SOURCE: Powin Energy Corporation

Powin Energy Corporation

September 07, 2017 08:31 ET

Powin Energy Adds to Executive Leadership with Stuart Statman

Energy storage innovator and data management expert to lead product development and engineering

TUALATIN, OR--(Marketwired - Sep 7, 2017) - Powin Energy (OTCQB: PWON), a leading next generation provider of fully integrated energy storage solutions for utility, commercial and industrial, and microgrid applications, announced today that Stuart (Stu) Statman will be the company's new head of product and engineering. Mr. Statman will lead Powin in every aspect of product development from initial strategy to customer delivery while assuring exceptional quality and technological capabilities. 

Powin Energy will be exhibiting in booth #1435 at the upcoming Solar Power International (SPI) conference September 10-13 in Las Vegas, Nevada.

"Stu is very highly respected in the distributed generation and energy storage space and we're excited about the level of engineering expertise he will bring to our next generation of products," said Geoffrey Brown, president of Powin Energy. "His track record speaks for itself, having spearheaded the design and production of the first lithium-ion energy storage project to be approved in New York City and leading the creation of the world's largest virtual power plant in Australia. At Powin, we expect he'll to be able to use his big data proficiency to enhance our award-winning technology and help us transition from project development to focusing on providing market-leading energy storage products and services for our customers."

Prior to joining Powin, Statman was the senior vice president of technology (and first employee) for Sunverge Energy. His key achievements included: leading the engineering of the most advanced integrated energy storage platform in the industry; heading development of the 5 MW virtual power plant (VPP) in Adelaide, Australia; and the integration of multiple battery component and inverter technologies to create a broad product line with an aggregate product and service uptime across 600 different sites of greater than 98%. He is also a veteran of multiple startups including: Slam Media (as a founder), CloudReactor (as a founder), the Boeing-funded startup Kovatis, and Keas. Earlier in his career, Statman led RealNetworks' Rhapsody Direct Services from product design to deployment as it became the framework for Verizon's V CAST Music, Yahoo Music, and Rhapsody and handled millions of data points per minute.

"I'm excited to work with Powin's impressive battery storage technology and looking forward to the opportunity to extend its capabilities while delivering a low cost, high-power platform to the market," said Statman. "The energy storage industry is growing rapidly, but is still nowhere close to its potential. This company's leadership has a unique and infectious vision for how to achieve 100% renewables penetration and it's something I'm proud to be a part of."

Powin Energy's Stack140 is a modular, purpose-built 140 kWh battery array that easily and cost-effectively scales from 125 kW to multiple megawatt applications. It is available in both indoor and NEMA 3R outdoor models, each of which is engineered to maximize energy density and minimize system footprint. All Stack140 systems are operated by Powin's proprietary bp-OS software that includes the industry-exclusive Battery Odometer and Warranty Tracker™. Powin's supply chain expertise, modular design, and software proficiency streamline installation and make integrating energy storage into projects pain free.

About Powin Energy Corporation
Powin Energy (OTCQB: PWON) is incorporated in the state of Nevada and is creating the next wave of safe and scalable battery energy storage that is purpose-built for the demands of utility-scale, commercial and industrial, and microgrid applications. The company's Stack140 modular battery system features its patented Battery Pack Operating System (bp-OS) that provides critical insight into system functions and lifespan via the proprietary Battery Odometer and Warranty Tracker™. Powin was incorporated in Oregon in 1990 and has spent almost three decades perfecting supply chain management. Combined with the management team's decades of successful leadership experience in the energy, storage, and utility industries, Powin Energy is able to deliver exceptional value to large-scale energy projects. 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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