SOURCE: EnSync Energy Systems

EnSync Energy Systems

July 13, 2016 06:00 ET

EnSync Energy Ships Utility Scale Energy Storage System to Lotte Chemical

Advanced System Includes 500kWh Energy Storage and Power Electronics

MILWAUKEE, WI--(Marketwired - Jul 13, 2016) - EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, a leading developer of innovative energy management and energy storage systems for the utility, commercial, industrial and multi-tenant building markets, today announced the shipment of a fully-integrated utility scale energy storage system (ESS) to Lotte Chemical in South Korea.

The 500kWh energy storage system, engineered for utility scale and large commercial energy applications that typically require four or more hours of discharge, includes EnSync Energy flow batteries and the power electronics required to provide up to 250kW of AC power. It includes the company's state-of-the-art DC-DC converters and proprietary Auto-Sync DC-Bus control platform.

EnSync Energy formed an integrated design-build team with Meineng Energy, its Chinese joint venture company, to engineer, source, manufacture, and test the system. The system is being delivered from Meineng Energy's production site in Wuhu, China.

"The shipment of this 500kWh utility ESS system is important to EnSync Energy as it validates our capability to design, manufacture and deliver utility scale modules that are scaled from our systems operating in commercial and industrial applications," said Brad Hansen, EnSync Energy President and CEO. "We have built an unmatched portfolio of products and services for distributed energy generation systems, in addition to control platforms that seamlessly connect these systems to utilities or grid operators."

This 500kWh system is the culmination of the company's research and development agreement with Lotte Chemical, and is to be commissioned in the company's first quarter of FY 2017.

About EnSync Energy Systems
EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, is enabling the future of electricity with advanced energy management systems critical to a global economy becoming increasingly reliant upon the expansion of renewable energy. Whether part of the grid power transmission and distribution network, or behind the meter in commercial, industrial and multi-tenant buildings, EnSync technology brings differentiated power control and energy storage solutions to electricity-challenged environments. Our technologies also serve as the system level intelligence in microgrid applications, by seamlessly integrating multiple generation and storage assets to deliver power in remote and community level environments not served by the grid, or areas electing to use the grid secondary to microgrid assets. In 2015, EnSync incorporated power purchase agreements (PPAs) into its portfolio of offerings, enabling electricity savings for customers and providing a stable financial yield for investors. EnSync is a global corporation, with a joint venture in AnHui, China at Meineng Energy, as well as a strategic partnership with Solar Power, Inc. (SPI). For more information, visit: www.ensync.com.

Safe Harbor Statement
Certain statements made in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: our ability to monetize our PPA assets, statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information

  • EnSync Media Contact:
    Michelle Montague
    (262) 735-5676