Powin, a battery storage manufacturer, has recently announced plans to expand its production capacity in the United States. The company intends to add an impressive 2 gigawatt-hours (GWh) of production capacity to meet the growing demand for its modular battery storage solution, known as the Stack750.
To accelerate the development and delivery of its battery storage solution, Powin has selected Jabil Inc. as its manufacturing partner. Jabil will commence production in the fourth quarter, initially targeting an annual capacity of 2 GWh. As the partnership progresses, the goal is to eventually ramp up production to 4 GWh per year.
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This strategic collaboration with Jabil is expected to mitigate supply chain risks for Powin and aid the company's customers in meeting domestic content requirements set forth by the Inflation Reduction Act. By working closely with Jabil, Powin aims to strengthen its position in the battery storage market and provide reliable solutions to its customers.
Powin specializes in providing software and hardware solutions for battery storage and has an impressive track record with 6,000 MWh of capacity already deployed or under construction. Their battery storage options cater to a wide range of applications, including grid service, transmission and distribution deferral, behind-the-meter usage, microgrid installations, and solar+storage setups. The company prides itself on delivering lithium-ion storage options that prioritize safety and reliability, with a remarkable record of over 500,000 hours of incident-free operations.
In 2022, Powin successfully secured $135 million in growth equity through an investment round led by GIC, Singapore's Sovereign Wealth Fund. Trilantic Energy Partners North America and Energy Impact Partners also participated in the funding. This substantial financial boost was earmarked to support Powin's global manufacturing expansion, enhance its suite of products, and strengthen its relationships with international suppliers.
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As Powin continues to expand its production capacity and bolster its product offerings, the company is well-positioned to meet the increasing demand for battery storage solutions. With their commitment to safety and reliability, Powin is poised to make significant contributions to the advancement of the energy storage sector.
