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.
About EnSync Energy Systems
EnSync, Inc. (NYSE MKT: 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
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: 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.
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
EnSync Media Contact:
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SOURCE EnSync Energy Systems