SPI said Powin has patents and patent-pending positions in key areas of energy storage, including grid-scale and commercial storage systems, and electric vehicle (EV) charging.

SPI will make the investment via SF Suntech, the subsidiary formed when it acquired the rump of the former Chinese PV manufacturer.

The deal includes an option for SF Suntech to acquire another 30% of Powin within two years for a further $37.5m.

The