HONOLULU, Nov. 30, 2017 /PRNewswire/ -- Holu Energy LLC, a full-service solar energy company serving Hawaii and the Pacific region, launched a 250-kilowatt photovoltaic system for Kahumana, a nonprofit farm and community organization that services homeless families, people with disabilities and youth in the Oahu region. Through a 20-year power purchase agreement (PPA), the savings will allow Kahumana to provide 40 additional beds in transitional housing for the homeless.
"Sustainability is at the heart of our mission at Kahumana; our goal is to build community by connecting our residents and participants to the land," said Tom McDonald, executive director of the organization, which houses an organic farm and offers vocational training and transitional housing for vulnerable populations. "This power purchase agreement furthers our mission by allowing us to run on clean energy and redirect funds to expand our offerings and services."
The installation could not have been completed without the Hawaii Electric Company's (HECO's) work to upgrade area infrastructure to accommodate the growing number of distributed energy resources (DERs) and connect them to the utility's grid.
"HECO is to be commended for its leadership," said Ted Peck, CEO of Holu. "Kahumana is one of many organizations and businesses that will enjoy the benefits of switching to clean energy. HECO's upgrades to their circuit enabled many in this area to add behind-the-meter photovoltaic renewables connected to the HECO grid. Kahumana is an example of the custom solutions that we develop for our customers in Hawaii, and we're happy to help them deliver on their essential mission of taking care of the needy families in our community."
The system was installed by Kamaaina Solar Systems and is owned by local area developer Norman Gentry.
"We're honored to bring this win-win solution to Kahumana," Gentry said. "Our partners Holu and EnSync Energy are leaders in delivering diverse, customized energy projects to Hawaii. The result is significant savings in energy costs for an organization dedicated to helping the people of the island."
The Kahumana solar project builds on EnSync Energy's momentum in Hawaii as a leading DER provider. Earlier this year, EnSync Energy announced that it has contracted 20 commercial projects in the state, which will account for more than $20 million in electricity sales over the terms of the agreements.
Kahumana is hosting a blessing ceremony today at 10:30 a.m. Hawaiian-Aleutian Time to mark the launch of its new solar energy system, which consists of a mix of photovoltaic rooftop panels and canopy systems.
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 MKT: 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
Founded in 1974, Kahumana is a community of five campuses over 50 acres in Oahu, whose mission is to co-create a healthy, inclusive and productive farm-based community with homeless families, people with disabilities and youth. Kahumana aspires to celebrate the bounty of Hawaii's natural and cultural environment while also helping to address some of her most pressing needs.
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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.
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SOURCE EnSync, Inc.