|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.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 29, 2015 04:00 PM EST Reads: 247
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 29, 2015 02:00 PM EST Reads: 483
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 29, 2015 01:00 PM EST Reads: 412
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 29, 2015 01:00 PM EST Reads: 350
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 29, 2015 12:45 PM EST Reads: 417
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 29, 2015 12:30 PM EST Reads: 423
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 29, 2015 12:00 PM EST Reads: 525
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 29, 2015 11:45 AM EST Reads: 324
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 29, 2015 11:30 AM EST Reads: 273
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 29, 2015 10:00 AM EST Reads: 202
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 29, 2015 09:45 AM EST Reads: 451
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 29, 2015 09:15 AM EST Reads: 344
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 29, 2015 08:45 AM EST Reads: 220
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 29, 2015 08:00 AM EST Reads: 273
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 29, 2015 07:00 AM EST Reads: 499