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HONG KONG, Aug 8, 2014 - (ACN Newswire) - Shunfeng Photovoltaic (HKSE: 1165) announces that SF Suntech Inc., its wholly-owned subsidiary, has entered into a subscription agreement with Powin Corporation and Powin Energy Corporation, a technology company specializes in research and application of energy storage, load shifting and fast charging, for acquiring 30% equity interest in Powin Energy at a total consideration of USD25,000,000 and SF Suntech has also been granted an option exercisable within two years at its discretion to acquire another 30% equity interest in Powin Energy at a consideration of USD37,500,000.
As the largest independent private solar power supplier in China and the fast growing one-stop clean energy supplier in China and overseas, Shunfeng expects to enhance the technologies of research and application of energy storage, load shifting and fast charging through the acquisition. At the same time, Shunfeng is confident with the prospect of this technology.
Powin Energy owns several patented and patent-pending advanced technologies in areas such as energy storage, load shifting and fast charging. The energy storage technology of Powin Energy is an advanced Lithium-ion battery energy storage technology. One single device has a capacity of over five megawatt and the charging and dis-charging ratios are over 80%. This energy storage technology is expected to be applied in energy storage and management of large scale data centres, large scale power plants, and micro-grids, etc. In future, this energy storage technology will generate high economic value and profit growth to Shunfeng.
The load shifting technology of Powin Energy is an application which utilises advanced energy storage technology and advanced power management system, and specializes in tuning power generators to achieve the purposes of load shifting, stabilizing power supply and minimizing the risk of overloading to the grid. In future, it is expected that this load shifting technology will be of extensive use and will have large market and high commercial value.
For the fast charging devices, Powin Energy provides high speed, high efficiency and cost effective fast charging devices, with high speed charging of less than 10 minutes and does not require the installation of 3-phase power supplies. It is expected that this fast charging technology can be extensively used in households, car parks, and for the charging of electric vehicles, etc. In future, this fast charging technology will have high economic value and diversify Shunfeng's sources of income.
"Being the largest independent private solar power supplier in China, through the acquisition, Shunfeng aims to capture the wealth of all aspects of technologies in enriching our capabilities from energy storage and management in large scale solar power plants and micro-grids to power supply stabilization and risk minimization of overloading to the grid." said Shunfeng Chairman Zhang Yi. "As a fast growing clean energy supplier, we aim to foster our technological capabilities in fast charging which deem to be an aspect with tremendous business opportunities and economic benefits through capturing Powin Energy's expertise in fast charging."
Topic: Press release summary
Source: Shunfeng International Clean Energy Limited
Sectors: Daily Finance, Energy, Alternatives, Daily News
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