HONOLULU, Dec. 12, 2017 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), a leading developer of innovative distributed energy resources (DERs), today announced that its Hawaiian-based subsidiary, Holu Energy LLC, signed a 20-year power purchase agreement (PPA) for a photovoltaic system for Nuuanu Terrace, an apartment building in Honolulu containing three dozen units.
"Much like the rest of the state, we see the benefits of shifting more of our energy consumption to renewables," said Delaine Sylvester, president of the Board of Nuuanu Terrace. "Installing solar and other renewable energy infrastructure can sometimes be prohibitively expensive, but this affordable PPA enables us to go green, which pleases both current and potential residents," she added.
Along with the photovoltaic system, Holu and Nuuanu Terrace plan to finalize by the end of 2017 a PPA to install a 24-panel solar water heater. The heater will replace the previous gas-powered electric heat pump system. Water heating is highly energy intensive, making up the second largest use of electricity in the residential sector. Solar water heating provides a cost-competitive, clean energy alternative.
"Our partnership with Nuuanu showcases the variety of tailored clean energy technologies that Holu Energy can integrate and deploy both in residential and commercial contexts," said Ted Peck, CEO of Holu. "It's the latest example of the custom solutions that we deliver to our customers in Hawaii."
The Nuuanu solar project builds on Holu and EnSync Energy's momentum in Hawaii as a leading distributed energy resources provider. EnSync Energy has announced 22 contracted commercial projects in the state, which will account for more than $20 million in electricity sales over the terms of the agreements.
About Holu Energy
Holu Energy LLC is a Honolulu-based energy systems project development company that provides Hawaii and the Pacific Islands with reliable and sustainable energy solutions. Established in 2015, Holu services feature integrated, cost-effective and resilient energy options for commercial, industrial, utility and nonprofit entities. Holu is a partner of EnSync Energy Systems (NYSE American: ESNC), an advanced energy management systems company.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems (EnSync Energy), is creating the future of electricity with innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms. EnSync Energy ensures the most cost-effective and resilient electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized to meet our customers' objectives for value and performance. Proprietary direct current (DC) power control hardware, energy management software, and extensive experience with numerous energy storage technologies uniquely positions EnSync Energy to deliver fully integrated systems that provide for efficient design, procurement, commissioning, and ongoing operation. EnSync Energy's IOE control platform adapts easily to ever-changing generation and load variables, as well as changes in utility prices and programs, ensuring the means to make or save money behind-the-meter, while concurrently providing utilities the opportunity to use DERs for an array of grid enhancing services. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs) in its portfolio of offerings, which enables electricity savings for customers and provides a stable financial yield for investors. EnSync Energy is a global corporation, with joint venture Meineng Energy in AnHui, China, and energy project development subsidiary Holu Energy LLC in Hawaii, and DCfusion LLC, a power system engineering and design, consultancy and policy firm. For more information, visit www.ensync.com
About Nuuanu Terrace
Nuuanu Terrace is a 36-unit condominium in Honolulu.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding project completion timelines, our ability to monetize our PPA assets, statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy, forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our historical and anticipated future operation losses and our ability to continue as a going concern; our ability to raise the necessary capital to fund our operations and the risk of dilution to shareholders from capital raising transactions; our ability to successfully commercialize new products, including our Matrix TM Energy Management, DER Flex TM, DER Supermodule TM, and Agile TM Hybrid Storage Systems; our ability to lower our costs and increase our margins; our product, customer and geographic concentration, and lack of revenue diversification; the length and variability of our sales cycle; our dependence on governmental mandates and the availability of rebates, tax credits and other economic incentives related to alternative energy resources and the regulatory treatment of third-party owned solar energy systems; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Media Relations Contact:
EnSync Energy Media Contact:
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
SOURCE EnSync, Inc.
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