TUALATIN, Ore., Sept. 5, 2018 /PRNewswire/ -- Energy storage system provider Powin Energy, Inc. (OTCQB: PWON) has installed or will deliver over 32.8MW/70MWh of energy storage projects by early 2019 as demand for its battery systems continues to rise. The longer-term market is also strong as the Company has secured contracts to install an additional 94.7MW/411MWh between Q4 2019 and late 2021. These successes are giving Powin strong momentum into 2019 while competitors continue to face critical material shortages.
To manage this growth and capture additional opportunities, Powin has named Blake Frye Executive Vice President of Sales. Frye is a 20-year veteran of the storage industry and is a proven sales leader.
"Powin has enjoyed an exceptionally strong 2018 so far and has solid bookings for next year. We're extremely confident of our growth path and pleased with our progress transitioning away from project management to strategic supplier," said Powin President Geoff Brown. "Blake's experience and leadership capabilities will help us realize some aggressive goals and to have a veteran of his reputation join us really demonstrates the inherent strength of our commercial offering and the near-term potential of the energy storage market."
Powin's affordable, long-lasting and safe lithium iron phosphate (LFP) batteries are ideal for stationary storage applications at utility scale. Coupled with Powin's rapidly scalable product supply, the company has delivered or will deliver over 32.8MW/70MWh of projects, including:
- IESO Stratford (Canada) – Working with local utility Festival Energy, Powin installed the largest energy storage project in Canada with a capacity of 8.8 MW/40.4MWh to provide ancillary services to The Independent Electricity System Operator (IESO). The project is currently owned by partner esVolta, LP., a developer and owner of utility-scale energy storage projects across North America.
- IESO Kitchener (Canada) – Working with local utility Kitchener Wilmot Hydro and project developer Hecate Energy, Powin installed 2MW/6MWh system to provide reactive services, voltage control, and spinning reserve to the IESO.
- Mexico Microgrid – Powin is currently installing a 12MW/12MWh energy storage system to be paired with an islanded natural-gas generator providing power to a manufacturing complex in Mexico. Powin's solution will provide frequency, voltage regulation and spinning reserve services for the microgrid in the event of system emergencies.
- Large Utility in Italy – Powin was selected to supply 10MW/10MWh energy storage system to be paired with a large coal fired power plant in Italy to provide frequency response services to the larger grid.
Lower Prices, Faster Delivery Times than the Competition
"Our advanced BMS and business model allow us to price our systems substantially lower than the competition," Brown said. "In addition, because of our vertical integration across the supply chain, we have lead times of less than three months. Meaning that important projects come online and begin delivering value for our customers much faster. This has proven incredibly important to our customers as they face supply constraints from others in the market."
LFP offers longer-term chemical and thermal stability than competing battery technologies, along with lower environmental risks. The use of LFP technology also offers customers significant pricing and availability advantages in the current marketplace for key battery materials.
"We see tremendous opportunity for lithium iron phosphate (LFP) batteries in light of the cobalt shortages affecting our competitors. You can use 100% of the energy in an LFP battery, which is very fitting for the longer duration applications, chemistries such as LMO and NMC are severely degraded when you run them from 0-100 percent," Brown said. "We're also seeing greater demand for our storage systems as Korea-based battery suppliers pull out of the US market to focus on domestic opportunities."
Frye Brings Long Record of Success to Powin
Powin's momentum and favorable position in the market create an ideal opportunity for Blake Frye to assume leadership of the company's sales efforts. He comes to Powin with more than 20 years of battery and energy storage experience, along with a deep understanding of what leads to sales success.
"Blake's strategic thinking, market intelligence and industry connections will be a tremendous asset to Powin," Brown said. "Our customers will benefit from that expertise, and the company will benefit from his ability to craft and implement business development plans that lead to sustainable sales growth and the capture of significant segments of the energy storage market."
Frye previously held positions in sales and marketing at UniEnergy Technology and Saft America. Frye earned a bachelor's degree in chemistry from the University of Florida.
"Powin's track record of world class products and services are redefining the energy storage market," said Frye. "With the creation of the next wave of safe and scalable battery energy storage, Powin is well positioned to support customers' long-term needs across the globe. It's a tremendous honor to join the executive and commercial teams here at Powin and I'm looking forward to working with our customers and channel partners."
Powin Energy is creating the next generation of safe and highly scalable energy storage systems that are purpose-built for the demands of utility-scale, commercial and industrial, and microgrid applications. The company's Stack System features competitively sourced Lithium battery cells paired with Powin's patented Battery Pack Operating System (bp-OS) that provides autonomous system management and critical insight into performance and lifespan via the proprietary Battery Odometer and Warranty Tracker. Based in outside Portland, Ore., Powin started as a contract manufacturer and has spent almost three decades perfecting supply chain management from China. Led by a team with decades of experience in the energy, storage, and utility space, Powin Energy is able to deliver exceptional value to large scale energy projects. For more information, visit www.PowinEnergy.com.
Forward Looking Statements
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of Powin Corporation and Powin Energy Corporation. The words "will", "believe," "expect," "intend," "plan," "should" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of Powin Energy Corporation with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of Powin Energy Corporation to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, or financial information, including, among others, the failure to realize the anticipated benefits of the merger; risks entailed in integration, including employee retention and customer acceptance; the risk that the merger will divert management and other resources from the ongoing operations of the business or otherwise disrupt the conduct of the businesses, potential litigation associated with the merger, and general risks associated with the business of Powin Corporation and Powin Energy Corporation, including changes in the markets in which the businesses operate and in general economic and business conditions, loss of key customers, key customer acceptance of new battery storage technology, ability to completely fund operations to meet potential customer orders, changes in government regulation and tax policy, availability of tax credits, changes in carbon reduction requirements imposed on utilities, unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, whether referenced or not referenced in this press release. Various other risks and uncertainties may affect Powin Energy Corporation and its results of operations, as described in reports filed by the Powin Energy Corporation with the Securities and Exchange Commission from time to time, including its annual report on Form 10-K for the year ended December 31, 2015. Powin Energy Corporation does not assume any obligation to update these forward-looking statements.
SOURCE Powin Energy, Inc.