EnSync Energy Announces Sale of Power Purchase Agreements for Two Community Facilities in Hawaii
Agreement with Polynesian Cultural Center marks first use of commercial on-bill financing program in Hawaii
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:
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
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Polynesian Cultural Center
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