Arista Power Announces First Sale of a Power on Demand System in the New York City Area
ROCHESTER, N.Y., May 7, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Arista Power, Inc. ("Arista Power" or the "Company") (OTCBB: ASPW) has received an order for a Power on Demand system ("PoD") from City Lights at Queens Landing, Inc. ("City Lights") pursuant to which City Lights has agreed to purchase a Power on Demand system from Arista Power for installation and use at City Lights' 43-story, 525-unit cooperative building located in Long Island City, New York (the "City Lights Building").
The City Lights Building is managed by Rose Associates, Inc., a leading New York-based full-service real estate development and management firm.
Separately, City Lights intends to purchase and install a combined heating and power ("CHP") co-generation system at the City Lights Building.
Arista Power's Power on Demand system utilizes inputs from multiple energy sources including solar, wind, fuel cells, generators, and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce electricity costs – particularly demand charges – for large energy users. The PoD system that will be installed at the City Lights Building will consist of a micro-grid that will include the integration of the newly installed solar PV, the newly installed CHP co-generation system, energy storage and power distribution. The total value of the PoD and CHP project is $1.275 million.
The PoD system sold to City Lights represents Arista Power's first sale of a PoD system to be installed in the New York City area. Arista Power expects this PoD system to be installed by the third quarter of 2013.
"This sale to City Lights represents the first sale of our Power on Demand system into the New York City market," said Mark Matthews, Vice President of Sales and Marketing for Arista Power. "With New York City's high electricity and demand rates, we believe that there are literally thousands of buildings in the New York City area that are candidates for a Power on Demand system. We are in active negotiations with other real estate management companies, and expect to close additional sales in the New York City area."
Mr. Matthews continued "This sale of a Power on Demand system comes at a great time for Arista Power. I will be speaking at an AGRION event on Thursday, May 9, 2013, and I plan on discussing Power on Demand's applications in the New York City market."
Mr. Matthews is participating as a speaker at Energy Storage Economics 2.0 for New York City and Beyond, an AGRION event which will take place Thursday, May 9, 2013 at 9:30 a.m. at 10 Rockefeller Plaza, New York. More information on this event is available at the following link: http://www.agrion.org/sessions/agrion-ny-Energy_Storage_Economics_2_0_for_New_York_City_and_Beyond.htm
About Arista Power, Inc.
Arista Power, Inc. is a developer, manufacturer, and supplier of custom-designed power management systems, renewable energy storage systems, and a supplier and designer of solar energy systems. Arista Power's patent-pending Power on Demand system utilizes inputs from multiple energy sources including wind, solar, fuel cells, and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. Arista Power also sells a Mobile Renewable Power Station (MRPS) that utilizes energy generated from wind, solar PV, generators, fuel cells and other energy-generating devices that is stored in an integrated onboard storage device for military and other applications, and a stationary, scalable Renewable Power Station (RPS) that can be drop-shipped to off-grid locations to be used as a micro-grid. For more information on Arista Power, visit the Company's website at http://www.AristaPower.com.
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About Rose Associates, Inc.
Founded in 1928, Rose Associates is one of New York's oldest and most respected management companies, representing landlords of prime residences throughout the City. Rose Associates, Inc. is a leading provider of development, marketing, leasing and management services with a portfolio of more than 27,000 units and has developed more than 30 million square feet of properties for itself and its clients. For more on Rose Associates, Inc., please go to: http://www.rosenyc.com.
AGRION is a global business network for energy, cleantech and corporate sustainability launched in 2007. With offices in San Francisco, New York, Frankfurt, Paris, and Beijing, and an international community of more than 200,000 industry professionals, AGRION provides a platform for members to connect, exchange ideas, and identify business opportunities. Each office hosts weekly onsite and online conferences to facilitate face-to-face networking and online collaboration with industry leaders. AGRION hosts international conventions in Europe, China and the US, and its website contains updated information and reports about the energy markets and sustainability best practices. AGRION also launches, manages and supports ventures and projects in renewable energies, smart grid, EVS, energy efficiency and sustainability. For more information, visit: http://www.agrion.org.
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Arista Power, Inc. cautions investors not to place undue reliance on forward-looking statements, which reflect Arista Power's analysis only as of today's date. There can be no assurance that such forward-looking statements will prove to be correct, and actual results could differ materially. Arista Power undertakes no obligation to publicly update forward-looking statements. Further information on these factors, and other factors that could affect Arista Power's financial results, is included in Arista Power's Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K.
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CONTACT: Arista Power, Inc. Molly Hedges firstname.lastname@example.org (585) 243-4040
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