MILWAUKEE, April 18, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources (DERs), announced today the sale of a 20-year power purchase agreement (PPA) with Hawai'i Pacific University (HPU) to an undisclosed investor. The PPA will provide HPU's Aloha Tower Marketplace with a total photovoltaic (PV) system capacity of 660 kilowatts (kw), making it the largest set of solar installations in downtown Honolulu upon completion.
"Hawaii is firmly committed to the clean energy transition, and we're proud to contribute to the state's ambitious goals with technology and financing that make it easy," said Dan Nordloh, executive vice president of EnSync Energy. "This PPA will deliver cost savings and reliable energy to the University and Aloha Tower Marketplace's many residents and visitors."
First constructed in 1926, the iconic Aloha Tower now anchors a mixed-use development of university student residences, community spaces, administrative offices and restaurants.
The Phase 1 PPA was first commissioned in July 2017 for an initial installation of a 310 kw PV system. EnSync Energy recently announced a Phase 2 expansion of 350 kw in solar capacity to the system. The terms of the PPA provide HPU flexibility for a third phase, if desired.
EnSync Energy has contracted 25 commercial projects in Hawaii, which will account for more than $35 million in electricity sales over the terms of the agreements. Construction of both phases for Aloha Tower Marketplace is expected to be completed by early 2019.
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 Hawaii, 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 is the state's leading private, non-profit university, with a student population of nearly 7,000 undergraduate and graduate students from all 50 states and 65 countries around the world. Hawai'i Pacific will be consistently ranked among the United States' top 10 Western, independent, comprehensive universities, leveraging its geographic position between the Western and Eastern hemispheres and its relationships around the Pacific Rim to deliver an educational experience that is distinct among American campuses. For more information, visit www.hpu.edu.
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 MatrixTM Energy Management, DER FlexTM, DER SuperModule, 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.
EnSync Energy Media Contact:
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
SOURCE EnSync, Inc.