Suntech Invests $25 Million In U.S. Energy Storage Developer

Oregon-based Powin Energy Corp. has secured an investment of $25 million from SF Suntech Inc., a wholly-owned subsidiary of China-based Shunfeng Photovoltaic International Ltd.

Powin Energy is developing scalable energy storage technologies for grid-level, commercial and transportation applications.

Under the terms of the investment agreement, $5.2 million of the funds will be used to pay off a loan owing to its parent company, Powin Corp. The balance will be used by Powin Energy for working capital and other purposes.

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