Ameresco Inc. (NYSE:AMRC), a leading cleantech integrator, and Powin LLC (Powin), a global leader in the design and manufacture of safe and scalable battery energy storage solutions, today (May 12) announced that they have signed a long term non-exclusive purchasing framework agreement for Powin to supply Ameresco with 2,500 MWh of its modular BESS Stack750 product as part of its Centipede hardware platform.
The long-term purchase agreement is intended to supply a portion of Ameresco's BESS needs through mid-2025 and be utilized in Ameresco's project and asset installations for a wide array of customers ranging from small municipal utilities to large Federal projects. Ameresco chose Powin's system because the modular design of the Stack750 product is well suited for a variety of Ameresco's customer needs and requires decreased lead time to deploy, reduced space on-site, and a lower overall capital cost.
"Building on our experience with BESS projects across the globe, we are excited to agree to this supply to help meet our growing demand for battery energy storage technologies as a part of our comprehensive customer solution set," said Doran Hole, EVP and Chief Financial Officer, Ameresco. "As costs have declined and the technology matured, battery storage has rapidly become a go to clean energy technology. Whether as a standalone system or as part of an integrated solar or microgrid solution, BESS have become an integral technology for customers looking to increase energy resiliency and reliability. This agreement is designed to bolster our BESS availability with a high quality, flexible product and offer advantageous equipment delivery timelines to support our growing base of customers throughout our various vertical markets."
Earlier this year, Powin announced that it will produce its Centipede platform in North America, further supporting Powin's ability to navigate supply chain challenges and ensure its customers have the products needed to execute projects. Powin is uniquely positioned to nearshore Stack750 manufacturing due to the company's vertically integrated business model, diversified supply chain and control over the product design. By owning the product design and manufacturing from the Energy Management System (StackOS) down to the Powin battery module, Powin has become an industry leader in BESS safety, product quality, deployment agility and project reliability, passing extraordinary value on to Powin customers like Ameresco.
Geoff Brown, CEO of Powin, stated, "Ameresco has built a reputation as a trusted partner of the U.S. government, major corporations, and utilities in deploying renewable energy projects and battery energy storage systems. We are pleased that the Ameresco has selected Powin as one of their partners as they expand their energy storage business. With our new North American production facility, we plan to provide Ameresco with both the advanced, modular and energy-dense hardware required for their use cases as well as the experience needed to navigate supply chain constraints."
Over the past decade, Powin has worked to advance its patented battery management technology and develop market-leading product offerings. Headquartered in Oregon, Powin has built over 2,000 MWh of systems in 12 states and 8 countries. Powin has a contracted pipeline to supply over 5,800 MWh of energy storage systems globally over the next three years. To learn more about the use case examples and BESS solutions developed by Ameresco, visit: https://www.ameresco.com/batteries-and-energy-storage/.
About Powin, LLC (Powin):
Powin is a global leader in the design and manufacture of safe and scalable battery energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted, and distributed, helping the world achieve decarbonization objectives. To learn more, please visit www.powin.com.
About Ameresco Inc.:
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco's sustainability services in support of clients' pursuit of Net Zero include upgrades to a facility's energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
Contacts
Media:
Ally Copple: Ally@InnovantPR.com, 713.201.8800
Leila Dillon: news@ameresco.com, 508-661-2264
Ameresco Investor Relations:
Eric Prouty, AdvisIRy Partners, 212.750.5800, eric.prouty@advisiry.com
Lynn Morgen, AdvisIRy Partners, 212.750.5800, lynn.morgen@advisiry.com
