Energy Storage for utilities, C&I, and EV fast-charging is corporate focus
Powin Energy (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 merger between Powin Corporation and Powin Energy Corporation became effective on October 6, 2016, pursuant to a First Amended and Restated Agreement and Plan of Merger and Liquidation dated Aug 23, 2016, (the “Merger Agreement’’). Powin Corporation is the surviving entity with a name change to Powin Energy Corporation and will continue to be traded under the stock symbol PWON.
“Powin Energy Corporation completes this merger to become a business solely focused on supplying the technology and know-how to make our energy future a reality,” said Powin Energy President Geoffrey Brown.
“Powin Energy is at the forefront of the energy storage industry, which we see as an essential part of building a cost-effective, high-efficiency, low-carbon energy economy. With this restructuring we are extremely excited about our technology, team and project pipeline, most immediately our 8MWh project with Southern California Edison.”
Powin Energy Corporation is focused on the rapidly growing advanced energy storage industry that is expected to be worth over $50 billion by 2020 according to LUX Research. 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. Earlier this year, Powin Energy announced that their unique Battery Pack Operating System (bp-OS) that includes the industry-exclusive Battery Odometer and Warranty Tracker™ had received a United States patent. The bp-OS is installed standard in every Powin Energy Battery Energy Storage Systems (BESS).