MILWAUKEE, July 9, 2018 /PRNewswire/ -- EnSync, Inc.
(NYSE American: ESNC), dba EnSync Energy Systems, a leading
developer of innovative distributed energy resources (DERs),
announced today the selling of 20-year power purchase agreements
(PPA) with the tourist destination Polynesian Cultural Center and
the community organization Kohala Village HUB to undisclosed
investors.
The PPA for the Polynesian Cultural Center, a nonprofit
501(c)(3) organization established to preserve and portray the
cultures, arts and crafts of Polynesia, will finance a set of
photovoltaic and inverter systems totaling 413 kilowatts (kw), with
flexibility to install additional systems and features. The
agreement marks the first commercial on-bill financing project in
Hawaii using the Hawaii Green Infrastructure Authority's recently
launched Green Energy Money $aver (GEM$) On-Bill program. In April,
Hawaiian regulators approved this innovative on-bill repayment
mechanism that enables ratepayers to shift to energy efficiency and
renewable energy sources utilizing a non-traditional financing
mechanism.
The program leverages public and private capital to finance new
clean energy projects, allowing ratepayers to pay a fixed amount on
their utility bill out of the overall cost savings enjoyed as a
result of the new energy efficiency and/or solar installations.
"We are delighted to develop the first project that makes use of
this innovative financing system to accelerate the development of
clean energy sources in Hawaii,"
said EnSync Energy Systems CEO Brad
Hansen. "These agreements point to our continued leadership
in the growing commercial and industrial market for distributed
generation and distributed energy resource systems in the
state."
"The GEM$ on-bill repayment mechanism enabled the Polynesian
Cultural Center to significantly lower its energy costs," said
Gwen Yamamoto Lau, Executive
Director of the Hawaii Green Infrastructure Authority. "We are
excited about the possibilities of replicating this model to assist
other nonprofits in the Hawaiian Electric Companies' service
territory to convert to clean energy."
The PPA for Kohala Village HUB, a community-based organization
for North Kohala residents and
visitors, will finance a 60-kw PV system and a 37-kWh lithium-ion
residential energy storage system. The project design will allow
the batteries to be charged entirely through onsite solar
energy.
"The cost savings and electricity reliability this tailored
installation brings are important additions to our campus and
community mission," said Bennett Dorrance, owner of Kohala
Village HUB. "We are excited to be able to deliver sustainable
energy, in line with our mission and the values of our
community."
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. For more information, visit
www.ensync.com
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 Energy Systems