supporting the growth of our portfolio companies and the communities we serve with an open-minded and disciplined investment approach. KKR sponsors investment funds that invest in private equity, credit and real assets, and has strategic partners who manage hedge funds. Our insurance subsidiaries provide retirement, life insurance and reinsurance services through the Global Atlantic Financial Group. References to KKR’s investments may include the activities of funds sponsored by the firm and its insurance subsidiaries. Additional information about KKR (NYSE:KKR) is available on our website at www.kkr.com , and additional information about Global Atlantic Financial Group is available on www.globalatlantic.com .

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Contact

Kate Adams
powin@pancomm.com

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