CAMARILLO, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading global manufacturer of renewable energy and energy-efficient power conversion and management solutions, and Panasonic Corporation (NYSE:PC), a worldwide leader in the development and manufacture of electronic products and solutions, announced today that they have entered into a strategic alliance to develop, produce and market energy storage systems for the residential and non-residential markets worldwide combining Power-One inverters with Panasonic lithium-ion batteries and systems.
As part of the agreement, the companies will leverage their respective research and development and sales and marketing resources for joint product and market development around the world. Initial efforts will focus on developing the residential, commercial and utility-scale, grid-connected, energy storage systems business in Europe and the U.S. as well as the non-residential segment in Japan. Additionally, the companies have committed to develop the large-scale commercial and utility photovoltaic inverter business in Japan.
"We are thrilled to be aligned with such an innovative company and house-hold brand as Panasonic," said Dr. Alex Levran, President, Renewable Energy Solutions at Power-One. "Energy storage resources will greatly increase the adoption, use and sustainability of renewable energy systems throughout the world in homes, businesses, and in large utility plants. Panasonic's strengths lie in the development, production and sale of products like their home energy management systems (HEMS) and lithium-ion battery cells, which are vital for power storage systems. Combining Panasonic's expertise in battery and battery storage with our advanced inverter technology should prove to be an unbeatable combination."
"We are pleased to collaborate with Power-One, a global leader in the power inverter business," said Mr. Tamio Yoshioka, Managing Officer, Director of Energy System Business Group at Panasonic Eco Solutions Company. "With the combination of Panasonic's strengths in energy management technology and related products and Power-One's breadth of expertise in power inverter technology, we are well positioned to develop the energy storage systems business around the world, as well as expanding the non-residential segment of the energy management business in Japan."
Energy storage systems have been garnering a lot of attention lately for their ability to reduce investment in equipment through power leveling and the reduction of peak power consumption in large scale renewable energy systems as well as for their use as backup power supplies in the event of natural disasters and other emergencies. It is estimated that the size of the global market for energy storage systems will exceed $11 billion by 2020, mainly in Europe, North America, and Japan, where renewable energy technology is now being adopted.
Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Data Storage & Networking, Industrial and Network Power Systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.
Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products in three business fields, consumer, components & devices, and solutions. Based in Osaka, Japan, the company recorded consolidated net sales of 7.85 trillion yen for the year ended March 31, 2012. Panasonic's stock is listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) Stock Exchanges. The company has the vision of becoming the No. 1 Green Innovation Company in the Electronics Industry by the 100th year of its founding in 2018. For more information on Panasonic, its brand and commitment to sustainability, visit the company's website at http://panasonic.net/.
Safe Harbor Statement
Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may include statements regarding anticipated future productivity. It is important to note that future performance and actual results could differ materially from those discussed in or underlying such forward-looking statements as a result of risks and uncertainties that cannot be predicted or quantified and that are beyond the Company's control. Important factors that could cause actual results to differ materially include, but are not limited to: economic conditions in general and business conditions in the power supplies and renewable energy markets; foreign exchange rates; the Company's ability to improve its operational and supply chain efficiencies; competitive factors such as pricing and technology; the timing and results achieved in completing product manufacturing transitions to Company facilities in China or other low-cost locations; the threat of a prolonged economic slowdown or a lengthy or severe recession; continued volatility of the financial markets, including fluctuations in interest rates and trading prices of the Company's equity securities; the results of pending legal proceedings; the Company's ability to secure market share in higher margin, high-growth markets; the market growth of product sectors targeted by the Company as sectors of focus; and the Company's ability to increase working capital. Additional information concerning factors that could cause actual results to differ materially from expectations expressed in this press release are described in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 from time to time, which are also available through the Company's Website at www.power-one.com or through the SEC's Electronic
Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Power-One undertakes no obligation to publicly update or revise any forward-looking statement.
CONTACT: For Press Inquiries, please contact Chris Lawson, Global Director, Marketing Communications Tel.: +1 480-643-1758 Email: Chris.Lawson@power-one.com For Investor Relations, please contact Larry Clark - Investor Relations for Power-One Tel.: +1 (310) 478-2700 ext. 29 Email: Investor.Relations@Power-One.com