Enables Homeowners to Create a Stable Micro-Energy Grid, Lessening the Impact of Power Fluctuations and Outages
REDMOND, OR / ACCESSWIRE / December 19, 2023 / Expion360, Inc. (NASDAQ:XPON) ("Expion360" or the "Company"), an industry leader in lithium-ion battery power storage solutions, has entered the home energy storage market with its introduction of two premium lithium iron phosphate (LiFePO4) battery storage solutions that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages.
The company anticipates its new product line to benefit from incentives available through California's Self-Generation Incentive Program and federal tax credits available through the Inflation Reduction Act for home battery systems.
"Our new product line expands our growing portfolio from recreational vehicles and marine applications into home energy applications as planned and earlier than we anticipated," said CEO of Expion360, Brian Schaffner. "Increasing power interruptions, brownouts and outages in many parts of the U.S. call for a solution that can help homeowners maintain their safety, security and comfort during these critical periods. Our goal is to help homeowners purchase and install our home energy storage solutions by providing education on both the practical benefits and the many programs and incentives available."
The new home energy storage product line includes:
Wall Mounted All-in-One Inverter and 10kW Battery
The all-in-one energy solution features a powerful 10kW battery with a sophisticated inverter. It streamlines home energy management, providing users with the ability to store excess energy generated from solar panels or the grid and use it when it is needed most. With a sleek, space-saving wall-mounted design, it seamlessly integrates into any home, enabling a constant supply of clean, reliable energy.
Key Features:
10kW high-capacity lithium battery.
Scalable in 10kW battery modules.
Advanced inverter technology for efficient energy conversion.
User-friendly interface for easy monitoring and control.
Compact and elegant wall-mounted design.
IP rated for exterior or interior use.
Expandable Server Rack Style Battery Cabinet System
The system is a highly flexible and scalable energy storage solution, designed with a custom cabinet for a more robust look and additional battery protection. This modular system features up to four 5kW batteries. It can accommodate a range of energy capacity needs making it an ideal choice for residential and small business customers.
Key Features:
Modular design for easy expansion.
Scalable in 5kW battery modules.
Rack-style cabinet for space-efficient installation.
Exceptional performance and reliability.
For interior use.
Can be mounted outside using a NEMA cabinet.
These innovative home energy storage solutions exemplify Expion360's dedication to advancing sustainable living. They empower users to take control of their energy consumption, reduce costs, and make a positive impact on the environment.
By storing excess energy during off-peak hours and using it during peak demand, these systems contribute to a more stable and efficient grid while reducing carbon footprints.
The company expects its new home energy storage product line to benefit from a fast-growing battery energy storage market which is forecasted by MarketsandMarkets to grow at a 26.4% CAGR to reach $17.5 billion by 2028.
Expion360 will begin taking orders for the new home energy storage solutions in the first quarter of 2024 with shipments beginning in the second quarter of 2024.
For more information about Expion360's home energy storage solutions, please visit the company's website at www.expion360.com.
About Expion360
Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles and marine applications,with residential and industrial applications under development.
The company's lithium batteries feature half the weight of standard lead-acid batteries while delivering three times the power and 10 times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.
The company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the company, visit www.expion360.com.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Examples of such forward-looking statements include statements regarding our expectations regarding our business strategies and plans, growth opportunities and competitive position, our expected growth trajectory, our expectations regarding expanding the line of our home energy storage solutions, our expected availability of our home energy storage solutions and timing of such shipments, and our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate," or similar expressions. Because forward-looking statements relate to the future, such forward-looking statements involve significant risks, uncertainties, and assumptions that are difficult to predict and many of which are outside our control. Actual results could differ materially from those indicated in the forward-looking statements. Factors that could cause such differences include, among others, the competitive nature of our industry and the pricing pressures that we face, our history of losses and increasing costs, our ability to continue as a going concern, our dependency on the needs and success of our customers and our substantial customer concentration, any inability to successfully manage our growth, the impact of public health epidemics or outbreaks, our ability to expand our sales and distribution channels, our ability to expand into international markets, the limited number of ports through which our raw materials enter the United Sates and our reliance on third parties to store and ship certain inventory, uncertainty in the global economic condition, any government reviews, inquiries, investigations and other actions, changes in the cost and availability of raw materials, our dependency on third-party manufacturers and suppliers and increases in the cost or disruption of supply or shortages in any of our raw materials, battery components or raw materials used in the production of such parts, our dependency on our two warehouse facilities, the risk that lithium-ion battery cells may catch fire or release smoke and flame, potential product liability claims, risks related to litigation, tax, environmental and other legal compliance, any failure to introduce new products and product enhancements and market acceptance of new technologies introduced by our competitors, any failure by us to adequately protect our intellectual property or to defend ourselves against intellectual property infringement claims, quality problems with our products, our ability to raise capital, risks related to our electronic data becoming compromised, our dependency on our senior management team and other key employees, any failure to keep pace with developments in technology and those discussed in our filings with the U.S Securities and Exchange Commission ("SEC"). Investors should read the risk factors set forth in the Company's previous filings, subsequent filings, and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that forward-looking statements are not historical facts and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management are under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statements following the date of this press release, whether as a result of new information, future events or otherwise, except as required by law.
Company Contact: Brian Schaffner, CEO Tel (541) 797-6714 Email Contact
Investor Contact: Ronald Both CMA Investor Relations Tel (949) 432-7566 Email contact
Media Contact: Tim Randall CMA Media Relations Tel (949) 432-7572 Email contact
