SOURCE: IDS Industries, Inc.
LAKE ELSINORE, CA--(Marketwired - Oct 23, 2013) - IDS Industries, Inc. (OTCQB: IDST) announced today that Charge! Energy Storage completed and filed its application to be listed as an approved California supplier in California's Self-Generation Incentive Program (SGIP).
SGIP provides a $1.80 per Watt incentive for Advanced Energy Storage technologies installed on the customer side of the utility meter. Eligible generation technologies from approved California suppliers receive an additional 20 percent incentive.
The California Public Utilities Commission (CPUC) administers the program through these participating utilities, Pacific Gas and Electric Company (PG&E), Southern California Edison (SCE), Southern California Gas Company (SoCalGas) and San Diego Gas & Electric Company (SDG&E). Retail electric and/or gas customers of these utilities are eligible to participate in SGIP.
The Company believes the recent vote by the CPUC requiring utilities to buy 1.3 GW of Energy Storage power by 2020 and government sponsored programs such as SGIP indicate strongly that Energy Storage coupled with various renewable energy sources will become a standard commodity at home, business and in industry and Charge! will leverage this future.
"SGIP and the extra 20% incentive available to eligible California suppliers is another example of a program that Charge! will make full use of as we prepare to launch our advanced Energy Storage systems. As system costs continue to drop in both the PV and Energy Storage system markets Charge! will make every endeavor on behalf of our customers to allow them to enjoy the economic savings and security benefits of our Energy Storage devices," said IDS Industries CEO and Executive Vice-Chairman Scott Plantinga.
About IDS Industries, Inc.
IDS Industries, Inc. is a company in the fields of Advanced Energy Storage and Portable Power Generation Systems.
The Company's GIIRS-rated energy storage products deliver clean stationary and portable electrical energy, targeting a diverse range of residential, commercial, and off-grid markets. The Company's proprietary integrated battery management and charge controller system optimizes advanced lithium chemistry functions improving battery performance and extending battery life.
Forward-looking & Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and those statements are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company cautions that these forward-looking statements are further qualified by other factors. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.