Powin - Comprehensive Analysis Report

Summary

Powin, LLC, commonly known as Powin Energy, was a U.S.-based global energy storage integrator headquartered in Tualatin, Oregon. Founded in 2010, the company aimed to lead the sustainable transformation and decentralization of the electrical grid through advanced energy storage solutions, enabling clean, resilient, and affordable power. Powin’s mission was to be the world's most trusted energy storage provider, offering safe and cost-effective solutions for utilities, independent power producers (IPPs), and large energy consumers. The company played a significant role in integrating renewable energy and enhancing grid stability globally.

During 2025, Powin faced significant financial challenges, leading to a Chapter 11 bankruptcy filing in June 2025. Subsequently, in August 2025, FlexGen Power Systems acquired a substantial portion of Powin’s assets, including intellectual property, software, hardware, IT systems, and spare parts inventory, as approved by the U.S. Bankruptcy Court. The acquisition by FlexGen ensures continuity for Powin's customers and integrates Powin's technology into FlexGen's offerings, marking a significant shift in Powin's operational landscape.

1. Strategic Focus & Objectives

Powin's strategic focus was on the design, development, and deployment of vertically integrated, end-to-end battery energy storage systems (BESS).

Core Objectives

Grid Transformation: To lead the sustainable transformation and decentralization of the electrical grid.

Renewable Integration: Increase the penetration of renewable energy sources through advanced energy storage.

Grid Stability: Deliver solutions that ensure grid stability, facilitate renewable energy integration, enable peak shaving, and manage demand charges for various applications.

Cost-Effectiveness and Safety: Provide safe and cost-effective energy storage solutions.

Specialization Areas

Vertically Integrated BESS: Designing, developing, and deploying end-to-end battery energy storage systems, controlling the full integration from battery cell procurement to project operation.

LFP Battery Chemistry: Championing lithium iron phosphate (LFP) battery chemistry for its safety and durability.

Supply Chain Diversification: Actively working to diversify battery cell vendors and strengthen global and U.S. supply chains.

Modular and Scalable Solutions: Delivering modular hardware architecture that scales from kilowatts to hundreds of megawatts for various applications.

Target Markets

Utility-scale projects

Commercial and Industrial (C&I) applications

Microgrid applications

2. Financial Overview

Funding History

Powin Energy raised a total of $260 million across three funding rounds during its operational history.

Latest Funding Round: A $135 million Series C round on July 14, 2022.

Key Investors: Led by GIC, Singapore's sovereign wealth fund, with participation from existing investors Trilantic Capital Partners North America and Energy Impact Partners.

Fund Utilization: The funding was intended to scale global manufacturing, further develop its product suite, and support relationships with international suppliers.

Impact on Company Growth: This round significantly bolstered Powin's financial capacity to expand its market leadership.

Credit Facility: In October 2024, Powin secured a revolving credit facility of up to $200 million, primarily from insurance accounts managed by KKR, aimed at bolstering working capital, driving innovation, and enhancing financial flexibility.

Equity Investors: Greenbelt Capital Partners and Arroyo Energy Investment Partners also participated as equity investors.

Recent Financial Developments

Powin faced significant financial challenges that culminated in a Chapter 11 bankruptcy filing in June 2025. The company cited severe liquidity constraints, overdependence on trade credit, increasing assertions of liquidated damages, and damaged credibility with customers as reasons for the filing. Bankruptcy documents revealed assets and liabilities ranging from $100 million to $500 million, with an estimated $300 million in unsecured debt. Several Chinese companies were listed among the top unsecured creditors.

In August 2025, FlexGen Power Systems acquired a substantial portion of Powin's assets, including its intellectual property, software, hardware, information technology systems, and spare parts inventory, following approval by the U.S. Bankruptcy Court.

3. Product Pipeline

Powin's product pipeline comprised a suite of integrated battery energy storage systems (BESS) designed for various applications. As of the end of 2024, Powin had over 17 GWh of energy storage systems either deployed or under construction worldwide.

Key Products/Services

Powin Pod:

Description: A 20-foot liquid-cooled container system.

Development Stage: Launched in May 2024 as their newest and most powerful platform.

Target Market/Condition: Designed for utility-scale projects.

Key Features and Benefits: Delivers up to 5 MWh per unit, featuring cell-level monitoring and advanced cybersecurity.

Powin Centipede:

Description: A modular BESS platform.

Development Stage: Integral to ongoing projects like the Ravenswood solar-plus-storage microgrid, set to begin construction in 2025.

Target Market/Condition: Enables the installation of 200 MWh of LFP battery storage within an acre's footprint, ideal for long-duration energy solutions and off-grid operations for industrial facilities.

Key Features and Benefits: High volumetric energy density and modularity, emphasizing efficient land use.

Powin Stack™ (and Stack230, Stack750, Stack800):

Description: A modular hardware architecture for energy storage systems.

Development Stage: Actively deployed in various configurations.

Target Market/Condition: Scalable from kilowatts to hundreds of megawatts, supporting utility-scale, commercial & industrial, and microgrid applications.

Key Features and Benefits: Designed for efficient scaling from MWhs to GWh scale, offering flexibility and adaptability across diverse project requirements.

