TUALATIN, OR--(Marketwired - May 24, 2017) - Powin Energy Corporation (
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 Stack140 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 (
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.