MILWAUKEE, Aug. 15, 2017 /PRNewswire/ -- EnSync, Inc.
(NYSE American: ESNC), dba EnSync Energy Systems, a leading
developer of innovative distributed energy resources (DERs), today
announced that the company has reached the milestone of 20
contracted projects in Hawaii.
EnSync Energy's impact on the Hawaiian electric infrastructure,
with projects in operation or that will be in operation in the next
12 months, will account for more than $20
million from renewable energy electricity sales over the
term of the various power purchasing agreements. These customer
collaborations – including Spectrum (formerly Time Warner),
University of the Nations, Easter Seals, and Villages of Kapolei –
support key Hawaiian industries such as agriculture, food
processing, telecommunications, hospitality, education, real estate
and nonprofit.
"The Hawaiian market has been foundational to our success as we
introduced new products, services and business models over the last
two years," said Brad Hansen, CEO
and president of EnSync Energy. "Installing new hybrid energy
storage systems, developing and executing our power purchase
agreement business model, demonstrating real-time aggregation of
multiple DER installations and recently, shipping our first DER
SuperModulesTM are all exciting markers of energy
progress. We're proud of our efforts in Hawaii and the 20 projects we closed
there."
EnSync Energy's storage and generation integration expertise
provides grid automation by enabling services across the meter and
optimizing local businesses with behind-the-meter application
controls. EnSync Energy developed, engineered, financed and
installed differentiated DER technologies to deliver
electricity-generating projects that meet Hawaii's evolving energy demands, synchronize
power sources and enhance grid stability via improved visibility
and control. Through its partnerships with Hawaiian businesses,
EnSync Energy sourced balance-of-systems goods and services with
local suppliers and partners.
"Our goal is always to deliver the highest value, most reliable
and cost-effective electricity, and we've been able to achieve this
through our integrated DER system technologies – supporting our
customers from concept through design, project finance and
commissioning," said Dan Nordloh,
executive vice president at EnSync Energy. "EnSync Energy's
technologies are leading the way to providing benefit to all
electricity stakeholders in Hawaii: for customers seeking to reduce their
electricity spend and achieve resiliency, for the utility to
leverage distributed energy resources to improve the grid and for
the state's 100 percent renewable energy plan objectives. Our
success in Hawaii is demonstrative
of what is possible in creating the electricity grid of the
future."
Hawaiian Electric Company, the state's energy utility, faces
many modern grid challenges. It has the largest proportion of
renewable and distributed energy out of any other utility in the
country. In 2016, 26 percent of customer's electricity demand came
from renewable resources, which can present intermittency
challenges for the utility to manage. Instability compounded by the
high expense of the utilities' largest energy supply – imported oil
– is encouraging the state to look to modern solutions, such as
energy storage and energy management systems to create the
21st-century utility.
"EnSync Energy's comprehensive solutions afforded us offerings
that were customized to our needs and enabled us to avoid complex
and cumbersome processes that we would have experienced with
single-product solar developers or battery providers," said
Charlie Moore, Manager of Century
West AOAO in Honolulu. "EnSync
Energy has enabled us to reduce operational expenses, which
ultimately positions us to bring down costs for our residents."
EnSync Energy's business model and increasing impact in the
state aligns with Hawaii's current
political objectives. Hawaiian Electric has set renewable targets
of 48 percent by 2020 and 100 percent by 2040 – five years ahead of
the state's mandated goal. Along with acquiring nearly 400
megawatts of renewable generating capacity, the utility's latest
Power Supply Improvement Plan includes adding energy storage and
other grid technologies to aid resiliency.
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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
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: 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.
Media Relations Contact:
Antenna
Shreema Mehta
ensync@antennagroup.com
(646) 416-9853
EnSync Energy Company Contact:
Michelle Montague
mmontague@ensync.com
(262) 735-5676
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
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SOURCE EnSync Energy Systems