MILWAUKEE, Sept. 28, 2017 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems ("EnSync Energy"), a leading developer of innovative distributed energy resources (DERs), today announced its entry into the California marketplace by signing a 20-year power purchase agreement (PPA) with the State of California. The project, on which EnSync Energy has partnered with Solar Energy Fields, will be a 500-kilowatt solar installation at the California Department of Forestry and Fire Protection (CAL FIRE) training facility in Ione, California.
Under the multi-party agreement, EnSync Energy will build a solar canopy over the parking lot of the academy's new dormitory. The academy is used to train team leaders for California firefighting groups. The canopy will keep parked cars cool and reduce the heat island effect, while generating clean energy for the facility. This solar project is the result of Governor Brown's 2012 executive order (B-18-12) mandating green building standards, as well as advancements in energy technologies that continue to make renewable power more accessible. In California and other states with rigorous environmental standards, both policy and technology have facilitated the increased use of distributed energy, which is often renewable and potentially lowers costs.
"This is an important milestone for EnSync Energy as we expand the success of our DER model into the State of California. We are delighted to work with CAL FIRE on our first large project in the state and support CAL FIRE's mission to protect the public safety of Californians," said Brad Hansen, chief executive officer and president of EnSync Energy. "We appreciate the opportunity to begin bringing innovative and reliable renewable energy solutions to California, where the vast majority of storage and solar deployed has been in independent, siloed systems with no interaction and very limited grid network connectivity. EnSync Energy has taken the clear leadership position in the DER market for commercial customers and microgrids in other states like Hawaii precisely because we bring the entire solution. We look to California to be a major contributor to company growth, and this project marks the start of an exciting opportunity pipeline there that will help the state effectively achieve its clean energy goals."
The new CAL FIRE project demonstrates EnSync Energy's successful expansion into the California market, which started with the opening of its North America sales office in Petaluma, California, one year ago. Offering the entire DER solution with PPA financing puts EnSync Energy in a unique competitive position in California. The CAL FIRE project is one of many opportunities that has been identified and added to EnSync Energy's growing project pipeline in California.
EnSync Energy is partnering on the CAL FIRE construction with Solar Energy Fields through the company's contract with the California Department of General Services to develop a renewable energy project at the Ione facility. "Solar Energy Fields is proud to be part of California's green building strategy and transition to clean energy," said Ned Araujo, chief executive officer and president of Solar Energy Fields. "Working with EnSync Energy, we will build a solar power system that will bring both environmental and cost benefits to the state."
To develop a high-value PPA, EnSync Energy evaluated the anticipated energy needs on the academy campus and found that a photovoltaic installation consolidated onto a canopy – rather than decentralized installations on individual building roofs – would both reduce installation costs and maximize solar energy output.
The academy's new dorm construction comes as the number of wildfires handled by the state agency rose by more than 20 percent in the first half of 2017 compared to 2016. Project construction is estimated for completion in the spring of 2018.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems (EnSync Energy), 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 Solar Energy Fields
Solar Energy Fields, Inc., (SEF) is one of seven (7) Solar Developers qualified under the California State PV Program to design, build, own, and operate solar-electric generating facilities on State-owned land and buildings. With its Team, including EnSync Energy, SEF is pursuing multiple contracts under the State's PV Program. SEF, a service disabled veteran owned California Small Business certified by both the State of California and the Federal Government, specializes in solar and wind power generation design and construction services as well as comprehensive Construction Program Management, and Construction Management support services. With broad-based experience in site development engineering, site development construction, construction management, and environmental remediation, SEF brings a broad range of services to its Clients in both the Public and Private Sectors. SEF's two Principals have more than 55 years of combined construction industry experience. As a result, SEF is able to provide project-specific management support programs structured to meet a project's goals, objectives, and requirements. SEF blends its technical and program management expertise with the expertise of its service providers to create a comprehensive, balanced, and efficient management program that controls risk and supports successful project completion.
Safe Harbor Statement
Certain statements made in this press release contain 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," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: 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 involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those 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 Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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SOURCE EnSync, Inc.