ALISO VIEJO, Calif., Dec. 12, 2017 (GLOBE NEWSWIRE) -- esVolta has agreed to purchase 116 MWh of operational and pipeline contracted utility-scale energy storage projects from Powin Energy Corporation. esVolta is a new partnership launched by long-time energy executive Randolph Mann with Blue Sky Alternative Investments LLC (“Blue Sky”) to be a leading developer, owner and operator of utility-scale energy storage projects.
esVolta’s initial portfolio totals 116 MWh including operational projects plus contracted pipeline, placing the company among the largest owners of energy storage assets. esVolta’s initial operating assets will be in California and Ontario, Canada, and the business will focus on greenfield development and M&A opportunities across North America. The company was launched to capture growth opportunities in the burgeoning energy storage sector, as technology advances increasingly enable storage to cost-effectively meet utilities’ needs for peaking capacity, renewables integration, wires capex deferral and ancillary grid services. The esVolta team includes energy professionals with decades of experience in project development, design, financing and execution, with track-records at major utilities and independent power companies. Randolph Mann is founding partner and CEO of esVolta, and he previously served as a Vice President of Development for NRG Energy and Edison Mission Energy where he was responsible for various renewable energy growth initiatives.
esVolta has entered a strategic long-term agreement with Powin Energy under which Powin will be the company’s exclusive provider of battery storage systems.
Randolph Mann, President of esVolta, said, “We are excited to announce the launch of our new energy storage business at a time of great growth in the sector. We have received tremendous support from our financial sponsor Blue Sky and our technical partner Powin Energy, and as such we are well-positioned to pursue and execute on the tremendous growth potential in the North American energy storage sector.”
Digby Beaumont, Head of US Business for Blue Sky, added, “Blue Sky is pleased to add esVolta to our portfolio of investee companies. We look forward to working with the esVolta team to capitalize on growth opportunities in energy storage, and to drive greater deployment of institutional capital into this important infrastructure sector.”
“Powin Energy’s business plan has long had the vision of transitioning the company out of the project development business and into being a fully dedicated energy storage systems and services provider,” said Geoffrey Brown, President of Powin Energy. “This transaction is the realization of that plan and will enable the company to focus all of its efforts on delivering the best energy storage systems in the industry to project developers. esVolta and Blue Sky’s commitment to developing energy storage projects with Powin Energy’s products is strong validation of our technology and the top-tier team we’ve assembled.”
esVolta is a newly launched company dedicated to developing, owning and operating utility-scale energy storage projects across North America. The company’s initial portfolio of operational plus contracted pipeline projects totals 116 MWh of capacity, and the firm is supported by a long-term capital commitment from Blue Sky Alternative Investments LLC and a strategic procurement arrangement with Powin Energy Corporation. More information about esVolta is available at info@esVolta.com.
About Blue Sky
Blue Sky Alternative Investments LLC is a subsidiary of a listed alternative asset manager (ASX:BLA) with a market capitalization exceeding A$800m (as at 12 December 2017) and over A$3 billion in assets under management. The firm focuses on investing in companies developing asset-based infrastructure projects including energy. Blue Sky is headquartered in Brisbane, Australia, with additional offices in Sydney, Melbourne, Adelaide and New York. Further information about Blue Sky is available at blueskyfunds.com.au.
About Powin Energy Corporation
Powin Energy’s (OTC:PWON) sole focus is creating and deploying 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. Powin’s Stack140 modular battery system features a 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