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:
Shreema Mehta
Antenna Group
ensync@antennagroup.com
(646) 957-3608
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, Inc.