Powin Signs Agreement with Top Tier Battery Cell Provider to Meet Customer Demand

Tualatin, OR, (August 11, 2021) — Powin Energy Corporation (Powin), a global leader in the design and manufacture of safe and scalable battery energy storage solutions, announced today that it has signed a master supply agreement with EVE Energy Co., Ltd. (EVE) to be a strategic battery cell supplier for its Stack™ products, ensuring that battery cell supply to the ESS market remains uninterrupted. This agreement with EVE Energy showcases Powin’s commitment to staying ahead of supply challenges in this ever-changing global marketplace.

Per the agreement, EVE will supply the same standard form factor of cell that Powin has previously used, significantly reducing the amount of engineering time to integrate with Powin’s Stack products. The supply contract has a 2-year term at GWh scale. Upon executing the contract with EVE, Powin has secured customer commitments to deliver nearly 500 MWh of Powin Stack products using EVE cells in 2021 alone. Powin’s first product to utilize EVE cells is the Stack360; production will begin in August 2021 with deliveries scheduled through the end of Q4 2021.

Geoff Brown, CEO of Powin, stated, “Powin continues to survey the global supply chain for the cell manufacturers that are capable of meeting our rigorous requirements, and following a productive due diligence exercise Powin is excited to qualify EVE as a strategic cell supply partner.” He continued, “Powin’s due diligence process reviewed EVE’s cell designs, supply chain, factory processes, R&D capability, financial strength and safety and quality controls and concluded that EVE should be considered in the same class as other Tier 1 cell vendors.”

Steven Chen, GM of EVE Power Sales & Marketing Center, stated, “The ability to partner with a company like Powin is a result of years of significant investments in our cell technologies designed for energy storage applications including scenario analyses, product development, testing & simulation facilities, certification and expanding production capacity. Powin is a global leader in the ESS sector and a top-tier system integrator, EVE looks forward to a long-term relationship with Powin and to providing competitive products and solutions for Powin at a global-scale.”

About Powin Energy Corporation (Powin):

As a global leader in the design and manufacture of safe and scalable battery energy storage solutions, Powin supplies the software and hardware to the growing volume of next generation energy storage projects that will transform the grid, enable high levels of renewable generation and put conventional generators out of business. To learn more about Powin, please visit www.powin.com.

About EVE Energy Co., Ltd. (EVE):

Established in 2001 and listed in Shenzhen Stock Exchange in 2009, EVE is a private high tech enterprise focusing on the innovation and development of lithium batteries. Adhering to a high-quality development strategy, EVE continues to focus on high-end lithium battery technology and products, owns core technologies of primary lithium batteries, small Li-ion batteries, and power batteries. EVE is committed to providing green and high-energy, safe and reliable power solutions for the IoT and Energy Internet.