Reborn Chinese manufacturer Suntech is to spend US$25 million to acquire a 30% equity interest in US energy storage company, Powin Energy.
Suntech will also be able to appoint four of the seven members of Powin Energy’s board. Suntech has the option to acquire another 30% for US$37.5 million.
Powin Energy is part of OEM manufacturing firm Powin Corporation. It makes a containerised grid-scale storage product, a residential battery product and a solar/wind hybrid lighting system. Powin uses lithium-ion technology.
Powin also makes high-speed charging devices and EV charging equipment.
The announcement was made by Suntech’s parent company Shunfeng Photovoltaic International to the Hong Kong stock exchange. Shunfeng announced in June that it was planning a series of acquisitions but later closed talks over a geothermal investment.