4. Technology & Innovation

Technology Stack

Core Platform: StackOS™ operating system, an integrated platform built from hardware and software designed for seamless operation.

Proprietary Developments:

StackOS™ Capabilities: Serves as an all-encompassing Battery Management System (BMS), Energy Management System (EMS), and Thermal Management System (TMS). It controls all aspects of an energy storage system, including the Power Conversion System (PCS), Fire Suppression Systems (FSS), HVAC, and Battery Stacks. StackOS provides precise cell-level monitoring, control, and safety, offering insights down to the individual battery cell. It incorporates proprietary active balancing modes adjusted for various use cases to maximize available energy and battery life, along with a dynamic suite of applications for real-world scenarios.

Vendor-Agnostic Cell Integration: Powin's technological approach allowed for flexibility in battery supply while maintaining consistent control and software platforms.

Battery Odometer and Warranty Tracker™: These features, part of its patented Battery Pack Operating System (bp-OS), monitor capacity degradation, calculate remaining battery lifetime, and track battery usage data to prevent warranty violations and maximize operational uptime.

Scientific Methodologies:

Battery Lab: Established in Tualatin, Oregon, in 2020, this facility tests over five million cells daily. It characterizes and validates batteries from cell to system to ensure high performance, better warranties, and enhanced safety. The lab conducts technical and performance evaluations, manages data, and collects extensive field data for predictive diagnostics and proactive maintenance.

Advanced Algorithms: Employs advanced State of Charge (SOC) estimation algorithms for optimal battery management.

Technical Capabilities: Extensive expertise in LFP battery chemistry, thermal management, and system integration.

Patents and Intellectual Property

Powin Energy Corp. holds several patents crucial to its BESS technology:

Battery Pack Operating System (bp-OS): This patented software, engineered for energy storage system use cases, received patents in both the United States (US20140015469 A1) and China. It focuses on balancing individual cells to an optimized level by connecting each battery pack to the network, a method distinct from EV battery management systems that often maintain equilibrium across entire arrays. This approach aims to minimize voltage differentials and optimize performance and longevity.

Battery Energy Storage System and Control System and Applications Thereof: Patents (e.g., US10536007, US10270266, US9882401) by inventors such as Virgil Lee Beaston and Robert Nelson Tyrrell, describe core aspects of their BESS architecture and control strategies.

Electrical Energy Storage Unit and Control System and Applications Thereof: A patent (e.g., US10263436) builds upon the core BESS architecture.

Modular Unit, for use in a modular battery system: A patent application highlights their modular hardware design.

Enhanced Switched Balancing Network for Battery Pack: A granted patent (US10978884) by inventors Stu Statman and Geoff Brown, further emphasizes their cell balancing capabilities.

5. Leadership & Management

Executive Team

Jeff Waters (CEO and Board Member): Appointed effective August 15, 2023, he previously served as CEO of Maxeon Solar Technologies, leading its spin-off from SunPower and a turnaround. His background includes senior leadership in electronic materials and semiconductors. He was replaced by Brian Kane in October 2025 during bankruptcy proceedings.

Glenn Jacobson (Chairman): Serves as Chairman of the Board.

Joseph Lu (Chairman Emeritus, Founder): Founded Powin Corporation in 1990 and served as its President and later CEO, transitioning to Chairman Emeritus.

Tom O'Flynn (Chief Financial Officer): Joined as CFO on January 19, 2022, bringing over 30 years of experience in electric power and utilities, including CFO roles at AES Corporation and PSEG. Kevin Paprzycki was appointed CFO in March 2025.

Kirk Fleischhauer (Chief Operating Officer): Known for his role in strategic partnerships and emphasizing ESG principles in the supply chain.

Virgil Beaston (Chief Technology Officer): Has been CTO since 2011 and was elected to the Board of Directors in August 2016. An engineer and patent attorney, he is an inventor on several of Powin's patents.

Brian Kane (Chief Projects Officer; formerly VP of Project Success; CEO in bankruptcy context): Joined as VP of Project Success in September 2021. He was named CEO in October 2025 during the company's Chapter 11 bankruptcy process, replacing Jeff Waters.

Rachel Livek (Chief Human Resources Officer): Appointed in September 2021, she has over 15 years of experience in strategic HR and workforce development.

Recent Leadership Changes

On August 15, 2023, Jeff Waters was appointed CEO, succeeding Geoff Brown, who transitioned to a strategic advisor role and remained on the Board.

In October 2025, during the company's Chapter 11 bankruptcy proceedings, Brian Kane, previously Chief Projects Officer, was appointed CEO, replacing Jeff Waters.

In March 2025, Kevin Paprzycki was appointed as Chief Financial Officer.

6. Talent and Growth Indicators

Hiring Trends and Workforce

Powin's workforce estimates varied, with reports showing approximately 600+ employees in 2024 and 250-500 employees in early 2025. In December 2020, the employee count was about 100. The company had previously expressed intentions to expand its workforce, anticipating hiring 50-75 more people in 2022 to support growth.

However, following its Chapter 11 bankruptcy filing in June 2025, Powin experienced significant workforce reductions and layoffs. The company notified authorities in Oregon of potential layoffs for at least 250 employees. At one point, only 85 employees reportedly remained. Following the acquisition of Powin's assets by