Augwind Names Oren Helman as New Board Member

YAKUM, Israel, Nov. 21, 2024 /PRNewswire/ -- Augwind Energy Tech Storage ("Augwind") (TASE: AUGN), an energy technology company specializing in long-duration energy storage and compressed air systems, is pleased to announce the appointment of Oren Helman to its Board of Directors. Mr. Helman brings extensive expertise in the energy, renewable energy and electricity sectors, with a proven track record in business development, investor relations, customer service, regulation and strategic innovation.

The appointment of Mr. Helman underscores Augwind's commitment to enhancing its leadership team with professionals who are dedicated to driving innovation and advancing the field of sustainable energy. His expertise will be invaluable as the company continues to expand its technological capabilities and pursue new business opportunities.

Mr. Helman spent years in senior management roles, including his most recent position as Senior Vice President of Supply segment Customer Service, Marketing, and Regulation at the Israel Electric Corporation (IEC). His experience leading major divisions, overseeing large budgets and driving customer-centric innovation makes him an outstanding addition to Augwind's board. In addition, Mr. Helman has a deep understanding of ESG practices, which aligns closely with Augwind's mission to contribute to a sustainable energy future.

He also served as Acting Chairman of the Board of Directors of the Israel National Coal Company.

Mr. Helman expressed his excitement about joining Augwind, stating, "I am thrilled to join a technology-driven company with a promising future that operates in areas closely connected to my professional focus: energy, operational continuity and reduction of CO₂ emissions. The future of the world is energy, given its critical importance and in light of the transition to renewable sources - long duration energy storage is essential for achieving decarbonized grids."

Dr. Or Yogev, Founder and CEO at Augwind, added "We are delighted to announce the appointment of Mr. Helman to our board of directors. His extensive expertise and proven leadership in the power industry is a key to our progress with our strategic initiatives and technologies".

About Augwind

Founded in Israel in 2012, Augwind is an energy technology company aiming to decarbonize electrical grids through its innovative AirBattery technology. Specializing in air compression, storage and controlled expansion, the company has developed a novel grid-scale energy storage asset that can discharge at full capacity for weeks at a time, novel industrial water compressor and an energy efficiency system.

In addition, it is developing a hydrogen-storage technology alongside its legacy AirSmart business of optimizing industrial compressed air systems.

Augwind shares are traded on the Tel Aviv Stock Exchange under the ticker TASE:AUGN, and are included in the following indices: TA BlueTech Global, TA Technology, TA-Energy Utilities, TA-Cleantech, TA-Growth, TA-All-Share.

About AirBattery 
AirBattery is an innovative energy storage technology that utilizes underground salt caverns to store compressed air, employing hydraulic pumps and turbines to efficiently circulate water in closed-loops between compression and expansion chambers, creating a highly efficient, near-isothermal charging and discharging process. This approach allows us to take advantage of the significantly low incremental cost of storage, measured on a $/kWh basis, made possible by the use of geological caverns.

Benefiting of the isothermal process, AirBattery does not require any type of thermal compensation and is designed to address energy storage and dispatch durations of days, weeks, and possibly months at a time. AirBattery pushes the envelope of long-duration energy storage providing a reliable, sustainable and cost-effective energy asset with the capacity to enable total renewable integration.

About Long-Duration Energy Storage (LDES)
The global shift to renewable energy presents an inherent challenge. The intermittent nature of these sources when applied commercially at a growing rate exposes grid operators to prolonged periods of undersupply. Long duration energy storage will enable total renewable integration by compensating for periods of underproduction by renewable energy sources. LDES refers to a wide range of applications and durations, typically from 8 hours and above. As renewable energy penetration rates approach 80%, the need for stored energy to support durations of dozens and even hundreds of hours will become critical. Augwind operates at the forefront of LDES technological landscape, well in sync with the EU and US roadmap for the transition to renewable energy sources.

Contact: [email protected]

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SOURCE Augwind