ROCHESTER, N.Y., Sept. 12, 2012 /PRNewswire/ -- Arista Power, Inc. ("Arista Power") (OTCBB: ASPW) was awarded the Technology Services Award at the second annual GREAT (Greater Rochester Excellence & Achievements in Technology) Awards held by Digital Rochester. The Technology Services Award is awarded to an individual and organization that has shown sustained commitment and leadership in support of new technology creation that provided enabling services or resources for other organizations to reach their goals and objectives. Arista Power and CEO Bill Schmitz received the award for developing the Power on Demand system that stores electricity for commercial customers and then releases it when peak demand and costs are highest, thereby reducing utility charges.
Digital Rochester, whose mission is to strengthen and grow the region's technology community through education and networking, recognized a variety of companies and individuals at the event. The GREAT Awards' vision is to recognize the Greater Rochester community's entrepreneurial spirit in technological achievement for advancing commerce and resource conservation. "This type of ceremony is important for Rochester," said Lisa Doerner, Executive Director of Digital Rochester. "We need to shine the spotlight on these successes in technology and innovation to raise awareness across the country that Rochester is succeeding."
Cherrie Mahon, Arista Power's Vice President of Investor Relations and Communications, said, "Arista Power is thrilled to be amongst such a great collection of innovative companies that are bringing valuable technologies to market. Historically, Rochester has entrepreneurship and innovation in its veins - that's a major force in continuing to influence those of us in Rochester to create and implement new ideas and technology – and take them successfully to market."
Bill Schmitz, CEO of Arista Power, said, "We are honored that Digital Rochester chose to award us the Technology Award, recognizing the innovativeness and the value our Power on Demand system offers. Utilities are supplementing the dollars needed to upgrade the grid, by implementing demand charges. These demand charges are squeezing businesses by becoming up to 70% of their total monthly utility bill. By using our Power on Demand systems, companies can alleviate these charges. We are flexible enough to offer a variety of solutions customizable to customers' sites and power needs."
Arista Power's Power on Demand system is designed to reduce electricity demand charges, which are based on a customer's peak power demand on the grid and which can account for 30% to 70% of a commercial electric bill.
Arista Power's Power on Demand system, a proprietary, patent-pending system is designed to utilize energy generated by solar PV, wind turbines, or the grid itself together with a custom-designed battery storage system and a proprietary real-time "smart monitoring" technology. The monitoring system is designed to smooth power demand on the grid by maintaining grid demand within optimal parameters and releasing stored power only during peak demand periods, thereby reducing peak demand charges, prolonging battery life, and lowering commercial electricity costs.
About Arista Power, Inc.
Arista Power, Inc. is a developer, manufacturer, and supplier of custom-designed power management systems, renewable energy storage systems, WindTamer wind turbines, and a supplier and designer of solar energy systems. Arista Power's patent-pending Power on Demand system utilizes inputs from multiple energy sources including wind, solar, fuel cells, and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. Arista Power also sells a Mobile Renewable Power Station (MRPS) that utilizes energy generated from wind, solar PV, generators, fuel cells and other energy-generating devices that is stored in an integrated onboard storage device for military and other applications, and a stationary, scalable Renewable Power Station (RPS) that can be drop-shipped to off-grid locations to be used as a micro-grid. Arista Power's diffuser-augmented WindTamer wind turbine utilizes a patented technology for the production of electrical power. For more information on Arista Power, visit the Company website at AristaPower.com. View, Like, and Follow the Company's social media platforms at:
About Digital Rochester, Inc.
Digital Rochester is made up of professionals and companies working together to strengthen the Greater Rochester Area's technology business community. Digital Rochester was founded in 2000 and continues to evolve as an organization with a passion for technology. Digital Rochester events and community services include a wide array of educational and networking activities designed to support the growth and success of the Rochester business community. To learn more about Digital Rochester, visit: digitalrochester.com
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Arista Power, Inc. cautions investors not to place undue reliance on forward-looking statements, which reflect Arista Power's analysis only as of today's date. There can be no assurance that such forward-looking statements will prove to be correct, and actual results could differ materially. Arista Power undertakes no obligation to publicly update forward-looking statements. Further information on these factors, and other factors that could affect Arista Power's financial results, is included in Arista Power's Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K.
SOURCE Arista Power, Inc.