July 19, 2018 - 1:34 PM EDT
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NRSTOR C&I and IHI, Inc execute agreements for eight projects following new Memorandum of Understanding to deliver 42MWh of energy storage to address Ontario Global Adjustment charges in 2019

NRSTOR C&I and IHI, Inc execute agreements for eight projects following new Memorandum of Understanding to deliver 42MWh of energy storage to address Ontario Global Adjustment charges in 2019

Canada NewsWire

TORONTO, July 19, 2018 /CNW/ - NRStor C&I L.P. (NRStor C&I), a subsidiary of NRStor Inc., and IHI Energy Storage, a division of IHI, Inc. are pleased to announce eight contracted projects based on a new Memorandum of Understanding (MOU) between the two companies.  The MOU was signed on June 8th, 2018. Under the MOU, IHI Energy Storage will deliver 42MWh of behind-the-meter (BTM) Lithium ion battery solutions for transactions executed with eight commercial and industrial customers in Ontario, Canada. The energy storage projects are expected to be operational in 2019.

IHI Energy Storage is a mission-driven organization dedicated to delivering innovative energy storage solutions centered around the proprietary software suite, ESWare®. IHI Energy Storage's obligations under the agreement will include delivery of the battery, inverter, energy storage software, temperature-controlled enclosure, full balance of plant and a full wrap of the system, including a warranty and operations and maintenance for the life of the project. IHI Energy Storage is leveraging industry expertise to execute the delivery of this energy storage project portfolio.

NRStor C&I is a leading Canadian energy storage project developer and owner of energy storage projects in the commercial, industrial, and institutional sector. NRStor C&I operates under a build, own, operate structure with the goal of reducing customers' electricity costs via revenue stacking multiple cashflow streams, utilizing a fossil-fuel free technology that helps customers reduce their carbon footprint.

Moe Hajabed, President at NRStor C&I, comments: "Our team at NRStor C&I values the partnership with IHI to execute these projects and we look forward to having their battery storage solution as part of our battery storage fleet at commercial and industrial facilities in Ontario. NRStor C&I is eager to assist Ontario Class A customers reduce their electricity cost, specifically their Global Adjustment charge, without impacting their carbon footprint."

"We are very excited for the opportunity to work with NRStor C&I to increase energy storage in Ontario," Toshiaki Nishio, Managing Director of IHI Energy Storage, states. "By developing these projects, we can enable customers to decrease the impact of their energy usage on the Ontario grid while reducing their Global Adjustment charge. We look forward to the value our partnership with NRStor C&I will provide."

About NRStor C&I L.P.

NRStor C&I L.P., a subsidiary of NRStor Inc., is a turn-key BTM energy storage solution provider for commercial, industrial and institutional customers. NRStor C&I provides energy storage as a service under a turn-key build, own, and operate business model where no-capital outlay is required from the customer.

About IHI Energy Storage:

IHI Energy Storage is a Chicago-based subsidiary of IHI, Inc., New York, and provider of energy storage system solutions. As a systems integrator, IHI provides energy storage solutions for both front of the meter and behind the meter applications. IHI's solutions include adaptive, real-time operation software, technology agnostic system designs, and autonomous operation capabilities, with support from its 160-year-old parent company, IHI Corporation, Tokyo.

SOURCE NRStor

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Source: Canada Newswire (July 19, 2018 - 1:34 PM EDT)

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