Suntech Jumps Into Energy Storage With $25 Million Investment
Suntech was the largest solar module manufacturer in the world for years, then a combination of some illegal moves and a harsh financial environment for solar module manufacturers crushed the company, leading it to bankruptcy. Suntech is finally on the upswing after all of that. However, rather than focusing solely on solar, the Chinese company is now looking to get into the next big emerging market, energy storage.
Suntech has reportedly invested $25 million into US energy storage company Powin Energy. That gives it a 30% stake in the company. Suntech also gets to appoint 4 of the 7 Powin Energy board members, and it can also acquire another 30% of Powin Energy with a $37.5 million investment.
Powin Energy uses lithium-ion batteries in its battery energy storage system. The storage system is for grid-scale energy storage.”Each unit has a total useful storage capacity from 250 to 500kWh with power converters capable of both charging and discharging the storage battery at a rate of 60 to 240kW using commands sent over a web-based user interface.”
Image Credit: Powin Energy