MILWAUKEE, Aug. 1, 2017 /PRNewswire/ -- EnSync Energy Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources (DERs), today announced a 20-year power purchase agreement (PPA) with Hawai'i Pacific University (HPU) to build a 310-kilowatt photovoltaic (PV) system on the rooftop of the Aloha Tower Marketplace in downtown Honolulu.
Under the agreement, EnSync Energy will build a solar installation at HPU's Aloha Tower Marketplace, a mixed-use space featuring university student residences, community spaces, restaurants and shops. The development represents HPU's continuing investment into the marketplace's revitalization since it acquired the property in 2014.
"We appreciate the opportunity to partner with Hawai'i Pacific University on bringing reliable renewable energy solutions to the marketplace's many residents and visitors," said Dan Nordloh, executive vice president at EnSync Energy. "EnSync Energy's proprietary modeling for system design and financial optimization ensured the ideal system design to deliver the best financial value based on HPU's current and future power needs. Installing solar panels on the green rooftops of the iconic Aloha Tower Marketplace is a highly visible symbol of the state's clean energy leadership."
To develop a high-value PPA, EnSync Energy conducted a comprehensive evaluation of Aloha Tower Marketplace's current patterns of energy consumption, as well as anticipated future needs. After comparing several distributed energy options, EnSync Energy found that a PV-only, grid-ready installation would yield the most savings for the university. As part of ensuring the highest value, the company also held a competitive procurement process for the solar installation provider.
"Our decision to adopt clean energy is a part of our commitment to our students and the future of Honolulu and Hawai'i," said Bruce Edwards, chief financial officer for Hawai'i Pacific University. "Partnering with EnSync Energy was simple, as they eliminated the complexity of the process and brought the expertise of delivering reliable, cost-effective clean energy. This project at the Aloha Tower Marketplace is the first phase of our renewable energy deployment, and we are looking forward to additional possible projects in the future."
HPU leases the Aloha Tower Marketplace from the State of Hawai'i Aloha Tower Development Corporation, and corporation chair Darrell Young applauds the investment into the property and HPU's commitment to renewable energy: "This partnership and the resulting project are significant steps toward modernizing the marketplace and reaching the state's goal of a 100 percent renewable energy future."
EnSync Energy will begin construction before yearend.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, 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 Hawai'i, and DCfusion LLC, a power system engineering and design, consultancy and policy firm. For more information, visit www.ensync.com
About Hawai'i Pacific University
Founded in 1965, Hawai'i Pacific University has grown to become the state's leading private, non-profit university, with a student population of nearly 5,000 undergraduate and graduate students from all 50 states and nearly 65 countries around the world. It has campuses in downtown Honolulu, Kāne'ohe, and Makapu'u, and on military bases around O'ahu. The Chronicle of Higher Education, The Wall Street Journal and USA Today have named it among the most diverse private universities in the nation. www.HPU.edu
Safe Harbor Statement
Certain statements made in this press release contain 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," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: 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 involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those 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 Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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SOURCE EnSync Energy Systems