US energy storage provider Powin LLC announced on Wednesday that it has secured a revolving credit facility of up to $200 million from investment firm KKR & Co . This financing aims to enhance Powin's capacity to meet the increasing demand in the global energy storage market.
The debt funding, primarily sourced from insurance accounts managed by KKR, will support the company's working capital requirements, foster innovation, and enhance its financial flexibility.
“This facility enables us to accelerate our expansion, drive innovation, and maximise value for our customers, reinforcing our commitment to advancing a sustainable energy future,” said CEO Jeff Waters.
According to forecasts from Bloomberg New Energy Finance, the energy storage market is projected to exceed 100 GWh in 2024 and grow at an annual rate of 21%, reaching 442 GWh by 2030.
Powin reports having 17 GWh of projects either deployed or under construction, backed by equity investments from firms including Greenbelt Capital Partners, Trilantic, and Energy Impact Partners.
