Energy Plug Receives Three Battery Storage Systems Purchase Orders in Q3
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) ("Energy Plug" or the "Company"), an energy technology company dedicated to innovation and sustainable battery and microgrid solutions, is pleased to announce purchase orders for three additional battery storage systems to complete its third quarter.
Energy Plug has now received four purchase orders in 2024 for the total value of $91,000. The first purchase order was signed with Ximen Mining in June 2024. The additional signing of three purchase orders in the hospitality, real estate and remote monitoring sectors further establishes Energy Plug's commercial foothold in these key sectors.
With a current sales pipeline of approximately $700 million1, Energy Plug is poised for a strong Q4 with its first product installation scheduled for October 2024.
Two of the new orders are for 20-kilowatt-hour battery systems for commercial operations in British Columbia. The third is for a 20-kilowatt-hour remote monitoring battery program in Alberta. These systems are designed to reduce fuel consumption and lower power costs by storing energy during lower-priced evening hours and using, or selling it back to the grid, during peak daytime hours.
Energy Plug plans to unveil its new products with installations in British Columbia and Alberta in October and throughout Q4, marking another significant milestone of establishing a robust supply chain for commercialization. The Company is particularly excited by the early response to its innovative 20-kilowatt-hour battery packs, which are among the safest and most advanced available.
The plug-and-play aspect to Energy Plug products allows for easy battery changes when needed, reducing maintenance and down time. These solutions allow customers to embrace easily installed and serviceable renewable energy technologies, while also benefiting from government investment tax credits and provincial rebates, which cover a substantial portion of clients costs associated with installing Energy Plug battery systems.
Energy Plug CEO Broderick Gunning said that shipments from Energy Plug's Taiwan-based manufacturing partners are set to accelerate throughout Q4. The Company continues to pursue a strategy of selling its systems with light assembly occurring in Canada prior to the opening of the proposed Gigafactory in partnership with the Malahat Nation.
"We are on track to bring Energy Plug's products to market, as evidenced by these three additional purchase orders," said Gunning. "We are particularly excited to be seen as a viable, plug-and-play option in the mining sector, which is aggressively pursuing its Net-Zero and ESG goals. Additionally, we have identified a sales pipeline of more than $700 million in potential sales."
Energy Plug's targeted sectors include construction, mining, utilities, residential and hospitality, all of which are focused on increasing operational efficiency while achieving sustainability and net-zero goals.
Energy Plug Technologies | https://energyplug.com
