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Kilowatt Labs announces investment from NorthWestern Corporation

Nov 01, 2018

This partnership marks an important milestone for Kilowatt Labs as it establishes a presence in the U.S. market.

(New York, NY) Kilowatt Labs, Inc., a New York-headquartered designer and manufacturer of innovative energy storage and power management solutions, today announced that NorthWestern Corporation (“NorthWestern’), through its wholly-owned subsidiary, NorthWestern Energy Solutions, Inc. (“NES”) has made an investment in the Company’s current equity financing round. NorthWestern’s Chief Financial Officer, Brian B. Bird, has joined the Company’s board of directors. 

NorthWestern has made an investment of $2.5 million in Kilowatt Labs. The investment gives NorthWestern a small minority interest in Kilowatt Labs. 

NorthWestern is a NYSE-listed utility operator (ticker symbol “NWE”) serving customers in Montana, South Dakota, and Nebraska with an enduring commitment to providing reliable and affordable energy. Kilowatt Labs will work with NorthWestern to deploy Kilowatt products throughout NorthWestern’s network and to develop customer-centric solutions, leveraging NorthWestern’s technical, commercial and regulatory know-how.

“This is a significant milestone for Kilowatt Labs as we enter the U.S. market,” said Larry Seibert, Managing Director of Kilowatt Labs. “We are delighted to partner with NorthWestern and have Brian join our board, and are confident that NorthWestern will be an exceptional partner for us. Our intent is that, together, we will have a meaningful impact on grid efficiency, resiliency, and enhanced service through deployment of Kilowatt’s products. With our advanced technologies, as well as with those we see others developing, the grid of the future is within reach.”  

“We are excited to engage with Kilowatt as we look toward the future of energy solutions in the U.S.,” said Bob Rowe, NorthWestern’s president and CEO. “The technology that Kilowatt has developed is compelling. It aligns closely with our thinking about the evolution of the infrastructure that serves our customers, from rural to industrial, and at multiple layers of the network. We look forward to working together to incorporate Kilowatt technology into our network as we work to meet our customers’ changing and increasing expectations.”

About Kilowatt Labs
Kilowatt Labs, headquartered in New York, NY, is a creator of innovative products that address the world’s energy problems. The company designs, manufactures and sells energy storage and power management solutions that deliver unprecedented performance across a broad range of industrial, commercial and residential applications, and facilitate the integration of renewable energy into conventional energy distribution systems.  For more information about Kilowatt Labs, please visit www.kilowattlabs.com.

About NorthWestern Energy (NYSE: NWE)
NorthWestern Energy provides electricity and natural gas in the Upper Midwest and Northwest, serving approximately 718,300 customers in Montana, South Dakota and Nebraska. More information on NorthWestern Energy is available on the company's website at www.northwesternenergy.com.


NorthWestern Media Contact:
Butch Larcombe
(866) 622-8081
Butch.larcombe@northwestern.com

Kilowatt Labs Media Contact:
Anne Marie Burke
amb@annemarieburke.com


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