Tuesday, 18 Feb 2020

Powin to Deliver 70MWh in Energy Storage Projects in North America and Italy by Early 2019

TUALATIN, Ore: 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."

Near-Term Projects
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."

(PRN | 1 year ago)