Pason Power Inc. and Energy Toolbase LLC Combine to Create End-to-End Energy Storage Software Platform

HOUSTON & STUART, Fla.–(BUSINESS WIRE)–Pason Power Inc. (“Pason Power”), a provider of intelligent software for the energy storage market, announced today that it is combining its business with Energy Toolbase LLC (“Energy Toolbase”), an industry-leading software platform that specializes in modeling and proposing the economics of solar and energy storage projects. These two software and technology leaders will join forces to provide a cohesive suite of project estimating, storage control, and asset monitoring products, enabling solar and energy storage developers to more efficiently develop and deploy projects. The newly combined entity will retain the Energy Toolbase and Pason Power brand names.

This union will bolster Pason Power and Energy Toolbase’s ability to serve customers and develop powerful and dynamic energy management software and control systems. By combining the complementary strengths and expertise of both companies, the combination promises to make the deployment of solar + storage systems more streamlined and bankable for project financiers, developers, and asset owners.

“We are all very excited about joining forces as we feel this will enhance our ability to offer our customers the best suite of design, control, and monitoring products available,” states Enrico Ladendorf, Managing Director of Pason Power. “We’re delivering a solution that our customers and the broader storage market needs, which best positions us for the future.”

Pason Power and Energy Toolbase have a shared vision to simplify the complex project estimating and asset controlling workflows faced by developers and asset owners. The combination will allow the two companies to deliver an end-to-end software platform aligned with that vision, which is powered by advanced analytics and learning algorithms, and supported by a team of industry veterans.

“We’re thrilled to be joining forces with the Pason team. We’re both customer-centric organizations that have a shared vision for the future,” said Energy Toolbase Founder and CEO, John Gurski. “Most importantly, we believe that this deal is great news for our customers. We’ll be able to offer them a wider suite of products that empowers them to close energy storage deals with confidence.”

The combination of Pason Power and Energy Toolbase is supported by Pason Power’s parent company, Pason Systems Inc., which recently acquired a majority interest in Energy Toolbase. Both Pason Power and Energy Toolbase will be exhibiting at the Solar Power International conference held September 23-26, 2019, at booths 5172 and 3427.

About 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 right-size and model the financial performance of energy storage projects to significantly lower project risk and confidently move from pencil-out to power-on^TM. The company is built on a legacy of over 25 years in the management and security of energy data. The company is backed by its parent company, Pason Systems Inc. (“Pason”) (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.

About Energy Toolbase LLC

Energy Toolbase is an industry-leading software platform that specializes in modeling and proposing the economics of solar PV and energy storage projects. Over one thousand leading distributed energy organizations worldwide utilize the SaaS platform to accurately, objectively and transparently analyze their projects and create customer facing proposals. To learn more or request a free trial, visit: www.energytoolbase.com.

About Pason Systems Inc.

Pason 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 further information: For more information about Pason, visit the company’s website at www.pason.com.

Pason Power, Energy Toolbase and Pason Systems Inc. are collectively referred to herein as the “Companies”. Certain information regarding the Companies contained herein may constitute forward-looking information under applicable securities law. The words “anticipate”, “expect”, “believe”, “may”, “should”, “will”, “estimate”, “project”, “outlook”, “forecast” or other similar words are used to identify such forward-looking information and statements. Forward-looking statements in this document may include statements, express or implied regarding the anticipated business prospects and financial performance of the Companies; expectations or projections about future strategies and goals for growth and expansion; expected and future cash flows and revenues; and expected impact of future commitments. These forward-looking statements are based upon various underlying factors and assumptions, including the state of the economy; the Companies’ business prospects and opportunities; and estimates of the financial and operational performance of the Companies.

Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, the ability of the Companies to successfully implement their strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Companies’ assets and businesses, the price of energy commodities,  competitive factors in the energy industry, changes in laws and regulations affecting the Companies’ businesses, technological developments, and general economic conditions.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such forward looking statements, although considered reasonable by management as of the date hereof, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Additional information on risks and uncertainties and other factors that could affect Pason’s operations or financial results are included in Pason’s reports on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or through Pason’s website (www.pason.com). Furthermore, any forward-looking statements contained in this press release are made as of the date of this press release, and Pason does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.