Princeton Power Systems Selected by Lockheed Martin and Convergent Energy + Power for High-Reliability Energy Storage in Maine

PRINCETON, NJ--(Marketwired - Dec 1, 2015) - Princeton Power Systems, a leading global designer and manufacturer of technology products and embedded software for energy storage, microgrid operations, and electric vehicle charging, today announced the delivery of their latest generation of 100 kW grid-tied inverters to a Lockheed Martin 3 MWh energy storage system launched by Convergent Energy + Power in Boothbay, Maine.

The energy storage project was part of a program to study the use of non-transmission alternatives in the Boothbay area to avoid or defer costly infrastructure upgrades. Prior to the commissioning of the project, the Boothbay regional transmission line was targeted for a significant and costly upgrade to connect to Maine's broader electricity grid. The energy storage system helps defer that upgrade, which was estimated to have cost five (5) times more for similar reliability benefits. "This is a groundbreaking project that uses a location-specific, third-party owned and operated energy storage asset to defer a far more expensive upgrade to the traditional transmission and distribution system," said Johannes Rittershausen, Convergent's CEO. "The Boothbay project demonstrates that the electricity grid can be improved and made more reliable in a clean, efficient way -- while saving electricity users money."

Convergent Energy + Power teamed with Lockheed Martin to provide an innovative solution, leveraging advanced power converters, energy storage, and controls, including Princeton Power Systems' GTIB-100. Princeton Power Systems' GTIB-100 G1.2 was chosen for its proven high-reliability and energy storage integration features for the project in the Boothbay region. The inverter is the world's first UL-1741 safety standards certified commercial scale microgrid converter. The technology is a 3-phase 100 kW four-quadrant converter with advanced microgrid functions, designed for batteries, solar, on-grid, and off-grid applications. The company has deployed over 70 MW of GTIB's to customers.

"As distributed energy storage performance has improved, and costs have come down, it is becoming a viable solution to a wide variety of efficiency and reliability concerns on the electric grid," explained Darren Hammell, co-founder and chief strategy officer at Princeton Power Systems. "Advanced power electronics and controls software are critical pieces of a highly-functional energy storage solution."

"Lockheed Martin offers fully integrated energy storage solutions using components from top quality suppliers," said Frank Armijo, vice president of Lockheed Martin Energy. "The Boothbay project is an excellent example of our total-solution approach."

The 3 MWh system has been commissioned for the purpose of alleviating peak summer power reliability issues in the Boothbay area. Since then, the energy storage technology has improved the power grid and deferred the need for a more costly transmission line upgrade.

About Princeton Power Systems
Princeton Power Systems, based in New Jersey and founded in 2001, designs and manufactures solutions for energy storage, microgrid operations, and electric vehicle charging. The company is a global leader working with customers and partners across North America, Europe, Africa and the Caribbean. The company solves power issues to allow continued growth of distributed renewable energy, by providing proven energy storage solutions. The company proudly manufactures its products in the USA. More information about Princeton Power Systems is available at www.princetonpower.com.

About Lockheed Martin Energy
Headquartered in Dallas, Texas, Lockheed Martin Energy is a line of business within Lockheed Martin that delivers a portfolio of comprehensive solutions across the energy industry to include utility and smart grid solutions, energy efficiency, energy storage, nuclear systems and solutions, ocean energy technology and bio energy generation.

About Convergent Energy + Power
Convergent Energy + Power is a technology-neutral energy storage asset development company with experience across a wide range of end-user and utility applications. The company performs all aspects of the asset development cycle, including project-specific opportunity identification and economic evaluation, contract and financial structuring, engineering-procurement-construction, and ongoing operations. www.ConvergentEP.com