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BARRE, Vt., June 9, 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 MCM Energy Labs srl (MCM), a company of the Italian industrial group ELVI. The collaboration will target the growing demand for hybrid energy systems in the global market. A recent Navigant report indicates that over 12 GW of microgrids have been deployed to date on a global scale, with growth mainly seen in the remote and islanded segment in which Northern Power has strong competence, experience and intellectual property.
Northern Power and MCM will partner to deliver hybrid power systems for both grid-connected and off-grid applications. Offerings are expected to include multiple source power generation with advanced power technology solutions, in some cases combining sustainable, low cost power with traditional generation, and in other cases bringing complete, sustainable power solutions optimized to lower cost and increase reliability.
Northern Power Systems' product line of wind turbines and state-of-the-art power converters fully complement MCM's specialization in hybrid power control, integration and project deployment. Dr. Ing. Gabriele Marchegiani, senior partner of MCM and director of ELVI Power Division, remarked, "Having worked with the NPS team on projects in the past, we're proud to partner with a global leader in innovative microgrid engineering to bring industry-leading technology and strong systems integration together to give customers a single point of contact for project modeling, sourcing, integration, deployment and maintenance."
By joining forces, both companies believe their modular solutions integrating sustainable power can bring increased grid reliability, lower long term operating costs for energy generation, diminished fossil fuel dependency and offsetting carbon footprints.
The advanced hybrid grid solutions are expected to bring considerable value to commercial and industrial applications, as well as off-grid remote needs that today have limited choices in powering unmet and growing energy demands. Diego Tebaldi, Northern Power's senior director for global business development, said, "Hybrid energy systems, both grid-connected and off-grid, are challenged today due to ineffective control systems and equipment optimization leading to uncompetitive levelized cost of energy (LCOE). Northern Power's collaboration with MCM should enable cutting-edge solutions to deliver lowest operating cost of microgrids for effective optimization of renewable technologies and turnkey deployment for grid-connected as well as island and remote applications."
The partnership will address opportunities across the world, and incorporate the most effective and productive technologies both for generation (wind, solar and other) as well as storage (batteries and mechanical energy storage systems (ESS)), and control and software overlays.
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.
About MCM Energy Labs srl
MCM is a subsidiary of Elvi Elettrotecnica Vitali spa (ELVI), a business unit spun-off from Politecnico di Milano.
ELVI has been active in the Energy and Automation sectors for more than 50 years, with developed competences as a systems integrator, designer, manufacturer and installer.
MCM's particular expertise includes the systems design of hybrid power plants, photovoltaic systems and energy storage systems, as well as component design for advanced power conversion systems and digital controllers for renewable energy, microgrid and storage applications.
MCM's family of power converters includes the 20kVA to MVA range, with advanced embedded control systems, allowing operation both on-grid and off-grid, suitable for grid connected or isolate microgrids.
Together with parent company ELVI, MCM has delivered full turnkey solutions to Microgrid applications, including Battery Energy Storage Systems (BESS) with varied electrochemistry (lead-acid, lithium ion, LiFePO4, Nickel-sodium) and suppliers.
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 wind power and power systems industries; production, performance and acceptance of the company's products; our sales cycle; performance by the company's 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.
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