EnSync Energy and Hawai'i Pacific University Announce Plans to Build Downtown Honolulu's Largest Solar Installation
Expansion to more than double solar capacity at iconic Aloha Tower Marketplace
MILWAUKEE, March 7, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources (DERs), today announced an expansion of the photovoltaic system it is installing on the rooftops of the Aloha Tower Marketplace, which is operated by Hawai'i Pacific University (HPU) under a lease with the State of Hawai'i Aloha Tower Development Corporation. The latest expansion more than doubles the capacity of the photovoltaic (PV) system to 660 kilowatts (kw), making it the largest solar installation in downtown Honolulu upon completion.
EnSync Energy will add 350 kw in PV capacity to the system under a 20-year power purchase agreement (PPA) it signed with HPU and an undisclosed investor. The solar energy will power HPU's revitalized Aloha Tower Marketplace, a mixed-use space featuring university student residences, community spaces, restaurants and shops.
"It's fitting that the largest PV installation in downtown Honolulu is now located at the landmark Aloha Tower Marketplace," said Dan Nordloh, executive vice president of EnSync Energy. "EnSync Energy has an active presence in Hawai'i, so we are particularly proud to deliver even more clean, reliable and low-cost energy to an institution that plays a prominent role in the cultural and economic life of the state."
EnSync Energy designed the system based on customized analysis of Aloha Tower Marketplace's current energy consumption patterns and anticipated future energy needs. After conducting energy and price modelling, EnSync Energy found that a grid-ready PV installation would yield the most savings for the University.
"We look forward to expanding our solar energy system with EnSync Energy, which offered us a simple way to further contribute to the state's renewable energy goals while also reducing our costs," said Bruce Edwards, chief financial officer for HPU. "The solar panels on Aloha Tower Marketplace's rooftops showcase our commitment to clean energy, to our students and to the greater Honolulu community."
Construction of both phases is expected to be completed by early 2019. HPU may consider a third solar installation phase under the terms of the PPA.
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
Hawai'i Pacific University (HPU) is a private, nonprofit university in O'ahu, with urban and tropical campuses in downtown Honolulu and at the foot of the Ko'olau Mountains on the windward side of the island, respectively. Established in 1965, HPU is home to over 5,000 students from Hawai'i, the mainland, and over 70 countries around the world. Fusing the University's unmatched cultural diversity with personal support and a deliberately intimate learning environment, students get up-close and personal with the subjects they're most passionate about, enabling them to "look closer, see further, and do more." HPU has been named "Best in the West" (Princeton Review, 2016), the most diverse private nonprofit university in the country (The Chronicle of Higher Education, 2016), and one of the top 8% of private colleges for graduates' income mobility (The New York Times, 2017). HPU students also enjoy the #1 Return on Investment on the Islands (Payscale.com, 2017).
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.
Media Relations Contact:
Antenna
Shreema Mehta
[email protected]
(646) 957-3608
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
EnSync Energy Company Contact:
Michelle Montague
[email protected]
(262) 735-5676
HPU Media Relations Contact:
Bennet Group Strategic Communications
Megan Tsuchida
[email protected]
(808) 286-3183
HPU Representative Contact:
Lianne Yamamura
[email protected]
(808) 544-0299
SOURCE EnSync, Inc.
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