Battery storage to provide critical capacity and grid support services
TUALATIN, Ore. - May 24, 2017 - Powin Energy Corporation (stock symbol: PWON), a leading next generation provider of fully integrated energy storage solutions for utilities, C&I, and microgrid applications, has signed a contract with San Diego Gas & Electric (SDG&E) for a 6.5 MW/26 MWh battery energy storage system project. If approved by the California Public Utilities Commission (CPUC), the project will be located in an historic orange processing facility in Escondido, California, where it will be efficiently integrated with the electrical grid and enhance electricity reliability. It will also help re-vitalize the surrounding community through infill development. This highlights the flexibility of Powin Energy's Stack140 to be located where energy storage is needed and sized based on an end user's specific requirements.
Powin's battery storage system will optimize the output of clean sources of energy with grid demand that doesn't always coincide with the intermittent production of distributed resources. Additionally, Powin Energy's storage technologies and grid services are dynamic and cost-effective, giving SDG&E additional flexibility for managing its energy resources, creating great upside value for its customers.
"I appreciate the confidence SDG&E has shown in Powin Energy by selecting us for this important project. We continue to find that utilities and IPPs see tremendous value in the fact we do our own engineering, software development, and manufacturing. It makes it easy for us to be adaptable to a given project's unique requirements rather than offering one-size-fits-all solutions," said Geoffrey Brown, president of Powin Energy.
The CPUC has mandated that SDG&E procure a total of 165 MW of energy storage by 2020 with all projects being fully operational by 2024. Because of this, SDG&E has been one of the most active utilities in the country at deploying energy storage with over 94 MW of deployed or contracted storage across 20 projects according to the Department of Energy's Energy Storage Database.
Powin Energy also installed a 2 MW/8 MWh energy storage system in under six months in Irvine, California, for Southern California Edison that is part of the CPUC's response to the Aliso Canyon natural gas leak.
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 Stack 140 systems are operated by Powin's proprietary bp-OS software that received patents in both the United States and China in 2016 and 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 (stock symbol: 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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