Deal

EnSync Energy Sells Power Purchase Agreement Project for Food Processing Company in Hawaii

0.4 MW
2017

MILWAUKEE, June 6, 2017 /PRNewswire/ -- EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms for the utility, commercial, industrial and multi-tenant building markets, today announces the sale of a power purchase agreement (PPA) for a Hawaii-based food processing company. Upon completion, the DER system will provide sustainability and electrical resiliency by adding solar plus storage at the processor's site, while also supporting participation and monetization of grid services with the local utility. The system will have more than 400 kilowatts of solar PV onsite supported by two EnSync Energy SuperModule™ systems that includes 850 kilowatt-hours of hybrid energy storage, a Matrix™ Energy Management system and DER Flex™ IOE technology in 20-foot containers which can quickly be placed and connected at the site. Revenue from the sale will be recognized upon completion of project milestones over the next several quarters. "This opportunity, developed by EnSync Energy's project development subsidiary Holu Energy in Honolulu, is intended to meet the processor's desire for uninterruptable power and long term energy resilience, ensuring reliable operation of their refrigeration assets, as well as other critical operations at the food processing and distribution facility," said Brad Hansen, CEO of EnSync Energy. "We believe this project further validates our status as a pioneer developer of solar plus energy storage DERs in commercial and industrial buildings in Hawaii, including being the first there to commercialize the use of power purchase agreements for these systems." When needed, the energy stored in the batteries is designed to support the company's critical operations, such as processing and refrigeration, at full operation for several hours. The system will also allow the company to enroll in Hawaiian Electric Company's upcoming grid services program in return for compensation from the utility for operating the system in a manner that concurrently supports the grid. To prepare the facility for these programs the system will include EnSync Energy's DER Flex IOE technology which permits fully integrated DER to utility connectivity. Specifically, DER Flex enables programs like fast frequency response and non-spinning auto reserves that require the batteries to discharge energy when called upon by a local utility during a grid disturbance. "

Source: Prnewswire