Chinese Firm Invests $25M in Energy Storage Company
SF Suntech, a solar product manufacturer and wholly-owned subsidiary of Shunfeng Photovoltaic International (Shunfeng) is investing $25 million in Powin Energy pursuant to a Share Subscription Agreement, which also granted SF Suntech an option exercisable within two years to acquire another 30 percent of Powin Energy for $37.5 million.
Powin Energy, a company incorporated in Oregon, specializes in integration and development of scalable energy storage technologies for grid-level applications, commercial customers, and transportation, such as turnkey vehicle battery retrofits and electric vehicle charging stations.
Pursuant to a related Shareholder Agreement, SF Suntech will appoint four directors from a seven-person board of Powin Energy upon completing the $25 million investment. The transaction is scheduled to close August 29, 2014.
Mr. Zhang Yi, Chairman of Shunfeng, said in a statement, “We view the technology of Powin Energy as of strategic significance to our strategy of developing and deploying large-scale energy storage devices throughout China and elsewhere in the world.
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