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EnSync Energy Systems 07:00 ET
Current EnSync Energy contracted systems will sell more than $20 million in electricity over the duration of their contracts
“The Hawaiian market has been foundational to our success as we introduced new products, services and business models over the last two years,” said Brad Hansen, CEO and president of EnSync Energy. “Installing new hybrid energy storage systems, developing and executing our power purchase agreement business model, demonstrating real-time aggregation of multiple DER installations and recently, shipping our first DER SuperModulesTM are all exciting markers of energy progress. We’re proud of our efforts in Hawaii and the 20 projects we closed there.”
EnSync Energy’s storage and generation integration expertise provides grid automation by enabling services across the meter and optimizing local businesses with behind-the-meter application controls. EnSync Energy developed, engineered, financed and installed differentiated DER technologies to deliver electricity-generating projects that meet Hawaii’s evolving energy demands, synchronize power sources and enhance grid stability via improved visibility and control. Through its partnerships with Hawaiian businesses, EnSync Energy sourced balance-of-systems goods and services with local suppliers and partners.
“Our goal is always to deliver the highest value, most reliable and cost-effective electricity, and we’ve been able to achieve this through our integrated DER system technologies – supporting our customers from concept through design, project finance and commissioning,” said Dan Nordloh, executive vice president at EnSync Energy. “EnSync Energy’s technologies are leading the way to providing benefit to all electricity stakeholders in Hawaii: for customers seeking to reduce their electricity spend and achieve resiliency, for the utility to leverage distributed energy resources to improve the grid and for the state’s 100 percent renewable energy plan objectives. Our success in Hawaii is demonstrative of what is possible in creating the electricity grid of the future.”
Hawaiian Electric Company, the state’s energy utility, faces many modern grid challenges. It has the largest proportion of renewable and distributed energy out of any other utility in the country. In 2016, 26 percent of customer’s electricity demand came from renewable resources, which can present intermittency challenges for the utility to manage. Instability compounded by the high expense of the utilities’ largest energy supply – imported oil – is encouraging the state to look to modern solutions, such as energy storage and energy management systems to create the 21st-century utility.
“EnSync Energy’s comprehensive solutions afforded us offerings that were customized to our needs and enabled us to avoid complex and cumbersome processes that we would have experienced with single-product solar developers or battery providers,” said Charlie Moore, Manager of Century West AOAO in Honolulu. “EnSync Energy has enabled us to reduce operational expenses, which ultimately positions us to bring down costs for our residents.”
EnSync Energy’s business model and increasing impact in the state aligns with Hawaii’s current political objectives. Hawaiian Electric has set renewable targets of 48 percent by 2020 and 100 percent by 2040 – five years ahead of the state’s mandated goal. Along with acquiring nearly 400 megawatts of renewable generating capacity, the utility’s latest Power Supply Improvement Plan includes adding energy storage and other grid technologies to aid resiliency.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: 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.