Powerstorm Announces the Commercial Availability of Its Modular Energy Storage Solution
By Business Wire News
By Business Wire News
RANCHO PALOS VERDES, Calif.
Powerstorm ESS (OTC: PSTO) (“Powerstorm” or “the Company”) (www.powerstormess.com) announced today that it has completed production and testing of its first commercial scale Modular Energy Storage Solution (MESS) unit. The MESS is a hybrid “off-grid” system that uses solar and wind energy, along with a generator and lithium ion batteries for backup, to efficiently generate, store, and distribute between 5kWh and 750kWh of DC power for a variety of applications. The MESS’ small dimensions relative to conventional electricity sources makes units easily transportable, and its “plug and play” characteristics allow for rapid installation and startup. With its patent-pending “Digital Brain” the MESS features advanced interconnectivity and monitoring capabilities well suited for operation in remote locations. The Company will be installing this initial unit in the Long Beach, CA, area under a pilot program, and is now ready to accept and fulfill orders.
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Powerstorm Modular Energy Storage Solution (MESS) (Photo: Business Wire)
Powerstorm markets and intends to distribute the MESS in developing markets throughout Africa, Latin America, the Middle East, and Southeast Asia where reliable power is scarce and, in many areas, no large-scale electric grid exists. Additionally, the Company will pursue select opportunities within the United States. Powerstorm is seeking sales to telecommunication service providers, where units would be installed to generate and deliver power to support the operation of wireless base stations in remote areas that lack access to dependable “on-grid” electricity. Additionally, Powerstorm has been working with the United Nations, the World Bank, numerous local governments, NGO’s, and charitable foundations with the intention of installing MESS units at clinics and other community centers in undeveloped rural areas in countries such as Sierra Leone, as well as making units available to be deployed in disaster recovery and humanitarian efforts.
Mike Freni, Chairman and Chief Executive Officer of Powerstorm, commented, “We are making progress toward our goal of delivering clean, dependable power to those who need it most. Currently 1.3 billion people are living without this vital resource. The demand for sustainable, low-emission energy is undergoing a groundswell throughout the world, particularly in developing nations, and we believe that Powerstorm is well positioned to be an important supplier.
“Various industry indicators point to the large addressable market available to us,” stated Mr. Freni. “The International Energy Agency (IEA) estimates that by 2020, developing countries will need to double their electrical power output. Demand for energy, especially electricity, is growing much more rapidly in these nascent economies than in the major industrialized world. All told, developing nations are expected to represent 80% of total growth in energy production and consumption by the year 2035. Navigant Research forecasts that the global remote micro-grid market will grow from approximately $3 billion in 2013 to more than $8 billion in 2020 under a conservative scenario.
Mr. Freni continued, “Our expectation is that funding from both public and private sources will emerge to meet this demand. Support for this assertion can be gleaned from a recent article in The Financial Times, which reported that Bill Gates has committed to ‘doubling his personal investment in innovative green technologies to $2 billion over the next five years in an attempt to bend the curve in combatting climate change.’ We anticipate that the influence wielded by philanthropic leaders such as Mr. Gates, coupled with the commercial opportunity created by the need for dependable power in developing regions, will translate into increasing demand for our innovative MESS units. We look forward to reporting on our progress in this regard in the coming months.”
Powerstorm is a developer of hybrid energy storage systems that provide reliable off-grid solutions for emerging markets, rural communities and disaster recovery, all of which have very limited power supply. The foundational and innovative technology from Powerstorm is protected with several patents pending. For more information visit www.powerstormess.com.
This release contains forward-looking statements concerning market developments for our products and corresponding value propositions for our customers. These forward-looking statements reflect Powerstorm’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Powerstorm’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. These statements involve risks and uncertainties that may cause Powerstorm’s actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Powerstorm’s future performance, please refer to Powerstorm’s most recent Annual Information on Form 10K. Readers should not place undue reliance on Powerstorm’s forward-looking statements and Powerstorm assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.
Press Contact for Powerstorm ESS
Julia Gibson, 424-327-2101
Investor Relations Counsel:
The Equity Group
Fred Buonocore, 212-836-9607
Alex Kovtun, 212-836-9620