Project expected to be first of many that will help U.S. cities reduce brownouts and blackouts
WARWICK, NY, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Ozop Energy Solutions (OZSC), (“Ozop” or “the Company”), a premier multi-vertical energy holding company, announced today that its wholly owned subsidiary, Ozop Energy Systems, Inc., will deliver a 2 megawatt (MW) / 4 megawatt hour (MWh) smart energy storage project with Stem, Inc. (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services, to one of its commercial property customers in the Borough of Brooklyn, New York. The project will optimize revenues under the state’s Value of Distributed Energy Resources (VDER) tariff that compensates distributed resources on a varying hourly basis for the specific benefits provided to the grid.
The front of meter energy storage system will be driven by Stem’s Athena® intelligent software solution, a platform which uses AI to optimize the value of energy through battery discharge and recharge cycles. Utilizing Stem’s AI-driven storage is also the next step in Ozop’s patent-pending energy storage technologies, allowing the storage system to deliver critically timed energy to the grid as the New York City utilities demand requires it. These Ozop storage systems contribute to carbon offset programs by reducing the need for spinning reserves, an expensive but necessary support feature of the utilities. Carbon offset is the value calculation of an indirect reduction in a given footprint.
The Brooklyn facility will be Ozop’s first project to utilize Stem’s smart energy storage within the Company’s portfolio of commercial properties in several key states: New York, California, Texas and Arizona. It is expected that New York, in particular, will need more energy storage to meet its goal of reaching 3GW of storage by 2025 with 70% renewable energy by 2030 and a carbon-free electricity system by 2040. The state has created a set of policies including incentives for storage developers and procurement requirements for its biggest utilities.
“This commercial energy storage system is an important step forward in our distributed energy master plan,” said Brian Conway, CEO at Ozop. “Stem is a valued energy storage partner with unparalleled experience and best-in-class software that will enhance our offering to New York City. We are very excited for this collaboration and continue to reach several different energy markets with our multiple energy offerings
“Stem’s expertise and Athena® intelligent software solution is backed by tens of thousands of grid services site dispatches to support energy reliability for our partners and their customers. We are pleased to provide our market-leading knowledge and VDER revenue optimization experience to Ozop, helping alleviate congested grids and furthering New York’s energy goals with smart energy storage,” added Christy Martell, Senior Vice President of Sales at Stem.
For more information on OZSC, visit www.OzopEnergy.com. Please be aware that our social media accounts can be used from time to time for additional material events.
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About Ozop Energy Solutions.
Ozop Energy Solutions (http://ozopenergy.com/) invents, designs, develops, manufactures, and distributes ultra-high-power chargers, inverters, and power supplies for a wide variety of applications in the defense, heavy industrial, aircraft ground support, maritime and other sectors. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.
About Ozop Energy Systems, Inc.
Ozop Energy Systems is a leading Manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We are always among the first to receive the newest technology, products, and application techniques. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.
About Stem, Inc.
Stem, Inc. (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. For more information, visit www.stem.com.
Safe Harbor Statement
“This press release contains forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.”
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Media Relations Contact - Ozop
Brian Hyland
Rubenstein Public Relations
212-805-3055
bhyland@rubensteinpr.com
Investor Relations Contact – Ozop
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