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Powin Energy Corp. (PWON) and RealForce Enterprises Co. Sign Agreement for Battery Production

May 18, 2011 10:52 AM ET
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Today, Oregon-based Powin Corp. announced that its wholly-owned subsidiary, Powin Energy, has entered into a Strategic Cooperation Joint Venture Agreement with Shandong RealForce Enterprises Co., Ltd. The agreement pertains to the production of lithium-ion batteries, storage batteries, energy storage power plants, solar cells and related energy products.

The new joint venture is named RealForce-Powin, LLC and will be located at Powin Corp. headquarters in Tigard, Oregon. The total current investment at RFE is $1.2 billion. Its lithium batteries are especially well known for their long cycle life, high energy density, low self-discharge rate, consistent, safe and reliable operation, rapid charging and green, environmentally friendly properties.

As per the agreement, the products will be developed and produced in China, but Powin Energy will market them in the United States, Canada, Mexico and the Republic of South Africa. The agreement puts Powin at a good advantage, as it is focused on becoming a global leader in the manufacture and distribution of wind, solar, battery, energy efficient lighting products and OEM parts.

“We believe this joint venture gives Powin Corporation the realistic expectation of increasing its sales by ten percent within one year,” said Ronald Horne, Powin Chief Financial Officer. The Company announced 2010 sales totaling $48 million, up 31 percent compared to 2009.

“There is a worldwide demand for the products which the joint venture will be manufacturing and marketing,” said Mr. Horne. “We believe this joint venture is the most important in the history of the Powin Corporation and we look forward to keeping our investors updated on our accomplishments and progress.”

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