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
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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.