Niagara Falls, Ontario–(Newsfile Corp. – May 21, 2019) – EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) (“EHT“) is pleased to provide an update on its project with joint venture partner Unified Construction and Investments (“UCI”) in Ghana, previously updated on April 22, 2019.
The project, involving the construction of up to 100,000 ENERTEC homes, has completed the 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 Phase 1 and future phases. That step provides security for the joint venture during the build period as the project moves forward. The additional lands providedwill 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.
With the site surveying complete, the Government of Ghana can now finalize the contract to build the first 10,000 units. Anticipated to be completed in the next 30 days, EHT would then finalize its financing with EDC and Elevate Finance. Construction of the first units can begin immediately thereafter.
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 UCI order is part of the Government of Ghana’s Building of Social Green Housing initiative that is at the forefront in the Government’s Housing program, which oversee these priority governmental infrastructure projects.
John Gamble, CEO of EHT, commented that, “We have been working with the Ghanaian Ministry of Works and Housing and UCI on this project for some time so are pleased to report this project continues to move 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.
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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