New CFO and VP of Business Development bolster executive leadership team
TUALATIN, Ore. - Powin Energy Corporation (stock symbol: PWON), a leading next generation provider of fully integrated energy storage solutions for utilities, C&I, and microgrid applications, announced today that Craig Eastwood and Jan (pronounced Yahn) Jacobson are the newest members of the company's executive leadership team. Eastwood joined the company in March 2017 and is directing all fiscal functions for the company as chief financial officer. Jacobson has been with Powin Energy since January of this year and he is leading the company's commercial team and spearheading the development of new business and strategic partnerships as the vice president of business development.
"We were very meticulous and targeted in our search to fill these roles as it was extremely important to get the right people to join a team that is highly motivated and focused on delivering a best-in-class energy storage system," said Geoffrey Brown, president of Powin Energy. "With Craig and Jan, I think we nailed it. Craig is a seasoned financial executive with a strong background in general accounting, treasury, systems integration, investor relations, and other financial disciplines. Jan brings a wealth of business development experience from the energy storage industry."
Most recently, Eastwood was the corporate controller at Erickson, a leading specialty aviation company. He has also held senior financial leadership positions with ESCO, Daimler Trucks, and Pharmaceutical Product Development. He started his career in public accounting with Deloitte, is a licensed CPA, and earned his accounting degree from the University of South Africa.
Jacobson has an extensive energy industry background as he's delivered cutting-edge energy resources to leading Fortune 500 corporations and some of the world's largest electrical utilities. He developed projects for Acciona Energy and Pacific Gas & Electric Company, then moved on to management roles where he led project development in the Western U.S. and Asia for distributed energy startup Bloom Energy. Prior to joining Powin Energy, Jacobson led all technical business and project development for behind-the-meter energy storage developer Stem. Jacobson holds multiple engineering degrees from the University of Wisconsin.
"Powin Energy is at an important inflection point in the emerging energy storage industry," said Eastwood. "I anticipate that our success with Southern California Edison, combined with other projects we are working on, will set the stage for several exciting opportunities as the industry evolves and matures."
"I've been a part of a couple of energy industry startups, so it's not easy to impress me with flashy-looking technology, but Powin Energy has the most novel and likely disruptive intellectual property I've seen," said Jacobson. "Our project pipeline for 2017 is already very sound, but I look forward to elevating our outlook for the remainder of the year and beyond."
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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