Powin Energy Wins Contract for Energy Storage System from the Clean Energy Institute at the University of Washington
TUALATIN, Ore. – November 30, 2016 – Powin Energy Corporation (stock symbol: PWON), a leading designer and developer of safe and scalable energy storage solutions for utilities, C&I, and EV fast-charging stations, announced today that the University of Washington has ordered its 30 kW/40 kWh battery energy storage system (BESS). The University’s Clean Energy Institute will install the BESS at its new Washington Clean Energy Testbeds facility in Seattle and use it for research, demonstration, grid simulation and educational purposes.
“Powin Energy’s battery energy storage system will be a critical tool for research and innovation at our new Washington Clean Energy Testbeds,” said University of Washington professor of chemical engineering and clean energy Venkat Subramanian. “We look forward to having our students, faculty, and the cleantech community use the Powin BESS to measure the performance of energy devices and algorithms when integrated into real and simulated system environments.”
Subramanian plans to use Powin Energy’s BESS to test the limits of battery management systems (BMS) to determine how important a quality BMS is to the longevity of stationary storage. Powin Energy will participate in this Washington Research Foundation-sponsored research by developing the test protocols under which the battery packs will be used and by sharing access to the resulting data.
“Working with partners like Powin Energy allows the Clean Energy Institute to support the development of next-generation clean energy technology,” added Subramanian.
“We’re excited about this installation at the University of Washington because it will give our technology a more rigorous workout than most real-world installations that don’t approach the far ends of usage parameters,” said Virgil Beaston, CTO of Powin Energy. “Our Battery Pack Operating System (bp-OS) balances batteries for energy storage systems in a completely unique way compared to the battery management software designed for electric vehicles that most other storage companies use. This project has the potential to return some incredibly interesting data that could confirm our own internal testing.”
The Washington Clean Energy Testbeds will open in early 2017 and offer fee-for-use facilities featuring high-tech, high-quality instruments that are normally unavailable to researchers and businesses. These spaces will include workstations, offices, and meeting spaces where university researchers and industry can work and collaborate. An array of instruments, including Powin Energy’s BESS, will help University of Washington researchers and other members of the clean energy community accelerate new, innovative technologies to market.
Powin Energy was recently selected by Southern California Edison to build a 2 MW/8 MWh energy storage system in Irvine, California, that will be operational by the beginning of 2017. Powin Energy’s unique bp-OS - that includes the industry-exclusive Battery Odometer and Warranty Tracker™ - received patents in both the United States and China earlier this year.
About Powin Energy Corporation
Powin Energy (stock symbol: PWON) is incorporated in the state of Nevada and is a leading designer and developer of safe and scalable battery energy storage solutions, based on its patented Battery Pack Operating System (bp-OS), for utility, microgrid and EV fast-charging applications. Powin Energy’s patented bp-OS helps extend the life of batteries by actively and reactively balancing battery functions down to the cell level. It also provides critical insight into battery system functions and lifespan via its proprietary Battery Odometer and Warranty Tracker™. For more information, visit http://PowinEnergy.com/. Investors can find Real-Time quotes and market information for the company at http://www.otcmarkets.com/stock/PWON/quote.
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.
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