EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) (“EHT”) is pleased to provide an update on its two distinct Ghana-based projects in its pipeline.
EHT is pleased to announce that the first project to supply up to 100,000 rooftop solar systems under the United Nations OPS program (“UNO”), in conjunction with the Government of Ghana and its Ministry of Works and Housing, has now been funded. Announced in late January 2019, this project will see EHT directly provide its ENERTEC Ultra-light solar panels and supporting systems to be installed on up to 100,000 traditional homes being constructed by third parties.
The second project, which involves the construction of up to 100,000 ENERTEC homes with EHT’s joint venture partner, Unified Construction and Investments (“UCI”), has commenced site surveying following the transfer to the joint venture of ownership title to the full 2,000 acres of planned sites (announced April 9, 2019) in order to underpin the funding for Phase1 and future phases. This step provides security for the joint venture during the build period as the project moves forward. The additional lands now being provided will help the group to add a stronger partner, which is necessary to secure the funding from Elevate Finance and EDC. UCI is finalizing arrangements with the subcontractors that EHT believes will satisfy the EDC credit requirements.
The UNO program for EHT, being the supply of ENETEC solar systems, will start in the 3rd quarter of this year and is expected to continue for the next 5 years. EHT will supply 3Kw to 5Kw solar systems to the project depending on the specific housing requirements. The 3Kw system will cost approximately US$6,000 with the 5Kw system costing approximately US$10,000. Each system will include ENERTEC ultra-light solar panels, an inverter and multiple batteries.
The UCI project, being the construction of ENERTEC housing units, is planned to include 60,000 2-bedroom units and 40,000 3-bedroom units. A 2-bedroom unit will sell for US$33,600 and a 3-bedroom for US$42,000. The EHT/UCI joint venture currently estimates a net margin of 7.5%-12% (approx. US$2,520-$4,032 per each 2-bedroom unit) and will provide future updates as the project progresses.
The UNO & UCI orders are both part of the Government of Ghana’s Building of Social Green Housing initiative that is forefront in the Government’s Solar program, and both orders are priority governmental infrastructure projects.
John Gamble, CEO of EHT, commented that “We have been working with the Ghanaian Ministry of Works and Housing and our partners on these two projects for some time now so are pleased to report these projects are moving forward and will soon start to help the people of Ghana”.
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.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.