MILWAUKEE, May 9, 2018 /PRNewswire/ -- EnSync, Inc.
(NYSE American: ESNC), dba EnSync Energy Systems, a leading
developer of innovative distributed energy resources (DERs),
announced today the signing of a 20-year power purchase agreement
(PPA) with The Michaels Development Company to build a solar and
energy storage system at the Keahumoa Place affordable
housing development, a greenfield project that is expected to
complete construction in 2019. The project – the highest valued in
company history – will employ EnSync Energy's innovative True
Peer-to-PeerTM DC-LinkTM technology to enable
residents to directly exchange electricity with each other based on
the energy needs of each individual unit, increasing energy
efficiency and lowering electricity costs for the entire
network.
Savings from the PPA will finance the construction of a
750-kilowatt photovoltaic panel-covered canopy that will
simultaneously produce energy and shade the development's parking
lot, as well as a 500-kilowatt hour energy storage system, with
individual modules interconnected by the proprietary True
Peer-to-Peer DC-Link behind each unit's utility meter. The system
will be managed by the EnSync DER FlexTM Internet of
Energy monitoring and control platform.
The pioneering True Peer-to-Peer DC-Link technology results in
dramatically increased energy efficiency across the network of
residences. When a residential unit generates energy in excess of
its load, it will charge the unit's energy storage battery. Once
the battery reaches full capacity, any additional energy generated
then enters the DC-Link, a platform that interconnects individual
residential units behind their utility meters and channels this
electricity to other units in the network that demand more energy
than they are generating or storing. The export and import from
each unit is then metered and reported to the utility, though the
True Peer-to-Peer network can also be deployed as a non-export
system.
"True Peer-to-Peer revolutionizes the economics of solar plus
energy storage in residential properties like Keahumoa, by
dramatically reducing the negative impacts of vacancy rates,
absence during peak generation times, vacation schedules and
micro-loading effects within each unit from appliances such as
refrigerators and air conditioners," said Brad Hansen, president and CEO of EnSync Energy.
"By increasing efficiency across the peer network, the system
lowers costs and makes solar energy financially accessible to
residents of affordable housing. EnSync is particularly proud that
our largest project to date in scope will also contribute to a
clean energy future for all income levels, in Hawaii and elsewhere, with this technology and
this project."
"Hawaii is among the most
expensive places to live in the United
States," said The Michaels Development Company Regional Vice
President Karen Seddon. "We're
thrilled to collaborate with EnSync Energy on an innovative
renewable energy program that matches our mission to create
high-quality affordable housing by delivering reliable, low-cost
electricity to our future residents."
EnSync Energy is working on the project with Hawaiian Electric,
to interconnect the system to its grid in accordance with tariffs
set by the Hawaii Public Utilities Commission. The utility will
provide power to future Keahumoa residents as an on-demand back-up
resource. In return, its grid will benefit from an aggregated, more
stable load profile than those of most multi-residential units,
which often generate fluctuating, inconsistent loads.
"Hawaii's energy transformation
enables Hawaiian Electric to implement innovations to build a
leaner, greener grid that delivers renewable energy to all
Hawaii residents," said
Colton Ching, Senior Vice President,
Planning & Technology at Hawaiian Electric. "We look forward to
working with EnSync Energy to implement its
automated technology in Hawaii and make distributed energy
resources affordable across income levels, facilitating
widespread deployment of clean energy in the state."
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
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.