Powin Energy Closes Project Financing from Brookfield Renewable for its Stratford Energy Storage System
Powin Energy Corporation (stock symbol: PWON), a leading manufacturer of fully integrated energy storage solutions, has secured construction to term project financing from leading renewable power company Brookfield Renewable Partners L.P. (TSX: BEP.UN) (NYSE: BEP) for its 8.8 MW/40.8 MWh Stratford Energy Storage Project in Stratford, Ontario, Canada.
TUALATIN, Ore. - October 17, 2017 - Powin Energy Corporation (stock symbol: PWON), a leading manufacturer of fully integrated energy storage solutions, has secured construction to term project financing from leading renewable power company Brookfield Renewable Partners L.P. (TSX: BEP.UN) (NYSE: BEP) for its 8.8 MW/40.8 MWh Stratford Energy Storage Project in Stratford, Ontario, Canada. The non-recourse debt financing will support the project that is currently under construction and expected to be operational by the end of 2017.
"Securing non-resource financing is a critical step for energy storage assets themselves as well as the broader market. We believe that closing a deal of this nature with a well-respected group like Brookfield is indicative of market maturation and Powin's future prospects," said Geoffrey Brown, President of Powin Energy. "I'm proud of our team that once again raised the bar in battery storage."
The Stratford ESS is contracted with the Ontario Independent Electricity System Operator (IESO) as part of IESO's long-term energy plan to provide key ancillary services including reactive support, voltage control, and peaking power to the grid through energy storage technologies.
With a usable capacity of 40.8 MWh, when commissioned it will be the largest contracted battery energy storage project in Canada. It will consist of 300 Powin Energy Stack140 systems housed inside a newly constructed, purpose-built warehouse and will be connected to inverters from both Eaton and EPC. The construction outfit Ellis Don broke ground on the building in mid-July, with work on the battery array beginning in late August.
Powin's Stack140 utilizes lithium iron phosphate (LFP) batteries. The chemistry was chosen for its high thermal stability, long cycle life and well-established track record of performance. At its expected usage rate of one full cycle per day, the system will have a lifespan of over 20 years.
With the completion of the Stratford Project, Powin will have brought over 50MWh of utility scale battery storage on-line in 2017. In August, Powin announced they secured a 26 MWh energy storage contract with San Diego Gas & Electric (SDG&E), bringing the company's total contracted backlog to 70 MWh.
About Powin Energy Corporation
Powin Energy's (stock symbol: PWON) sole focus is creating and deploying 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. Powin's Stack140 modular battery system features a 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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