Vancouver, British Columbia (GLOBE NEWSWIRE) - Torino Power Solutions Inc. (CSE:TPS) (Frankfurt:A143TE) (the “Company” or “Torino”), is pleased to provide the following operational update. The company has ramped up its business development activity over the last two quarters and is building a pipeline of potential utility clients. In particular, the Company has been actively introducing its Power Line Monitoring system (“PLM”), presented proposals, responded to RFPs and is continuing discussions with an eastern and Midwestern U.S. based utility for a potential installation. The Company’s test installation with a France based industrial group (specializing in products and services relating to the transport and distribution of electrical energy) is continuing over the course of September and October. The Company’s recent business development partnership with Thirty Advisory of Pennsylvania, has provided several additional proposals and presentations for the Company’s PLM solution primarily in the U.S. In particular, the Company’s partnership with Thirty Advisory is focused on using their sensor products in close loop control strategies designed to address the complexities of bottlenecks on transmission and distribution lines as a result of distributed energy resources and the changing dynamics of the transmission and distribution market space.
Product Development and New products
The Company has developed a prototype of its new distribution temperature sensor that will add to its existing product portfolio with a focus on lower voltage overhead “distribution” cables that we typically find in urban areas. Torino engineers are testing the prototype and aim to have the product available in the fourth quarter of this year. Various design improvements attributed to the new distrution sensor will be incorporated into all versions of the PLM product line. The new Torino distribution sensor weighs only a few ounces and is geared towards the many millions of miles of distribution lines we typically see in our neighborhoods. The Company is in product development discussions with 2 major North American transit commissions to assess opportunities for an underground temperature sensor.
New Video Presentation
The Company has updated its website with new a video presentation. Please visit www.torinopower.com to view the video.
Torino’s real-time Power Line Monitoring system for electrical power transmission and distribution (T&D) grids is seen as a critical component for the digital transformation of the electrician grid. T&D infrastructure is in urgent need of expansion and upgrading due to increasing population, growing loads (due to renewable energy sources like wind and solar) and aging equipment. Utilities globally are investing in new technology to improve grid performance and reduce cost for their customers. Torino’s patented microwave cavity sensor technology delivers real time measurements that allow for closed loop Dynamic Line Rating leading to increased transmission capacity, improved grid resiliency, lower energy costs and bottleneck elimination. Torino PLM creates real-time situational awareness that will help prolong the life of powerline assets and help with the management of future distribution networks that are expected to host high concentrations of distributed energy resources which include distributed generation, renewable energy sources, local storage systems and flexible loads.
Please visit www.torinopower.com for more information.
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Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as final development of a commercial product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (1) adverse market conditions; (2) risks regarding protection of proprietary technology; (3) the ability of the Company to complete financings; (4) the ability of the Company to develop and market its future product; and (5) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the DTCR business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing “patent pending” technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial DTCR systems. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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SOURCE: Torino Power Solutions Inc