Will be largest energy storage rollout in Canada
TUALATIN, Ore. - June 15, 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, announced today that it is partnering with Hecate Energy to build, deliver, and install projects with a total capacity of 12.8 MW/52.8MWh at two sites in Ontario, Canada. Powin's modular Stack140 - powered by their exclusive bp-OS battery management software - will be the building block for each storage system.
"We're proud to have been chosen by Hecate for this project as Ontario is at the forefront of deploying energy storage for frequency regulation, voltage control, and reactive power support," said Geoffrey Brown, President of Powin Energy. "This will be the largest installation in Powin's history and - much like our recently commissioned project for Southern California Edison - will be deployed on an extremely aggressive timeline."
The projects were all contracted with Independent Electricity System Operator (IESO) as part of their long-term energy plan. These six projects comprise the largest rollout of energy storage in Canada and are expected to be online by the end of September 2017. The projects will be split across two sites in Kitchener and Stratford, Ontario. The system in Stratford will be housed inside of a newly constructed building specifically designed to support twenty Powin Energy 2 MWh battery arrays. At the Kitchener location, six Powin Energy 2 MWh 40-foot outdoor battery energy storage products will be deployed.
Powin Energy recently installed a 2 MW/9 MWh energy storage system in under six months in Irvine, California, for Southern California Edison that is part of the California Public Utilities Commission's response to the Aliso Canyon natural gas leak.
"We selected Powin Energy for this project because they are a responsive partner with a history of rapidly delivering fully integrated utility-scale energy storage systems," said Chris Bullinger, Hecate Energy President and CEO. "Their technology agnostic bp-OS will also enable smooth integration with our top level controls and create a seamless storage system for the IESO."
Powin Energy's Stack140 is a modular, flexible, purpose-built 140kW battery array that is easily and cost-effectively scalable from 125 kW to multiple megawatts using indoor cabinets or 20 or 40 foot containers for outdoor installations. It is powered by Powin's patented bp-OS battery management software and includes the industry-exclusive Battery Odometer and Warranty Tracker™. Powin's supply chain expertise, modular design, and software proficiency streamline installation and seamlessly integrate battery energy storage into diverse projects and use cases.
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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