POWIN ENERGY CORPORATION (OTCMKTS:PWON) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant
In January 2018, the Company formed Powin China Holdings 1, LLC, an Oregon limited liability company (“Powin China 1”). In March 2018, Powin Energy (Ningbo) Co., Ltd (“Powin Ningbo”) was established in the People’s Republic of China as a subsidiary of Powin China 1.
Effective March 13, 2018, Powin Ningbo issued its Promissory Noteto Joseph Lu in the principal amount of 3,700,000 RMB (US$ 588,000.00) in consideration of Mr. Lu advancing funds to Powin Ningbo for a deposit on a land purchase in Ningbo Yuyao, China. The land will be the site for the construction of a battery manufacturing facility.
About POWIN ENERGY CORPORATION (OTCMKTS:PWON) Powin Energy Corp, formerly Powin Corporation, is a contract manufacturer. It provides manufacturing coordination, design and logistics services for companies to outsource its manufacturing needs. Its segments include Contract manufacturing, Manufacturing, Energy and Powin Mexico. The contract manufacturing segment provides for the coordination and distribution of products manufactured in China, assists in the design and handles the logistics and coordination of product manufacturing. The manufacturing segment manufactures various truck parts and components primarily for freightliner trucks, a division of Daimler Trucks North America. The energy segment operates through Powin Energy Corporation, which utilizes patent-pending energy storage technology for scalable grid-level and commercial energy storage systems, Electric Vehicle (EV) charging stations and transportation applications. The Powin Mexico segment is engaged in manufacturing gun safes and heavy truck parts.