EnSync Energy Announces Sale of Debut Solar PPA Project in California to Standard Solar
Solar canopy at California's Department of Forestry and Fire Protection training facility supports State green building goals
MILWAUKEE, Aug. 7, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems ("EnSync Energy"), the leading provider of innovative distributed energy resources (DERs) and business models for residential, commercial and utility installations, announced today the sale of a project under a 20-year power purchase agreement (PPA) with the California Department of Forestry and Fire Protection (CAL FIRE) to Standard Solar, a leading solar energy company specializing in the development and financing of solar electric systems nationwide. The project marks EnSync Energy's entry into the California marketplace.
EnSync Energy is building a 600-kilowatt solar installation at the CAL FIRE training facility in Ione, California, under the agreement. The installation will consist of a solar system on the classroom roof and solar canopy built over the parking lot of the new dormitory in the training facility. The canopy will keep parked cars cool and reduce the heat island effect while generating clean energy for the facility, which achieves Governor Brown's 2012 executive order (B-18-12) mandating green building practices at State buildings.
"The CAL FIRE solar PPA marks an important milestone for EnSync Energy as our first large project sale in the state," said Brad Hansen, the company's chief executive officer and president. "We are proud to build on our record of deploying holistic DER and financing solutions in this key market, while also supporting an agency that fights wildfires in California."
"As a company dedicated to removing financing barriers for commercial solar projects, we appreciate the opportunity to provide the financing to help support CAL FIRE's mission to protect the public safety of Californians," said Standard Solar president and CEO Scott Wiater. "Costs often remain a barrier to adopting solar, and this PPA offers a win-win solution that facilitates deployment of renewable energy."
Construction of the installation is expected to be completed in 2018.
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.
About Standard Solar
Standard Solar, Inc. is a leading solar energy company specializing in the development and financing of solar electric systems nationwide. Dedicated to making Distributed Generation (DG) solar more accessible to businesses, institutions, governments and utilities, the company is forging the path for clean, renewable energy development through turnkey solutions. With more than 100 megawatts installed, financed and maintained, Standard Solar is one of the most trusted and respected solar companies in the US. Owned by Énergir, a leading energy provider with more than $5.8 billion US in assets, Standard Solar operates nationally and is headquartered in Rockville, Md. For more information, please visit www.standardsolar.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:
Lisa Nash
Antenna Group
[email protected]
646-883-4296
Michelle Montague
[email protected]
(262) 735-5676
Standard Solar Media Contact:
Leah Wilkinson
Wilkinson + Associates
703-907-0010
[email protected]
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
SOURCE EnSync Energy Systems
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