March 18, 2021
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Powin Energy Corporation and its subsidiaries (collectively, “Powin”), a global leader in the design and manufacturing of safe and scalable battery energy storage solutions, in its majority growth equity investment from Trilantic North America (“Trilantic”) and Energy Impact Partners (“EIP”).
Headquartered in Tualatin, Oregon, Powin was founded in 1989 as a high-quality, high-volume contract manufacturing company with a large supplier network and relationship base in Asia. The company evolved into Powin Energy by marrying its robust supply chain management with specially developed technology, a high-growth market, and a vital social mission: to lead the sustainable transformation of the outdated electric grid through increased renewables penetration, non-wires alternatives, and power decentralization. Powin’s safe and cost-effective energy storage solutions are revolutionizing the way energy is generated, transmitted, and distributed for utilities, IPPs, and energy consumers worldwide.
Powin has built over 600 MWh of systems, supporting 54 projects in 10 states and 8 countries. Furthermore, Powin has a contracted pipeline to supply over 4,000 MWh of energy storage systems globally over the next five years(1).
“For many years, the key constraint to wide-scale renewable energy adoption was the lack of an economic storage solution,” said Glenn Jacobson, Partner at Trilantic North America. “Powin’s differentiated manufacturing and supply chain expertise puts the company at the forefront of the significant improvements we’re seeing in the economics of battery storage. We’re immensely proud to partner with Geoff and the entire Powin team as they continue to scale their business and play a crucial role in driving the energy transition.”
“The grid-scale energy storage market, which is still in its infancy, will be essential to achieving global decarbonization goals over the next decade,” Added Sameer Reddy, Partner at EIP. “We look forward to partnering with Powin to help bring their unique technology to utilities around the world and enable a more resilient, cleaner grid.”
“What a fantastic outcome for an incredible company with untold potential,” noted Jamie Boyd, Cascadia Capital Managing Director. “Powin is a pioneer and leader in the hyper-growth utility scale battery energy storage category. Powin’s ambitious and deeply capable team, coupled with its exemplary technology and smart business model, is a true testament to how they were able to compete and thrive in a commercial world where big balance sheets and company brand names matter greatly. Now, with the institutional backing of tier one investors like Trilantic and EIP, Powin’s immediate and long term prospects are immense. Cascadia was honored to work alongside a stellar management team in achieving this result and we look forward to seeing what they will accomplish in the future.”
Cascadia Capital has extensive experience in the energy storage sector. We expect this sector to continue to thrive as global electrification of transport and the rising prevalence of renewables on the grid continue to drive energy storage demand. The acquisition represents another successful transaction for Cascadia in the Energy Storage sector. Past transactions include the sale of Demand Energy Networks, Inc. to Enel Green Power North America and the sale of 1 Energy Systems to Doosan (now Doosan Gridtech).
For more information about this transaction, please contact the Cascadia Capital deal team:
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