Shunfeng Photovoltaic International Ltd., a Hong Kong-based maker of solar products, said its unit SF Suntech Inc. will buy a 30 percent stake in U.S. energy storage company Powin Energy Corp. for $25 million.
SF Suntech has an option over two years to purchase another 30 percent of Powin for $37.5 million, according to a filing to the Hong Kong stock exchange yesterday.
Oregon-based Powin specializes in energy storage using lithium-ion batteries for big data centers, power plants and micro-grids, and devices that speed up battery charging.
Shunfeng’s plan to become a global clean-energy major has led to a spate of deals, including its $480 million acquisition of Wuxi Suntech Power Co., once the world’s largest panel maker, and the purchase of units from Sunways AG.
Once the first deal is completed, SF Suntech will be able to appoint four out of seven directors to the board of Powin, Shunfeng said.