ONEnergy Inc.
TSX VENTURE : OEG
TSX VENTURE : OEG.A

ONEnergy Inc.

May 12, 2015 08:00 ET

ONEnergy and LG Chem Announce Canadian and U.S. Distribution and Sales Agreement for Energy Storage Solutions

TORONTO, ONTARIO--(Marketwired - May 11, 2015) - ONEnergy Inc. ("ONEnergy" or the "Corporation") (TSX VENTURE:OEG)(TSX VENTURE:OEG.A) today announced an important sales and distribution agreement with LG Chem Inc. ("LG Chem") (KRX: 051910) whereby ONEnergy's Sunwave Energy Efficiency division ("Sunwave") will distribute and market LG Chem's state of the art lithium ion-based Energy Storage Systems ("ESS"). Sunwave will offer LG Chem's ESS products throughout Canada, and in the states of New York, Connecticut, New Jersey, Massachusetts, Pennsylvania and Ohio.

The advanced lithium-ion based energy storage systems developed by LG Chem will enable Sunwave to provide commercial & industrial and residential customers with scalable, flexible solutions to address multiple applications including demand charge management, peak shaving, off-peak energy storage, renewables integration, and emergency backup systems. Sunwave will provide customers with comprehensive technical and service support of the LG Chem ESS products including system design, installation and maintenance services. LG Chem Energy Storage Systems will be available from Sunwave for lease, rental and direct ownership in the third quarter of 2015.

"We are very pleased to be offering to our customers the advanced LG Chem Energy Storage System," stated Mark Lewis, CEO of ONEnergy. "LG Chem is a global leader in the rapidly expanding energy storage market, and this agreement allows Sunwave to bring LG Chem's advanced energy storage technology to our growing customer base in Canada and the United States."

"Sunwave's existing energy efficiency business coupled with its experience in installing and servicing related equipment provides an excellent platform to grow LG Chem's presence in the fast-emerging North American market for customer-sited energy storage," said Mr. Sunghoon Jang, Senior Vice President of LG Chem.

Background

The "behind the meter" market for customer-sited energy storage is growing with the rising costs of peak energy, the expanding prevalence of micro grids and with the increasing competitiveness and operational flexibility of lithium-ion batteries. Energy storage has been called the "Holy Grail" of the grid and Sunwave is bringing storage solutions to market in packages that support commercial, industrial and residential applications.

A recent GTM Research report on the energy storage market confirmed the dominance of lithium-ion technology in the deployment of energy storage systems (70% of 2014 deployments based on capacity). This same report estimates a nine-fold growth in the energy storage market by 2019 with the fastest growing sub segment being "behind the meter" installations. Installed capacity for 2015 is expected to double the combined total of 2013 and 2014.

About LG Chem

LG Chem Ltd. is one of the world's largest lithium-ion battery manufacturers with significant market share in consumer, automotive and stationary applications. LG Chem Ltd. is a globally diversified chemical company which operates three main business units: Petrochemicals, IT & Electronic Materials, and Energy Solution. The company manufactures a wide range of products from petrochemical goods to high-value added plastics, and extends its chemical expertise into high-tech areas such as electronic materials and rechargeable batteries.

About ONEnergy Inc.

ONEnergy is a fast-growing, dynamic energy management firm serving commercial, industrial, multi-residential and residential clients via its Sunwave™-branded energy and energy-efficiency businesses. Sunwave specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. We provide a variety of products and services including sales and rental of energy-efficient furnaces, boilers and air conditioners, complete turnkey LED lighting retrofits (including financing), supply of conventional and "green" electricity for homes and businesses, commercial solar PV installations, home protection plans, building envelope upgrades, energy audits and more to help our customers conserve, simplify and effectively manage their energy costs.

Sunwave serves customers in both Canada and the United States, with offices in Toronto, Vancouver, Ottawa, and Norwalk, CT.

ONEnergy shares are listed on the TSX Venture Exchange under the symbols "OEG" for Multiple Voting Shares and "OEG.A" for Subordinate Voting Shares. ONEnergy's website may be found at www.onenergyinc.com.

Contact Information

  • Richard H. Pacini
    The Millerschin Group (on behalf of LG Chem)
    +1 (248) 276-1970

    Mark Lewis
    Chief Executive Officer
    ONEnergy Inc.
    +1 (416) 444-8810

    Ali Mahdavi
    Investor Relations
    ONEnergy Inc.
    +1 (416) 962-3300