WATERBURY, Conn., Feb. 1, 2019 /PRNewswire/ -- Harrison, Vickers & Waterman (OTC PINK: HVCW) ("HVW" or "the Company") has purchased the remaining 20 percent equity of the New Jersey Energy Storage Project One, LLC for a 20 MW battery energy storage (BESS) project located in Bloomsbury, NJ, PJM queue position AE1-243. Terms of the deal were not disclosed. HVW had purchased 80 percent of the New Jersey Energy Storage Project One, LLC for a 20 MW battery energy storage (BESS) project located in Bloomsbury, NJ in October 2018. Chief Executive Officer Christopher C. Harrison commented, "We are pleased to now have 100 percent of the BESS project which will allow HVW to be in a better position with potential suitors. We expect to sell some or all of the project in the next six months. We have received communication from interested companies and are starting negotiations."
Other Business Opportunities
HVW is actively seeking strategic partnerships or acquisitions with similar energy management related businesses to maximize its potential operations and expand into other markets for energy storage and demand energy management projects. There can be no assurances that HVW will be successful in these efforts to acquire other businesses, or that any acquisitions or joint ventures would be on terms favorable to its existing shareholders.
About Harrison, Vickers & Waterman
HVW provides a comprehensive one-stop solution to address grid stability problems in the energy market to capitalize on the large and actively growing market opportunity for energy storage and demand management. HVW offers solutions to grid operators, utilities, and commercial and industrial (C&I) customers. The company's focus is on renewable distributed energy resources (DER) and battery energy storage systems (BESS) for grid balancing services to the independent system operators (ISOs), load shifting for utilities, energy management through storage and standby generator input for (C&I) customers, and micro grids for energy security. HVW plans to build, own or partner with third parties on energy related projects, partner with existing grid participants to take advantage of demand management programs, enter joint ventures and operate electric energy facilities to develop a portfolio of income producing projects.
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. There can be no assurance that efforts to develop the Bloomsbury, NJ site for 20 megawatts will be successful. There are numerous financing and regulatory and timing hurdles involved with any project, and HVW does not have its own capital necessary to satisfy the financing needs to complete these projects at this time and will have to obtain financing through third parties, of which there can be no assurance. While any forward-looking statements represent our judgments and future concerning our business, several risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, the highly competitive landscape to source and locate energy management projects that will be economically viable, the high cost of purchasing battery equipment, and the risk that we may be unable to obtain necessary capital investment and financing to install energy storage systems and otherwise complete projects, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Harrison, Vickers & Waterman Inc to be materially different from the statements made herein.
Harrison, Vickers & Waterman
1669 Thamaston Avenue
Waterbury, CT 06704
Christopher C. Harrison
Chief Executive Officer
SOURCE Harrison, Vickers & Waterman