WALTHAM, Mass., Dec. 20, 2011 (GLOBE NEWSWIRE) --
A123 Systems (AONE)
(Nasdaq:AONE), a developer and manufacturer of advanced
Nanophosphate® lithium ion batteries and systems, today announced that
it will supply a Grid Battery System (GBS) to
Maui Electric Company (MECO), a utility serving residents and businesses on the islands of
Maui,
Lanai and
Molokai in
Hawaii. To be installed at MECO's Wailea Substation on
Maui,
the advanced energy storage system will be designed to deliver
one-megawatt (1MW) of power for a full hour to reduce the peak energy
load on one of the substation's transformers, which is expected to
increase grid stability and improve power quality to help MECO meet the
objectives of the
Maui Smart Grid Project
.
"A123's advanced energy storage system has demonstrated the ability to
shift peak energy loads when demand is high to provide the consistent
delivery of quality power, which is an extremely valuable service that
supports MECO's ongoing effort to increase the reliability of the grid
and maximize the generation resources we have in place," said
Ed Reinhardt,
Maui Electric president. "
The Maui Smart Grid Project
will enable us to evaluate new technologies for enhancing our
operations, and we look forward to the successful demonstration of
A123's versatile energy storage solution in not only meeting our peak
load shifting requirements, but also performing a number of additional
valuable services."
Led by MECO and the
Hawaii Natural Energy Institute, the
Maui Smart Grid Project
is designed to help MECO demonstrate and evaluate new technologies for
operating the electric grid more efficiently. The project also aims to
help residents better manage and reduce energy consumption during
periods of high demand. Specific objectives include reducing
distribution circuit peak load, minimizing emissions, enabling greater
utilization of renewable energy sources and improving power quality and
grid stability.
A123's GBS storage systems are designed to provide a complete,
turnkey solution to help MECO meet these objectives by providing a
number of services in addition to peak-load shifting, including
regulating voltage fluctuation, reactive power (VAR) support and
relieving wind curtailment.
"
The Maui Smart Grid Project is an excellent
opportunity for A123 to showcase the flexibility of our dynamic GBS
product, and we look forward to working with MECO to illustrate the
value of our technology within the framework of the next-generation
electric grid," said
Robert Johnson, vice president of the
Energy Solutions Group at A123. "We believe that our energy storage system will help MECO meet the ambitions objectives of the
Maui Smart Grid Project and further demonstrate the commercial benefits of our solutions."
About A123 Systems
A123 Systems, Inc. is a leading developer and manufacturer of advanced
lithium-ion batteries and energy storage systems for transportation,
electric grid and commercial applications. The company's proprietary
Nanophosphate® technology is built on novel nanoscale materials
initially developed at the
Massachusetts Institute of Technology
and is designed to deliver high power and energy density, increased
safety and extended life. A123 leverages breakthrough technology,
high-quality manufacturing and expert systems integration capabilities
to deliver innovative solutions that enable customers to bring
next-generation products to market. For additional information please
visit
www.a123systems.com
.
Safe Harbor Disclosure
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks, uncertainties and other factors. Among the factors
that could cause actual results to differ materially from those
indicated by such forward-looking statements are: changes or delays in
MECO's development and implementation of the
Maui Smart Grid Project, delays or inability of the
Maui Smart Grid Project
to meet its intended goals and objectives, the ability of A123's
advanced energy storage solution to address MECO's needs in connection
with the
Maui Smart Grid Project, delays in
customer and market demand for MECO's products and services, delays in
the implementation of A123's solutions for the
Maui Smart Grid Project,
delays in the development, production and delivery of A123's products
and solutions, adverse economic conditions in general and adverse
economic conditions specifically affecting the markets and geographies
in which A123 and MECO operate and other risks detailed in A123 Systems'
quarterly report on Form 10-Q for the quarter ended September 30, 2011
and other publicly available filings with the
Securities and Exchange Commission.
All forward-looking statements reflect A123's expectations only as of
the date of this release and should not be relied upon as reflecting
A123's views, expectations or beliefs at any date subsequent to the date
of this release.
CONTACT: A123 Systems PR Contact:
A123 Systems
Dan Borgasano
617-972-3471
dborgasano@a123systems.com
A123 Systems IR Contact:
ICR, LLC
Garo Toomajanian
617-972-3450
ir@a123systems.com
Edelman
Courtney Kessler
212-277-3720
courtney.kessler@edelman.com