ROCHESTER, N.Y., Jan. 24, 2014 /PRNewswire/ -- EaglePicher Technologies, LLC ("EPT") and Arista Power, Inc. ("Arista Power") (OTC: ASPW) announced today that they have signed a Letter of Cooperation Agreement in which the parties have agreed to jointly sell to Arista Power's potential customers based in New York City. The Letter of Cooperation Agreement expands upon the parties' previous relationship which included Arista Power awarding a contract to EPT to supply and integrate its patented PowerPyramid™ energy storage into Arista Power's Power on Demand ("PoD") system for a large multi-story building in New York City. EPT's PowerPyramid™ system and Arista Power's PoD system utilize energy storage to reduce utility costs, specifically demand charges, and allow seamless enrollment to demand response programs.
The Letter of Cooperation Agreement also provides that Arista Power will target utilizing EPT's PowerPyramid™ in three of its Power on Demand installations in New York City in 2014. EPT also agreed to warranty the PowerPyramid™ and component parts of those three systems. In addition, the parties agreed to collaborate on engineering support services, development activities and the seeking of funding opportunities from organizations such as the Army, NREL, NYSERDA and NYBEST.
"We are pleased to be expanding our relationship with EaglePicher Technologies," said Adeeb Saba, Vice President of Operations of Arista Power. "We believe that the combination of jointly selling with EaglePicher and the provision of a warranty by EaglePicher will greatly enhance the ability to sell our Power on Demand systems into the NYC market. We are also think that our joint development efforts will lead to a more efficient PoD/PowerPyramid™ system that will further spur the growth of both products."
Arista Power's Power on Demand system utilizes inputs from multiple energy sources such as solar, wind, fuel cells, generators and the grid 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.