Powin Energy (OTCQB: PWON), a leading next generation provider of fully integrated energy storage solutions for utility, commercial and industrial, and microgrid applications, announced on August 2, 2018, that it has been selected by Adon Renewables to provide energy storage systems for a portfolio of seven solar plus storage projects in Hawai'i. Each site will store solar energy not used during daylight hours and then discharge that energy for the customer's use each evening when the sun goes down. Over time, Powin and Adon Renewables will leverage Powin's site management software and its patented Battery Pack Operating System (bp-OS) to provide a wide array of services to both the onsite customer and the utility. These services may include: frequency and voltage regulation, local capacity augmentation, emergency services, and load control.
"Hawai'i is a very important market for energy storage because of the state's aggressive goal to run on 100% renewable energy by 2045, so we're pleased to have built this partnership with Adon Renewables and secured the first of what we hope to be many projects with them on the islands," said Geoffrey Brown, President of Powin Energy. "The state has already installed a large amount of solar both residentially and commercially, but all of these distributed resources have created an urgent need for energy storage to maintain system frequency and voltage as well as energy shifting from daytime to peak periods in the evening when it is needed most."
Each Powin Energy Stack140 storage system will be coupled with solar PV panels and will be controlled by Powin's bp-OS that was patented in both the United States and China in 2016. The batteries will be charged with excess energy from the solar panels during the day when loads are lightest and utility rates the lowest. The batteries will then be fully discharged each evening to provide additional power during periods of increased grid load, thus allowing the facilities to avoid the highest rates.
The initial seven sites feature prominent customers such as the iconic Boy Scouts of America and marquee resort property Aqua Kauai Beach Resort.
"We looked at numerous energy storage systems and Powin Energy is clearly a step ahead of the pack with their bp-OS that gives insight to the system that other battery management software doesn't provide," said Michael Chen, President of Adon Renewables. "This combined with their leadership team's renewable and distributed energy resource expertise gave us the confidence to plan the rollout of a large portfolio of projects with Powin."
Powin Energy's Stack140 is a modular, purpose-built 140 kWh battery array that easily and cost-effectively scales from 125 kW to multiple megawatt applications. It is available in both indoor and NEMA 3R outdoor models, each of which is engineered to maximize energy density and minimize system footprint. All Stack140 systems are operated by Powin's proprietary bp-OS software that includes the industry-exclusive Battery Odometer and Warranty Tracker . Powin's supply chain expertise, modular design, and software proficiency streamline installation and make integrating energy storage into projects pain free.
About Powin Energy Corporation
Powin Energy (OTCQB: PWON) is incorporated in the state of Nevada and is creating the next wave of safe and scalable battery energy storage that is purpose-built for the demands of utility-scale, commercial and industrial, and microgrid applications. The company's Stack140 modular battery system features its patented Battery Pack Operating System (bp-OS) that provides critical insight into system functions and lifespan via the proprietary Battery Odometer and Warranty Tracker . Powin was incorporated in Oregon in 1990 and has spent almost three decades perfecting supply chain management. Combined with the management team's decades of successful leadership experience in the energy, storage, and utility industries, Powin Energy is able to deliver exceptional value to large-scale energy projects. For more information, visit http://PowinEnergy.com/. Investors can find real time quotes and market information for the company at http://www.otcmarkets.com/stock/PWON/quote
Forward Looking Statements
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of Powin Corporation and Powin Energy Corporation. The words "will", "believe," "expect," "intend," "plan," "should" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of Powin Energy Corporation with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of Powin Energy Corporation to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, or financial information, including, among others, the failure to realize the anticipated benefits of the merger; risks entailed in integration, including employee retention and customer acceptance; the risk that the merger will divert management and other resources from the ongoing operations of the business or otherwise disrupt the conduct of the businesses, potential litigation associated with the merger, and general risks associated with the business of Powin Corporation and Powin Energy Corporation, including changes in the markets in which the businesses operate and in general economic and business conditions, loss of key customers, key customer acceptance of new battery storage technology, ability to completely fund operations to meet potential customer orders, changes in government regulation and tax policy, availability of tax credits, changes in carbon reduction requirements imposed on utilities, unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, whether referenced or not referenced in this press release. Various other risks and uncertainties may affect Powin Energy Corporation and its results of operations, as described in reports filed by the Powin Energy Corporation with the Securities and Exchange Commission from time to time, including its annual report on Form 10-K for the year ended December 31, 2015. Powin Energy Corporation does not assume any obligation to update these forward-looking statements.
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