WATERBURY, Conn., June 3, 2019 /PRNewswire/ -- Harrison Vickers & Waterman (OTC PINK: HVCW) ("HVCW" or "the company") announced today that the company has executed a new lease to develop a battery energy storage project in Connecticut. The company is currently in talks with a large Utility to co-develop the project with a strategy to use all incentives and revenue streams from ISO New England, Eversource Energy, State of CT and FERC to help facilitate the capital necessary to open the facility. The lease, which was executed at the company's corporate headquarters, is for a 10-year term with an option for an additional 10 years. Additionally, the lease allows for deferred payments until all approvals and permits have been obtained.
Christopher C. Harrison, Chief Executive Officer, of HVCW, commented on the recent news and developments, "We are extremely excited to have executed a lease to develop up to 20 Megawatts of Battery Storage. We will continue to look at other sites and strengthen our relationships with utilities and energy companies. We also have started discussions with a battery technology company to acquire, invest or partner with. These discussions are in the early stages, but we are optimistic that we can come to an agreement this summer. We are also in discussions with another developer to acquire some or all of their projects. We will be updating our shareholders as to the progress of the negotiations." From time to time the company will be updating shareholders via Twitter. The company's Twitter account is: @WatermanInc
The company continues to pursue its strategy of securing energy projects with the goal of partnering or selling the equity interest to a larger energy company. This provides great potential and continues to be well received in the market. This new lease continues to move our plan forward and would be the second successful implementation of that model.
Other Business Opportunities
HVW is actively seeking strategic partnerships or acquisitions with similar energy management related businesses to expand our potential operations and expand into other markets for energy storage and demand energy management projects. There can be no assurances that we will be successful in such efforts to acquire other businesses, or that any such acquisitions or joint ventures would be on terms favorable to our existing shareholders.
About Harrison Vickers & Waterman
Harrison Vickers (HVW) provides comprehensive one-stop solutions to address grid stability problems in the energy market to take advantage of 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. Our 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. We intend to build or own projects or partner with third parties on energy related projects, 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 Waterbury CT project for up to 10 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
Twitter - @WatermanInc
Christopher C. Harrison
Chief Executive Officer
SOURCE Harrison Vickers & Waterman