POWIN TO ACCELERATE GLOBAL GROWTH WITH SAMSUNG C&T CORPORATION'S SUPPORT

Samsung Venture Investment Corporation, as general partner of the fund managed on behalf of Samsung C&T Corporation, invests in Powin to expand support of projects behind energy transition

PORTLAND, Ore., June 15, 2022 /PRNewswire/ -- Powin LLC, a global leader in the design and manufacture of safe and scalable energy storage solutions, today announced that it has signed an agreement to sell a minority interest to and obtain strategic equity funding from Samsung Venture Investment Corporation, a fund managed on behalf of Samsung C&T (Engineering & Construction Group), a global Engineering Procurement and Construction firm that has built some of the world's most iconic infrastructure projects. As a part of the agreement, Samsung C&T has designated Powin as a preferred storage provider and will bid for new projects with Powin as the BESS hardware and software provider.

The partnership will enable Powin to accelerate its international expansion into key markets including the Middle East and Southeast Asia. The transaction also allows Samsung C&T to invest in the long-term growth of a BESS platform that aligns with its corporate objectives to support the energy transition. The transaction marks the first strategic agreement that Samsung C&T has entered with a BESS integrator.

Powin CEO Geoff Brown said, "We are pleased to establish a strategic and forward-looking partnership with Samsung C&T as we accelerate our international growth. The long-term relationships that Samsung C&T has built with customers across the globe and their project execution experience and reputation will be instrumental as we enter new markets. We look forward to learning from Samsung C&T's immense execution experience as we build the future of energy."

Samsung C&T Executive Vice President Byungsoo Lee said, "Samsung C&T has enhanced its competitiveness in the global BESS market through strategic partnership with Powin, and furthermore, this agreement is expected to be part of strengthening Samsung's global strategy to move forward eco-friendly business portfolios in the renewable sector."

About Powin, LLC (Powin):

Powin is a global leader in the design and manufacture of safe and scalable energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted, and distributed, helping the world achieve decarbonization objectives. Powin has delivered over 2,500 MWh of BESS in 12 states and eight countries, and has a contracted pipeline to supply over 6,500 MWh of energy storage systems globally over the next three years. To learn more, please visit www.powin.com.

About Samsung C&T(Engineering & Construction Group):

Samsung C&T Engineering and Construction Group is a global leading EPC constructor with more than 40 years of experience operating throughout the world. The group has a variety of experienced construction and engineering professionals ranging from industrial plants to renewable energy, and utilizes the latest and the most advanced techniques, tools, and solutions to deliver the highest value to all its clients. Its landmark projects include the Burj Khalifa - the world's tallest building, Riyadh Metro Project in Saudi Arabia, and the UAE's Barakah Nuclear Power Plant Project. To learn more, please visit www.samsungcnt.com.

SOURCE Powin Energy