FOR IMMEDIATE RELEASE
CALGARY, Alberta (September 10, 2019) – Pason Systems Inc. (“Pason”) (TSX:PSI) is pleased to announce that it has made a US$20 million investment to acquire the majority interest in a US-based software company (the “Company”) that provides products and services for the solar power and energy storage industry. The Company will be combined with Pason Power to provide a robust and compelling software and control system offering, enabling solar and energy storage developers to secure more projects and deploy assets for their customers with higher confidence.
“Over the last two years, Pason Power has been building a foundation in the solar and energy storage market through its Storage Architect, iEMS, and Energy DataHub products. With this strategic investment, we are strengthening our position in this exciting and rapidly growing industry” states Marcel Kessler, President and Chief Executive Officer of Pason. “With the combined capabilities of Pason Power and the Company, and building on Pason’s deep data management expertise, we are positioning ourselves for meaningful growth and presence in the solar and energy storage market.”
Pason Power, Inc.
Pason Power enables customers to build, sell, operate, and support advanced energy storage systems through its energy intelligence software platform. Pason Power customers can confidently right-size and model the financial performance of energy storage projects to significantly lower project risk and confidently move from pencil-out to power-onTM. The company is built on a legacy of over 24 years in the management and security of energy data. The company is backed by its parent company, Pason Systems Inc. (TSX:PSI), and leverages robust, industrial technology which has established it as a world leader in energy data management and controls automation. Pason enjoys one of the strongest balance sheets in the industry and has a 40-year track record of adding value through energy data. Pason Power solutions are compatible with leading component suppliers and enable energy storage systems that reduce costs for end users, serve as reliable grid assets for utilities, and let developers deploy storage systems of all sizes with confidence. For more information please visit https://pasonpower.com/ and follow us on Twitter @PasonPower and LinkedIn pason-power.
Pason Systems Inc.
Pason Systems Inc. is a leading global provider of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, wellsite reporting, remote communications, web-based information management, and analytics, enable collaboration between the rig and the office. Pason’s common shares trade on the Toronto Stock Exchange under the symbol PSI.
For more information about Pason Systems Inc., visit the company’s website at www.pason.com or contact:
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