MILWAUKEE, Feb. 13, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems ("EnSync Energy"), a leading developer of innovative distributed energy resources (DERs), today announced a partnership with licensed agent, broker and consultant (ABC) Lower Electric to offer solar energy-based electricity solutions to its nearly 4,000 clients in Illinois.
The Illinois clean energy market is poised for rapid growth due to the state's Long-Term Renewable Resource Procurement Plan, which mandates that investor-owned electric utilities source at least 25 percent of their electricity sales from solar and wind sources by 2025. The Plan sets a minimum target of 666 megawatts (MW) of capacity from community solar and commercial and industrial (C&I) solar generation systems that are less than 2 MW in size by year 2020. To facilitate the adoption of solar, the state is administering the sale of renewable energy credits to solar operators, which help lower the cost of installation and operation. These policy developments are expected to foster the growth of a robust solar electricity market. The plan is currently under consideration by the Illinois Commerce Commission (ICC) and is expected to go into effect on April 3, 2018.
"Through this partnership, EnSync Energy has immediate access to an existing customer base and the infrastructure necessary for project penetration into the Illinois market," said Dan Nordloh, executive vice president of EnSync Energy. "Combined with Lower Electric's client relationships, the partnership creates a range of market options that align with both Lower Electric's and EnSync's client interests."
EnSync Energy will cover customer origination, project development, design, construction and operation of photovoltaic-based installations for two key customer groups in Illinois: community solar subscribers and C&I operators. The systems will be up to 2MW in size and the projects will be sold either directly to the customer or as power purchase agreements (PPAs) to the ultimate asset owners.
"With the new Renewable Energy Credits program in Illinois, we are eager to take advantage of financial incentives to offer clean energy solutions and lower costs for our clients," said Ira Holtzman, managing partner of Lower Electric. "EnSync Energy's ability to design and execute customized energy solutions will enable us to tap into state incentives to deliver more cost savings to our clients."
Lower Electric's C&I clients interested in solar for their buildings can either directly purchase a solar installation or participate in a PPA offered by EnSync Energy to reduce or avoid upfront costs. EnSync Energy also plans to develop community solar projects with Lower Electric, enabling its clients to participate in the state's subscription-based community solar program. The program allows Illinois ratepayers to opt for solar energy sources for their electricity consumption without directly purchasing solar equipment. Detailed specifics on both of these programs will be released with the ICC's final order in April 2018.
Illinois' renewable generation legislation reflects a national trend in governmental incentives to shift to clean energy. With over half of U.S. states having deregulated their electricity markets, EnSync Energy plans for additional partnerships with electricity companies in the future.
"Our partnership with Lower Electric serves as a template for entering new markets," said Brad Hansen, chief executive officer of EnSync Energy. "By pairing our holistic DER and distributed generation solutions with established third parties in prime renewable energy markets, we can quickly launch clean, affordable energy offerings and capture market share."
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 Lower Electric
Lower Electric, an Illinois-based energy consultant, has been helping commercial clients save money on their energy costs since its inception in January 2001. Lower Electric has helped manage costs of clients representing in excess of 2 billion kWh of electricity and 125 million therms of natural gas. Lower Electric engages in a bidding process that shops across many highly rated energy providers to ensure their clients receive the best prices and the best suppliers for their business needs. It is a comprehensive consultancy, able to assist its clients in benchmarking, demand response, energy reduction, reducing carbon footprint, budgeting and energy efficiency. It also provides comprehensive customer service to all clients on all billing issues, location changes, contractual issues and acquisitions.
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.
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SOURCE EnSync, Inc.