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SOURCE Arista Power, Inc.
ROCHESTER, N.Y., Jan. 24, 2014 /PRNewswire/ -- EaglePicher Technologies, LLC ("EPT") and Arista Power, Inc. ("Arista Power") (OTC: ASPW) announced today that they have signed a Letter of Cooperation Agreement in which the parties have agreed to jointly sell to Arista Power's potential customers based in New York City. The Letter of Cooperation Agreement expands upon the parties' previous relationship which included Arista Power awarding a contract to EPT to supply and integrate its patented PowerPyramid™ energy storage into Arista Power's Power on Demand ("PoD") system for a large multi-story building in New York City. EPT's PowerPyramid™ system and Arista Power's PoD system utilize energy storage to reduce utility costs, specifically demand charges, and allow seamless enrollment to demand response programs.
The Letter of Cooperation Agreement also provides that Arista Power will target utilizing EPT's PowerPyramid™ in three of its Power on Demand installations in New York City in 2014. EPT also agreed to warranty the PowerPyramid™ and component parts of those three systems. In addition, the parties agreed to collaborate on engineering support services, development activities and the seeking of funding opportunities from organizations such as the Army, NREL, NYSERDA and NYBEST.
"We are pleased to be expanding our relationship with EaglePicher Technologies," said Adeeb Saba, Vice President of Operations of Arista Power. "We believe that the combination of jointly selling with EaglePicher and the provision of a warranty by EaglePicher will greatly enhance the ability to sell our Power on Demand systems into the NYC market. We are also think that our joint development efforts will lead to a more efficient PoD/PowerPyramid™ system that will further spur the growth of both products."
Arista Power's Power on Demand system utilizes inputs from multiple energy sources such as solar, wind, fuel cells, generators and the grid with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce electricity costs - particularly demand charges.
EPT is a well-known leader in unique energy storage solutions, unveiling its PowerPyramid™ hybrid solution in 2012. This patented system surpasses conventional storage techniques by leveraging the potential of multiple storage technologies. EPT's innovation can manage one or more battery chemistries, providing virtually instantaneous power to handle power deviations occurring in intermittent renewable energy sources or grid-scale energy storage applications.
Based in Joplin, Missouri, EaglePicher Technologies, LLC (an OM Group company) has a lengthy history of manufacturing state-of-the art batteries and systems for the defense and aerospace industries, with work in recent years to expand its expertise into other critical applications such as energy storage solutions.
About EaglePicher Technologies, LLC
EaglePicher Technologies, LLC, an OM Group company, is a leading producer of batteries and energetic devices for the defense, aerospace, medical, commercial, grid energy storage, oil, and gas industries. The company provides the most experience and broadest capability in battery electrochemistry of any battery supplier in the United States. Battery technologies include lithium ion, thermal, silver zinc, nickel hydrogen, lithium carbon monofluoride, lithium thionyl chloride, lithium manganese dioxide, lithium sulfur dioxide, and reserve lithium oxyhalide. EaglePicher also provides custom battery assemblies, battery management systems, pyrotechnic devices, and other power solutions. EaglePicher Technologies is headquartered in Joplin, Mo., and is ISO9001:2008 and AS9100C certified. For more information, visit www.eaglepicher.com.
About OM Group, Inc.
OM Group (NYSE: OMG) is a technology-driven industrial company serving attractive global markets, including automotive systems, electronic devices, aerospace, industrial and renewable energy. Its business platforms use innovative technologies and expertise to address customers' complex applications and demanding requirements. For more information, visit the OM Group's website at www.omgi.com.
About Arista Power, Inc.
Arista Power, Inc. is a developer, manufacturer, and supplier of custom-designed power management systems, renewable energy storage systems, and a supplier and designer of solar energy systems. Arista Power's patent-pending Power on Demand system utilizes inputs from multiple energy sources including solar PV, wind turbines, fuel cells, generators and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. Arista Power also sells a Mobile Renewable Power Station (MRPS) that utilizes energy generated from solar PV, wind turbines, generators, fuel cells and/or other energy-generating devices that is stored in an integrated onboard storage device for military and other applications, and a stationary, scalable Renewable Power Station (RPS) that can be drop-shipped to off-grid locations to be used as a micro-grid. Arista Power also designs, sells and installs residential and commercial solar PV systems. For more information on Arista Power, visit the Company's website at www.AristaPower.com.
In this press release, all statements that are not purely about historical facts, including, but not limited to, payment of dividends and those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent Arista Power's current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those specific risks and uncertainties discussed in the reports that Arista Power files periodically with the SEC. Arista Power is under no obligation, and expressly disclaims any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
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