BARRE, VT., May 27, 2015 (GLOBE NEWSWIRE) -- Northern Power Systems (TSX:NPS), a global power electronics company that designs, manufactures and sells smart power converter solutions for advanced grid support, generation and energy storage applications, announced today a strategic partnership with FIAMM Energy Storage Solutions, a global supplier of innovative storage systems and sodium nickel chloride batteries.
The non-exclusive collaboration will target the growing demand for energy storage systems (ESS) in the market, especially for North America. A recent Navigant report indicates the global installed energy storage for grid capacity is expected to grow from 538.4 megawatts in 2014 to 20.8 gigawatts in 2024.
Northern Power Systems' product line of highly efficient and reliable FlexPhase™ power converters fully complement FIAMM's SoNick™ storage technology, offering key control features such as load shifting, low/zero voltage ride through, voltage and frequency droop control, islanding and seamless transition, and black start, and providing extremely low DC bus ripple. The FIAMM SoNick™ (sodium nickel chloride) batteries have a demonstrated long-term track record of safety and reliability, large energy capacity with a minimal impact on the environment due to the absence of toxic materials, and are 100% recyclable.
Diego Tebaldi, Senior Director of Global Business Development at Northern Power Systems, said "Following our product launch last week, and in conjunction with our presence at the Energy Storage Association conference today, we are excited to embark on this collaboration. Together with FIAMM, we are offering sustainable energy storage solutions that can bring increased grid reliability, lower long term operating costs, and customizable solutions to diverse application needs with a modular design that has advanced performance features. The integration of our FlexPhase™ power converter into this particular chemistry opens up access to a global market with strong potential, although our chemistry-agnostic technology easily manages any other ESS."
Carlo Parmeggiani, Markets & Projects Director at FIAMM, says "FIAMM has developed a solid track record deploying worldwide energy storage projects in the last few years. The solutions range from utility scale to microgrid, including behind the meter and residential market applications. North America is one of the leading and most prominent markets for energy storage. FIAMM is excited to introduce this new strategic partnership as further enhancement and alliance of the SoNick™ brand in North America territories. Working with reliable, highly proficient, and focused partners such as Northern Power Systems is an essential factor in being successful and provides our customers with long term, quality solutions that will provide a return on investment for years to come."
Northern Power Systems is currently exhibiting at the Energy Storage Association's 25th Annual Conference and Expo in Dallas, Texas from May 27-29, 2015.
About FIAMM
FIAMM Group, founded in 1942, manufactures and distributes starter batteries for automotive and industrial use (UPS and energy storage units), sodium-nickel accumulators for Energy Storage and automotive applications and acoustic signalling devices. The company boasts a global presence in 60 countries, with approximately 3300 employees worldwide and around 1200 in Italy. The company mainly focuses on the Italian (26%) and European (51%) markets, where direct sales to car manufacturers (including BMW, Chrysler, Ford, Mercedes, GM-Opel, PSA, Renault-Nissan, Toyota, Volkswagen, Jaguar, Ferrari, and Maserati) represent approximately 30% of its turnover.
About Northern Power Systems
Northern Power Systems designs, manufactures, and sells wind turbines and power technology products, and provides engineering development services and technology licenses for energy applications, into the global marketplace from its US headquarters and European offices.
- Northern Power Systems has over 40 years' experience in technologies and products generating renewable energy.
- Northern Power Systems currently manufactures the NPS™ 60 and NPS™ 100 turbines. With over 7.5 million run time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost effective, reliable renewable energy.
- Patented next generation permanent magnet direct drive (PMDD) technology uses fewer moving parts, delivers higher energy capture, and provides increased reliability due to reduced maintenance and downtime.
- Northern Power Systems' FlexPhase™ power converter platform uses patented converter architecture and advanced controls technology for advanced grid support and generation applications.
- Northern Power Systems offers comprehensive in‐house development services, including systems level engineering, advanced drivetrains, power electronics, PM machine design, and remote monitoring systems to the energy industry.
- Some of the world's largest manufacturers license the company's next generation technology and IP for their utility and distributed wind products and markets.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Northern Power Systems and its business, which may include, but is not limited to, product and financial performance, regulatory developments, anticipated opportunity and trends for growth in our customer base and our overall business, our market opportunity, and execution of the company's growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Northern Power Systems. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the energy storage industry; production, performance and acceptance of the company's products; our sales cycle; performance by the company's partners and suppliers; our ability to maintain successful relationships with our partners and to enter into new partner relationships; our performance internationally; currency fluctuations; economic factors; competition; the equity markets generally; and the other risks detailed in Northern Power Systems' risk factors discussed in filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to Northern Power Systems' Annual Report on Form 10-K filed on March 31, 2015, as well as other documents that may be filed by Northern Power Systems from time to time with the SEC. Although Northern Power Systems has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Northern Power Systems undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.