EnerDynamic Hybrid Technologies (TSXV: EHT) Provides Update on Bahamas Initiative
Niagara Falls, Ontario - November 5, 2018 (Newsfile Corp.) (Investorideas.com Newswire) EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT") is pleased to provide an update on activities with its joint venture partner Brieke Family Assets Ltd ("BFA").
EHT has extended its agreement with BFA through December 31, 2025 to include all of the Caribbean as well as Florida, Texas, Louisiana, North Carolina and South Carolina. The joint venture will incorporate a new company called Cat5 Solar and Microgrids (Bahamas) Ltd ("Cat5 Bahamas") to address and handle the promising business operations expected in that country.
An EHT technician will be in Nassau during the third week of November to design 6 solar systems for various new commercial customers' buildings, including a large bakery, that will collectively produce in excess of 1 mega watt of solar power. EHT Management is working with Elevate Export Finance Corp. to secure commercial end user funding for the 6 projects to finance the solar systems, whereby the customer will pay an initial deposit of 15% and the balance over 60 months. Energy costs are high in the Bahamas so the average payback of the system, after a 15% deposit, is usually less than 5 years with the following 20 years of energy being provided at close to zero cost. The monthly payments for the ENERTEC solar system are expected to be less than the customers' current monthly energy costs with surplus energy available to be sold into the grid on any grid tied system.
Cat5 Bahamas is also expected to utilize a new EHT Fire Retardant Structural Insulated Panel ("FRSIP") that it has developed with BFA for use in Puerto Rico. This new FRSIP panel was designed to withstand category 5 hurricane wind speeds and, when combined with BFA's concrete block systems and EHT's solar products, will produce a "Net-Zero" home.
Additionally, these new FRSIP panels and BFA's block system will be used to build two luxury show homes on the Tiger Woods-designed golf course at Jack's Bay in Eleuthera, Bahamas. Construction of these showpieces, which will be started in the middle of January 2019, will include an expandable solar farm to produce all the power needed for the resort community.
The contract with Jack's Bay calls for two show homes to be constructed adjoining the "Playground", a 10-hole short course being designed by Tiger Woods. The parties believe "it is desirable for homes on Jack's Bay to be built to a "Net-Zero" standard and be able to withstand category 5 wind speeds to minimize the effects of any future hurricanes". With the combination of EHT and BFA's products, this laudable objective will be achieved. Thereafter, the joint venture plans to utilize the same products in Puerto Rico and the above-specified US States to build sustainable, safe and affordable "Net-Zero" homes.
Malcolm Wright of BFA stated, "It was indeed an honor to be asked by Sir Franklyn Wilson to visit Jack's Bay in Eleuthera and then contract with him to build the first two "Net-Zero" show homes adjoining the Tiger Woods-designed short course. The new FRSIP panels and BFA's building block system are ideal for use in areas affected by hurricanes. This is a perfect place to demonstrate that our products can be used to build both luxury and affordable housing. The contract states that upon the successful completion of the two luxury show homes, and the sign off by Jack's Bay, the parties intend to extend the agreement for other homes and condo sites on the 575-unit project." Mr. Wright also commented that, "I discussed during a recent meeting I had with Hubert Alexander Minnis, the Prime Minister of the Bahamas, and Sir Franklyn, that Jack's Bay and Cat5 hoped to create a large number of local jobs in South Eleuthera and that our building and solar systems can be used to build sustainable affordable housing all over the Bahamas as well as the luxury housing at Jack's Bay."
John Gamble, CEO of EHT, commented that, "We have been working diligently with BFA to produce this new FRSIP panel and I am delighted that Mr. Wright has been able to secure this contract with Jack's Bay and Sir Franklyn Wilson. Mr. Gamble further indicated that, "The new FRSIP panel will be used to build luxury homes in this first-class resort with our standard Enertec panel deployed for all interior walls. This project will take our Enertec system to an entirely new level as it will now be used in both luxury homes as well as low cost housing in hurricane affected areas of the world."
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. EHT's expertise includes the development of its ENERTEC module structures with full integration of smart energy solutions. Using a proprietary skin and foam core that is stronger than traditional wood or steel structural insulated panels, EHT provides exceptional thermal energy efficiency in modular homes, cold storage facilities, residential/commercial out buildings and emergency/temporary shelters. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. In addition to traditional support to established electrical networks, ENERTEC buildings excel where no electrical grid exists.
The EHT advanced ENERTEC Modular Wall and Roof System uses a proprietary skin and foam core that is stronger and more energy efficient than traditional wood or steel structures providing the highest ratings for energy efficiency. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. After installation, each structure can be furnished and finished to meet the customer's requirements including siding, tile, kitchens and bathrooms or segregated commercial rooms. The finished wall product can be shipped on pallets and delivered via rail, truck or water in standard formats.
At the core of the ENERTEC product line is the ENERTEC Embedded Solar Roof Module. Solar cells can be embedded in a proprietary fire proof skin resulting in substantial cost savings by eliminating heavy glass panels and aluminum racking required for traditional solar panels. Two barriers to greater adoption of solar energy are weight limitations of the roof on which solar panels could be deployed and onerous shipping and labour costs. A lighter product at a better price point will open a larger market for solar due to the faster return of capital investment especially for rural and remote users looking to go off-grid. Furthermore, the entire EHT embedded solar roof becomes a massive solar panel capable of producing significantly more energy than the home requires, allowing the structure to then become an important source of power for the local micro grid or large battery storage systems.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements herein that are not historical facts are forward‐looking statements. Forward-looking information relating to sales of the products (the "Opportunities") involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, for the Opportunities to differ materially from those expressed or implied by such forward-looking information. Although EHT believes that the assumptions used in preparing the forward-looking information on the Opportunities outlined in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether a result of new information, future events or otherwise, other than as required by applicable securities laws.
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