Exergonix, Inc. terminated its relationship with Global Power Pte. Ltd d/b/a PowerOnXpress (“GP”), Nigel Sandor Allan, Bjorn Thomas and Jarle Thorsen on May 9, 2017 as a result of GP’s multiple breaches of its agreement with Exergonix. Despite numerous written and telephone requests for information about GP’s financial health and its fiduciary compliance as represented to members of the PowerOn network by Messrs. Allan, Thomas and Thorsen, they failed to provide any details as required under the agreement. This was despite the fact that GP prepared materials for Don Nissanka, as the CEO of Exergonix, to present to members that indicated GP had agreed that Exergonix would monitor GP’s fiduciary compliance pursuant to an agreement between Exergonix and GP.
Messrs. Allan, Thomas and Thorsen’s repeated refusal to provide any information to Exergonix about the financial health or legal compliance of GP -- as they had contractually agreed to do -- left Exergonix with no other choice but to terminate the relationship with GP and Messrs. Allan, Thomas and Thorsen because there was no way for Exergonix to determine whether GP was compliant with its financial and fiduciary obligations.
Since the termination, we have become aware of allegations that Exergonix ended its relationship with GP with no warning and without explanation, and we have become aware of GP communications to its members making those allegations. In multiple written communications, Exergonix gave GP and Messrs. Allan, Thomas and Thorsen months to disclose information about how they were spending members’ money and to demonstrate operations of the company were legal. Exergonix explained this failure as the reason for termination in the May 9 termination letter.
We are aware of numerous false statements that the leadership of GP have made about Exergonix. To be clear: GP never loaned any money nor made any investment in Exergonix. Neither Exergonix nor Don Nissanka have received a single dollar from GP other than reimbursement for direct expenses incurred in support of GP operations. Further, any suggestion that Exergonix failed to deliver on products ordered by GP is false – GP has never issued a single purchase order to Exergonix for any of its products.
In the May 9, 2017 termination letter to GP and Messrs. Allan, Thomas and Thorsen, Exergonix also advised GP that they no longer had permission to use the names Exergonix, Bioauctus, Neighborhood Power, Verd2Go or any other affiliate of Exergonix and that they should cease and desist from doing so immediately. They have not only continued to use Exergonix’s intellectual property, but have falsely misrepresented to PowerOnXpress members that they continue to have a relationship with Exergonix affiliates. It has also come to Exergonix’s attention that Messrs. Allan, Thomas and Thorsen have interfered with Exergonix’s business relationships. Exergonix plans to file a lawsuit against GP, Messrs. Allan, Thorsen and Thomas for this interference, for resulting damage to its business, and to protect its business interests.
Exergonix, Inc., a developer of proprietary energy storage technology and supplier of integrated energy storage systems, announced today that it has acquired substantially all of the assets of CODA Energy, LLC (together with affiliates, “CODA”), a California manufacturer of scalable energy storage solutions to support a smarter, cleaner, and more resilient grid. The purchased assets included a very deep intellectual property portfolio and production capacity to assemble behind the meter energy storage systems ranging from a few kilowatt-hours to multiple megawatt hours and proven to satisfy the stringent requirements of the California Self Generation Incentive Program (SGIP). Exergonix has agreed to assume management and operation of all the installed-base CODA customer systems in place and operating in California.
Exergonix, founded in 2010 and headquartered in Lees Summit, MO, is evaluating options for consolidating assembly of energy storage systems, but will maintain limited production capacity in California in the near term. This will enable immediate fulfillment of demand for energy storage systems that provide power for use in homes, office buildings, and utility installations. Exergonix will continue the implementation of systems based on its existing technology that provides affordable reserve energy on demand and helps reduce the cost of electricity delivered on the grid.
Exergonix President & CEO, Don Nissanka, elaborated on the benefits of the acquisition, stating, “Exergonix has been evolving its global strategy in the renewable space for several years. The CODA IP and experience with installed systems is highly synergistic to our future expansion plans, and the ability to have a physical presence and to hire trained and experienced personnel in California, where there is burgeoning demand for energy storage, is a big win for us. Combining our existing technology portfolio with the acquired assets and manufacturing processes will allow Exergonix to deliver a total turnkey solution for the energy storage market. It also enhances our ability to support our customers better with a more diversified product line and an unmatched technical support team that can provide exceptional customer service.”
Exergonix, has been developing its product line with the aim of supporting the overall energy reliability equation and helping to stabilize power delivery infrastructure. The company has reliably delivered energy projects geared for commercial- or utility-scale applications and has participated in strategic partnerships to win utility grid-level projects. The acquired product line compliments the overall system portfolio and gives Exergonix immediate access to a broader segment of the electricity storage market, extending the firm’s capabilities to residential and industrial applications. Exergonix has also partnered with Neighborhood Power Corporation on solar installations and is deploying storage for projects where ramp control and load shifting is becoming an essential need. Additionally, the company is working with wind, hydro, biomass and other renewable solutions providers who can utilize its advanced energy storage technology to maximize revenues from long-term power purchase agreements and support micro utility applications.
Pete Nortman, CODA’s founder and Chief Technology Officer will join the management team at Exergonix and will help transition all existing SGIP programs to Exergonix. “This is a perfect strategic fit for the CODA energy storage technology and customers. I look forward to helping expand Exergonix presence in the marketplace. The established behind-the-meter initiatives deployed in California under SGIP allow customers to use energy storage in load shifting applications and achieve dramatic cost savings. The expertise and network Exergonix brings to sustain these projects and deploy new ones will help fulfill the program objectives and will propel near-term growth. ” said Nortman.
The asset acquisition was facilitated by Draker Corp, the industry-leading monitoring, data management and controls unit of BlueNRGY Group Limited (OTC:CBDEF). The collaboration was the first phase of a strategic alliance intended to provide Exergonix with a robust data management system for overseeing and maintaining site assets and its customers with the tools to effectively manage their grid-storage interface and optimize their participation in dynamic energy markets for active power and emerging ancillary markets for voltage regulation and power factor support. Draker’s ability to deliver deep analytics and actionable information from a central platform is expected to dramatically improve the commercial impact of the Exergonix’ systems for its clients and complements the goals of government and utility initiatives like California’s SGIP. “This capability is an ideal complement to Exergonix’s industry-leading local control technology for storage system management and will allow Exergonix to scale its business more quickly,” William Morro, BlueNRGY’s Chairman and Managing Director commented. “Our asset management clients are increasingly installing storage with solar and other renewable systems and rely on Draker’s systems to reliably provide mission-critical performance and predictive information. We are confident that many of these customers will turn to Exergonix as their preferred storage solutions provider and will benefit from the convenience and efficiency of having essential system information stored, processed and delivered consistently and reliably on a fully-integrated data and analytics platform.”
Exergonix is dedicated to the mission of providing clean, renewable energy solutions cost-effectively. Its proprietary technology has been deployed in energy, environmental and renewable projects around the world since its founding in 2010 and is accepted by leading utilities and regulatory authorities who are breaking ground in the application of storage technologies to maximize grid capacity and penetration of renewables. Having put its technology through years of rigorous testing and certification in utility-scale applications, Exergonix is commencing the commercial roll-out of storage solutions for both large and small-scale applications.