MILWAUKEE, Feb. 13, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE
American: ESNC), dba EnSync Energy Systems ("EnSync Energy"), a
leading developer of innovative distributed energy resources
(DERs), today announced a partnership with licensed agent, broker
and consultant (ABC) Lower Electric to offer solar energy-based
electricity solutions to its nearly 4,000 clients in Illinois.
The Illinois clean energy
market is poised for rapid growth due to the state's Long-Term
Renewable Resource Procurement Plan, which mandates that
investor-owned electric utilities source at least 25 percent of
their electricity sales from solar and wind sources by 2025. The
Plan sets a minimum target of 666 megawatts (MW) of capacity from
community solar and commercial and industrial (C&I) solar
generation systems that are less than 2 MW in size by year 2020. To
facilitate the adoption of solar, the state is administering the
sale of renewable energy credits to solar operators, which help
lower the cost of installation and operation. These policy
developments are expected to foster the growth of a robust solar
electricity market. The plan is currently under consideration by
the Illinois Commerce Commission (ICC) and is expected to go into
effect on April 3, 2018.
"Through this partnership, EnSync Energy has immediate access to
an existing customer base and the infrastructure necessary for
project penetration into the Illinois market," said Dan Nordloh, executive vice president of EnSync
Energy. "Combined with Lower Electric's client relationships, the
partnership creates a range of market options that align with both
Lower Electric's and EnSync's client interests."
EnSync Energy will cover customer origination, project
development, design, construction and operation of
photovoltaic-based installations for two key customer groups in
Illinois: community solar
subscribers and C&I operators. The systems will be up to 2MW in
size and the projects will be sold either directly to the customer
or as power purchase agreements (PPAs) to the ultimate asset
owners.
"With the new Renewable Energy Credits program in Illinois, we are eager to take advantage of
financial incentives to offer clean energy solutions and lower
costs for our clients," said Ira
Holtzman, managing partner of Lower Electric. "EnSync
Energy's ability to design and execute customized energy solutions
will enable us to tap into state incentives to deliver more cost
savings to our clients."
Lower Electric's C&I clients interested in solar for their
buildings can either directly purchase a solar installation or
participate in a PPA offered by EnSync Energy to reduce or avoid
upfront costs. EnSync Energy also plans to develop community solar
projects with Lower Electric, enabling its clients to participate
in the state's subscription-based community solar program. The
program allows Illinois ratepayers
to opt for solar energy sources for their electricity consumption
without directly purchasing solar equipment. Detailed
specifics on both of these programs will be released with the ICC's
final order in April 2018.
Illinois' renewable generation
legislation reflects a national trend in governmental incentives to
shift to clean energy. With over half of U.S. states having
deregulated their electricity markets, EnSync Energy plans for
additional partnerships with electricity companies in the
future.
"Our partnership with Lower Electric serves as a template for
entering new markets," said Brad
Hansen, chief executive officer of EnSync Energy. "By
pairing our holistic DER and distributed generation solutions with
established third parties in prime renewable energy markets, we can
quickly launch clean, affordable energy offerings and capture
market share."
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems
(EnSync Energy), 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.
About Lower Electric
Lower Electric, an Illinois-based energy consultant, has been
helping commercial clients save money on their energy costs since
its inception in January 2001. Lower
Electric has helped manage costs of clients representing in excess
of 2 billion kWh of electricity and 125 million therms of natural
gas. Lower Electric engages in a bidding process that shops across
many highly rated energy providers to ensure their clients receive
the best prices and the best suppliers for their business needs. It
is a comprehensive consultancy, able to assist its clients in
benchmarking, demand response, energy reduction, reducing carbon
footprint, budgeting and energy efficiency. It also provides
comprehensive customer service to all clients on all billing
issues, location changes, contractual issues and acquisitions.
Safe Harbor Statement
This press release contains 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," "goal,"
"estimate," "anticipate" or other comparable terms. All statements
other than statements of historical facts included in this press
release regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Examples of forward-looking statements include, among
others, statements we make regarding project completion timelines,
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 are
neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of our control.
Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore,
you should not rely on any of these forward-looking statements.
Important factors that could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements include, among others, the following:
our historical and anticipated future operation losses and our
ability to continue as a going concern; our ability to raise the
necessary capital to fund our operations and the risk of dilution
to shareholders from capital raising transactions; our ability to
successfully commercialize new products, including our Matrix TM
Energy Management, DER Flex TM, DER SuperModule TM, and Agile TM
Hybrid Storage Systems; our ability to lower our costs and increase
our margins; our product, customer and geographic concentration,
and lack of revenue diversification; the length and variability of
our sales cycle; our dependence on governmental mandates and the
availability of rebates, tax credits and other economic incentives
related to alternative energy resources and the regulatory
treatment of third-party owned solar energy systems; and the other
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 Report(s)
on Form 10-Q. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Media Relations Contact:
Antenna
Shreema Mehta
ensync@antennagroup.com
(646) 416-9853
EnSync Energy Media Contact:
Michelle Montague
mmontague@ensync.com
(262) 735-5676
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
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SOURCE EnSync, Inc.