TUALATIN, Ore., March 13, 2019 /PRNewswire/ -- Powin Energy Corporation has contracted to purchase 1.85 gigawatt-hours (GWh) of battery cells with Contemporary Amperex Technology Co. Ltd. (CATL). CATL will be supplying lithium-ion cells, specifically lithium-iron-phosphate, for integration into Powin's battery energy storage systems (BESS). This supply agreement secures competitive pricing for Powin and substantial supply with a Tier 1 vendor through 2022.
Powin's Stack™ modular battery systems have been deployed for use in numerous utility-scale, commercial and industrial, and microgrid applications including the largest batteries in both Canada and Mexico. Powin's Stack utilizes the advanced Battery Pack Operating System (Powin bp-OS) which allows for flexibility in selecting cell specifications and suppliers to ensure that Powin is offering the most competitive and best fit BESS in the market. The Powin bp-OS features industry leading battery system monitoring, balancing and controls.
"This partnership is exciting for Powin and our customers because CATL is a highly respected name in the industry as the highest volume, most financially sound, and largest revenue battery manufacturer in the world," says Danny Lu, SVP at Powin. "CATL is known for cooperating with best-in-class EV customers including BMW, Jaguar, Land Rover and Daimler Benz. As the storage industry matures, we believe shortages of top-quality lithium-ion batteries for BESS will become a challenge to the industry, Powin is taking proactive steps to mitigate that risk by securing strategic supply agreements to meet the demand of our growing project backlog and pipeline."
With Powin locking in Tier 1 battery cells from a top global supplier like CATL the cell that will power Powin's new Stack225 is secured for at least the next 1.85GWh of sales. Powin also has contracts with other suppliers for cells used in its Stack140 product. By adding CATL to its product mix Powin is not only securing Tier 1 cells, it is diversifying both its supply chain and product offerings.
About Powin Energy Corporation
Powin Energy has developed an advanced, safe and scalable battery energy storage system that is purpose-built for the demands of utility-scale, commercial and industrial, and microgrid applications. The company's Stack140 and Stack225 modular battery systems feature its patented Battery Pack Operating System (bp-OS) that provides critical insight into system functions and lifespan via the proprietary Battery Odometer and Warranty Tracker™. Powin was incorporated in Oregon in 1990 and has spent almost three decades perfecting supply chain management, a key for success in this industry. Combined with the management team's decades of successful leadership experience in the energy, storage and utility industries, Powin Energy is able to deliver exceptional value to large-scale energy projects. For more information, visit http://PowinEnergy.com/.
SOURCE Powin Energy