Juhl Wind, Inc. Announces Agreement With Zinc Air for Installation of a Mega Watt Scale Advanced Storage System at the Woodstock Hills, Minnesota Wind Farm
WOODSTOCK, Minn., July 25, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTCBB: JUHL), the leader in Community Wind Power, today announced it recently signed a Letter of Intent with Zinc Air, Inc. for the installation of a 1 Megawatt advanced energy storage system developed by Zinc Air. Juhl Wind plans to install the system at its recently acquired Woodstock Hills wind farm located near the Company's headquarters in Woodstock, Minnesota.
Zinc Air Inc., based in Kalispell, Montana, is the developer of a Zinc Redox flow battery designed to achieve rapid payback periods while also being the greenest battery technology on the market. This competitive storage solution allows a wind farm to store and shift wind power for flexible use by utility operators.
"We selected Zinc Air and its core technology for our first system because we believe it offers the combination of being the most advanced technology along with the most environmentally safe option in the field of energy storage," stated Dan Juhl, Chairman and CEO of Juhl Wind. "We have carefully studied the growth in storage technologies because we believe large scale storage will unlock the full value of wind power. If we can build a combination wind farm with storage for the cost of a new coal plant, we are confident we can deliver totally clean electricity that can compete head-to-head with the wholesale energy market today and into the future. With no fuel costs and all of the obvious health benefits, if we can deliver a dispatchable resource that is head-to-head competitive, wind power can grow even more rapidly. At Juhl, we want to be on the forefront of this next wave of wind power."
The first phase of the project will provide for the development and installation of the grid storage system based on securing a revenue arrangement from a utility buyer or within the MISO marketplace. Zinc Air battery chemistry reduces fundamental costs through the use of locally abundant and non-hazardous materials that results in a simpler system.
"Zinc Air Redox products are designed to have the highest round-trip energy efficiency, multiple revenue applications, and lower cost of operation, as to achieve best payback periods, while still being the greenest battery technology in the market. We have designed the product with the end customer in mind first," stated Peter Walters, COO of Zinc Air Inc. Using a flow battery technology, Zinc Air Redox Energy Storage Systems are well-suited for grid storage applications, including energy peak shifting and renewables (solar/wind) integration, designed to address the issues of matching demand with supply and variability.
We look forward to working with Juhl Wind on this initial program and the additional follow-on utility-scale storage systems programs," stated Dave Wilkins, President and CEO of Zinc Air Inc. "As one of the leading developers of wind power, Juhl Wind is a strategic partner that establishes Zinc Air in the critical wind energy market. The wind energy market and other renewable markets will continue to be a focus for the company in order to best exploit flow battery technology."
"When we acquired the Woodstock Hills wind farm this spring, we did so with a plan to ultimately add on our first utility-scale, storage system," added John Mitola, President of Juhl Wind, Inc. "We are confident that a successful initial project can set the stage for larger growth of wind power in general and of course, for Juhl Wind and our farmer partners. Competitive, reliable storage can be a real game-changer for wind power and the entire utility grid. And, as we continue acquisitions of existing wind farms, the ability to bolt on storage can completely boost the economics of an existing project."
About Juhl Wind Inc.
Juhl Wind is an established leader in Community Based Wind Power development and management, focused on wind farm projects throughout the United States and Canada. Juhl Wind pioneered community-based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms. To date, the Company has completed 18 wind farm projects and provides operations management and oversight across the portfolio. Juhl Wind services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. With its acquisition of the Woodstock Hills wind farm in April of 2011, the Company now owns and operates a 10.2 MW wind farm. Through its Next Generation Power Systems subsidiary ("NextGen'), Juhl Wind also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. Juhl Wind is based in Woodstock, Minnesota and is traded on the OTCBB under the symbol JUHL. Additional information is available at the Company's website at www.juhlwind.com or by calling 877-584-5946 (or 877-JUHLWIN).
About Zinc Air Inc.
ZAI is a privately held corporation headquartered in Kalispell, MT. It is focused on the development of sustainable energy storage solutions for smart grid applications that require demanding performance and reduced economic payback periods. ZAI is committed to providing the "greenest" battery technology using zinc chemistry, which is abundant, inexpensive and environmentally friendly. ZAI is productizing grid-scale storage technology to provide the next generation of energy storage systems for smart grid applications with the integration of wind energy and other renewable generation. For more information on ZAI, please contact the company by email at email@example.com.
Juhl Wind Investor Relations
Phone: (888) 438-JUHL (438-5845)
Fax: (585) 232-5457
FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Wind's current expectations about its future results, performance, prospects and opportunities. Juhl Wind has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Wind and are subject to a number of risks, uncertainties and other factors that could cause Juhl Wind's actual results, performance, prospects or opportunities in the remainder of 2011 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to any specific projects and wind farm assets mentioned herein. New projects are subject to large, third party risks that may not be in control of Juhl Wind including the timing of funding and actual construction. While new wind farms noted from time to time are large-scale construction projects, Juhl Wind may not be the primary contractor for the provision of certain services, as it is in certain of its other projects. These risks are referenced in Juhl Wind's current 8K or as may be described from time to time in Juhl Wind's subsequent SEC filings; and such factors as incorporated by reference.
SOURCE Juhl Wind, Inc.