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EDMONTON, ALBERTA--(Marketwired - Feb 17, 2016) - SUNVAULT ENERGY INC. ("Sunvault") ("the Company") (OTC PINK:SVLT) and Edison Power Company ("Edison"), a Delaware Corporation, announced today that they have signed a solar energy generation and large scale battery storage project in Delaware.
The total size of the project is 484kW with both Solar Photovoltaics and 600kW/300kWh Battery Storage for 3 fire stations. This will be first of its kind in Delaware.
The project is a 100% owned project and will produce an EBITDA of approx $250,000 per year for the expected 20 year project life cycle.
The project will start immediately as Sunvault has existing inventory of solar panels to begin project design and construction.
Successful build out of this project could mean an additional 3MW of projects could come online with the company for additional schools in the area.
The Company plans to utilize the Sunvault / Edison Graphene Electrical Energy Storage device (EESD) as the "battery" component within the projects, further demonstrating the technology in actual field.
"We are very pleased to be brought into this deal by Edison in Delaware and look forward to progressive expansion as we build out," stated Gary Monaghan, CEO of Sunvault Energy.
About Sunvault Energy Inc:
Sunvault Energy Inc. is committed to bringing cost effective energy generation and energy storage to the solar industry through a seamless and novel integration of energy generation and storage. This technical approach is a first and has the potential to enable the lowest overall system cost at maximum efficiency. Sunvault has further diversified by acquiring companies or assets that are immediately accretive and that will facilitate into the owning of quality non-cyclical assets.
For more information, visit the Sunvault Energy website at http://www.sunvaultenergy.com.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the completion of any transaction with Edison Power Company, any eventual acquisition by them, or the results of any discussion or negotiations that may be entered into.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, our ability to achieve the expected benefits from the development agreement. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.