|By Business Wire||
|August 8, 2014 02:52 PM EDT||
Powin Corporation (OTCQB:PWON) today announced that its wholly-owned subsidiary, Powin Energy Corporation, has signed an agreement for an investment of $25,000,000 from SF Suntech, Inc., a Delaware corporation (“SF Suntech”), a wholly-owned subsidiary of Shunfeng Photovoltaic International Limited (“Shunfeng”), pursuant to a Share Subscription Agreement which also granted SF Suntech an option exercisable within two years to acquire another 30% of Powin Energy Corporation for $37,500,000. Pursuant to the terms of the Share Subscription Agreement, $5,200,000 of the $25,000,000 will be used by Powin Energy Corporation to pay off a loan owing to its parent corporation, Powin Corporation, and the balance will be used by Powin Energy Corporation for working capital and other purposes. Pursuant to a related Shareholder Agreement, SF Suntech will appoint four directors from a seven-person board of Powin Energy upon completing the $25,000,000 investment. Powin Corporation will be paying a 6% finder’s fee to an unrelated party in connection with this transaction. Subject to the terms and conditions of the Share Subscription Agreement, the transaction is scheduled to close on August 29, 2014.
“This is an important milestone for Powin Energy Corporation in that it will provide us with capital and a partner to help implement our growth strategy,” said Joseph Lu, President and Chief Executive Officer of Powin Energy Corporation. Mr. Zhang Yi, Chairman of Shunfeng, said, “We view the technology of Powin Energy Corporation as of strategic significance to our strategy of developing and deploying large-scale energy storage devices throughout China and elsewhere in the world. We are very pleased to join forces with Powin Energy Corporation and its scientific and technical team in the rollout of energy storage systems.”
About Powin Energy Corporation
Powin Energy is a company incorporated in the State of Oregon. It specializes in integration and development of scalable energy storage technologies for grid-level applications, commercial customers, and transportation solutions, such as turnkey vehicle battery retrofits and electric vehicle charging stations. For more information about Powin Energy see www.powinenergy.com.
About Shunfeng Photovoltaic International Limited
Shunfeng (Stock Code: 01165), listed on Main Board of The Stock Exchange of Hong Kong Limited, focuses on the research & development, manufacturing and sales of wafers, solar cells and solar modules. Shunfeng also develops and finances solar power station projects in the PRC. It owns and provides operation and maintenance services to dozens of projects all over the PRC. Shunfeng is the largest independent private solar provider of solar energy in China and has delivered on-grid connection with a total annual designed capacity of 890 megawatts in 2013.
REASONS FOR, AND MEANINGS OF, THE INVESTMENT
Powin Energy owns several patented and patent-pending advanced technologies, ranging from energy storage management, grid communication controls and electric vehicle fast charging systems.
Energy Storage Technology
Powin Energy possesses an energy storage technology that focuses on a proprietary battery management system, which takes advantage of the rapidly growing advanced Lithium-ion battery market. By ensuring safety and optimizing performance, Powin Energy’s battery management technology transforms battery cells to scalable megawatt battery systems with an expected operating round trip efficiency of over 80%. This allows for seamless integration with large scale data centers, large-scale power plants, micro-grids, and virtually any power application. Moving forward, it is expected that Powin Energy’s technology will generate high economic value to the Group by providing a synergistic solution to existing and future projects.
Power and Energy Management Control System
To realize all potential benefits, Powin Energy uses a self-developed proprietary control system that is capable of managing all resources connected with its advanced energy storage systems. Applying experience from years of testing with grid operators and U.S. national laboratories, Powin Energy has developed many applications of energy storage such as load shifting, peak shaving, frequency regulation, demand response and ramp rate management to optimize the economic effectiveness of power generation assets and help stabilize overall electricity grids. Going into the future, Powin Energy’s proprietary control system is expected to be extensively applied to market installations and add high commercial value to the group.
DC Fast Charging Devices
Powin Energy provides high-speed, high-efficiency and cost-effective DC fast charging devices, with high-speed charging of less than 30 minutes and does not require the high infrastructure costs of 3-phase power. It is expected that this fast charging technology can be extensively used in public locations, fleet applications, car parks and retail centers for the charging of electric vehicles. In the future, this fast charging technology will have high economic value and diversify the Group's sources of income.
About Powin Corporation
Powin Corporation (OTCQB:PWON) is a 20-year-old global company recognized around the world as a leader in contract manufacturing of OEM parts. With eight production facilities on three continents, Powin Corporation has resources to meet customer needs with respect to quality, price and on-time delivery. For more information please visit www.powin.com. Investors can find Real-Time quotes and market information for the company at http://www.otcmarkets.com/stock/PWON/quote.
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 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 Corporation and 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 transaction; risks entailed in integration, including employee retention and customer acceptance; the risk that the transaction will divert management and other resources from the ongoing operations of the two businesses or otherwise disrupt the conduct of those businesses, potential litigation associated with the transaction, 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 Corporation and Powin Energy Corporation and its results of operations, as described in reports filed by the Powin 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, 2013. Powin Corporation does not assume any obligation to update these forward-looking statements.
Legal Counsel for Parties
Powin Corporation was represented in this transaction by Nicholas I. Goyak, Goyak & Associates, P.C., Portland, Oregon and by Leib Orlanski of K&L Gates, LLP, Los Angeles, California. SF Suntech was represented in this transaction by Jason Sung, Herbert Smith Freehills, Hong Kong.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jul. 23, 2016 07:30 AM EDT Reads: 2,005
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 07:15 AM EDT Reads: 1,764
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 23, 2016 07:15 AM EDT Reads: 1,826
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 07:00 AM EDT Reads: 1,872
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Jul. 23, 2016 07:00 AM EDT Reads: 2,236
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 23, 2016 06:45 AM EDT Reads: 562
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Jul. 23, 2016 06:30 AM EDT Reads: 603
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 23, 2016 06:00 AM EDT Reads: 1,564
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 05:30 AM EDT Reads: 1,326
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Jul. 23, 2016 05:30 AM EDT Reads: 1,703
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 23, 2016 05:15 AM EDT Reads: 1,150
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 23, 2016 05:00 AM EDT Reads: 1,779
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Jul. 23, 2016 05:00 AM EDT Reads: 1,474
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jul. 23, 2016 04:30 AM EDT Reads: 1,916
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 04:30 AM EDT Reads: 1,387