Powin to market energy storage products
By Erik Siemers, Business Journal staff writer
Business Journal staff writer
Powin CEO Joseph Lu took his company public last year and is adding renewable energy to its list of products.
The Powin Corp. on Tuesday said it has formed a joint venture with a Chinese manufacturer to market and distribute a line of energy storage products across North America and South Africa.
Tigard-based Powin (OTCBB: PWON), a manufacturer and distributor of products ranging from fitness equipment and gun safes to wooden bedroom furniture and renewable energy products, said its new joint venture with Shandong RealForce Enterprises Co. Ltd. could add 10 percent to the company’s annual revenue this year.
Powin had $48 million in sales last year.
The newly formed RealForce-Powin LLC will be based in Tigard where it will work to market a line-up of lithium-ion batteries, storage batteries, energy storage power plants, solar cells and other related products across the United States, Canada, Mexico and South Africa.
In a news release, Powin said Shangdong RealForce Enterprises is valued at $1.2 billion and has more than 2,200 employees, about 200 of which are in research and development.
“There is a worldwide demand for the products which the joint venture will be manufacturing and marketing,” Powin CFO Ron Horne said in a news release. “We believe this joint venture is the most important in the history of the Powin Corporation and we look forward to keeping our investors updated on our accomplishments and progress.”
Powin’s shares were trading at 45 cents Tuesday. Its shares have traded between 30 cents and 52 cents in the past 52 weeks.
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