LION ENERGY EXPANDS ACCESSIBILITY TO ENERGY STORAGE SOLUTIONS IN CALIFORNIA

Leading manufacturer offers solutions to the state's power crisis including battery storage in response to NEM 3.0

AMERICAN FORK, Utah, June 20, 2023 /PRNewswire/ -- Lion Energy, a leader in safe, silent and eco-friendly power solutions that help individuals, families and organizations become energy independent, today announced the launch of an initiative to address California's power grid crisis by offering energy storage solutions in response to NEM 3.0, the latest iteration of the state's net metering program. The company's residential smart energy storage system, the Lion Sanctuary 12K, has been certified by the California Energy Commission's Solar Equipment List Program, making Lion Energy equipped to deliver cost-saving opportunities for home and business owners in the state.

"California's approach to net metering has been successful in reducing demand on the grid, but as electricity needs shift it is essential to address grid reliability issues during the peak evening hours when solar is unavailable," said Tyler Hortin, president of Lion Energy. "We are launching this initiative to incentivize California home and business owners to use energy storage systems to gain true energy independence and create a supply that doesn't overwhelm the grid."

As part of the initiative, Lion Energy is coordinating with solar installers in California to provide energy storage systems to residents and helping customers take advantage of state and nationwide incentives to store energy. With the Inflation Reduction Act, residential batteries installed in 2023 can qualify for a 30% federal tax credit, even if they aren't attached to solar panels. State solar incentive may also offer qualifying residents a rebate for installing a home energy storage system.

For the past 20 years, California has enabled more than 1.3 million customers to install roughly 10,000 megawatts of renewable energy and reduce the midday demand on electrical systems by 25% through NEM 1.0 and NEM 2.0. With the recently enacted NEM 3.0, the value of credits for excess solar exported to the grid has been drastically reduced, which in turn reduces the value of solar. In addition, customers are only able to lock in rates for nine years. Lion Energy's energy storage solutions, such as the Lion Sanctuary 12K and the Lion POWERsave^™, can offset this lost value for home and business owners by collecting energy from the grid or solar panels during lower peak pricing periods and allocating that energy for use during peak pricing periods.

The Lion Sanctuary 12K is the safest and most cost-effective home energy storage system on the market. As part of the initiative, homeowners in California can purchase the customizable system, including installation, directly from the Lion Energy website (www.lionenergy.com) if using energy storage separately or downline from an existing solar installation. Lion Energy will provide homeowners in California wishing to combine a Lion Sanctuary 12K system with a new solar installation with a vetted provider in their area that can sell the unit and provide installation fitted to each home's needs.

For larger energy needs such as in offices and businesses, the Lion POWERsave provides flexible modular solutions that can be customized to meet larger, more specific energy storage needs with power and capacity ranging from 30kW/100kWh to 1.7MW/3.4MWh. Both solutions are designed to help users regain control of their own energy and rely less on the grid.

"It is important that all Californians adopt energy storage as soon as possible because the solutions that have worked in the past are no longer enough," said Hortin. "The monetary benefits of these energy storage systems alone are significant, but additionally residents and business owners will be empowered to fuel California's clean energy goals. We hope that through this initiative, we can help keep the lights on and pave the way for a more sustainable world."

For more information about Lion Energy, please visit: www.lionenergy.com.

ABOUT LION ENERGY
Lion Energy is a leading manufacturer of safe, silent and eco-friendly power solutions for everyday needs. The road to energy independence affects all aspects of life including how everyone lives and interacts with one another at home, at work or at play. Regardless of where they are on this path, Lion Energy has a U.S.-designed and engineered power solution that can be used indoors or outdoors. Leading the way with innovative Lithium energy smart storage technologies known as LionESS^™ and through rigorous testing, Lion Energy provides the broadest and most innovative suite of energy storage solutions on the market today, from hand-held portable device charging to portable solar generators to home, commercial and industrial battery systems. For more information, visit www.lionenergy.com.

SOURCE Lion Energy