EnerDynamic Hybrid Technologies Updates 100,000 House Project with Unified Construction and Government of Ghana
Niagara Falls, Ontario--(Newsfile Corp. - April 9, 2019) - EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) ("EHT") along with its joint venture partner Unified Construction and Investments Limited ("UCI"), and in conjunction with the Government of Ghana and the Ministry of Works and Housing (Ghana), are pleased to announce the balance of the land to build the projects, an additional 1,800 acres, has now been transferred to the joint venture.
EHT and UCI advise that ownership title to the full 2,000-acres of planned sites has been transferred to the joint venture (initially announced September 10, 2018) in order to underpin the funding for Phase1 and future phases. This step provides security to 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. The project now plans to start construction late in the third quarter of 2019, having been delayed, as announced, by the need to add a stronger subcontractor to fulfill the credit requirements of Elevate Finance and EDC.
The joint venture plans to build 10,000 house units per year, after an initial ramp up period. The houses will be built across the 10 regions of Ghana. The Ghanaian Ministry of Works and Housing will be responsible for the final design of the houses, providing the land and ensuring the sites have access to water, electricity and roads. This ministry will also assist EHT in providing all import permits, licences and documentation required.
UCI, a Ghanaian company involved in the design, engineering and construction of housing, infrastructure works and financing, will provide the construction of the houses in Ghana with EHT providing the ENERTEC system of housing construction material and solar integrated roof system.
The project is slated for 60,000 2-bedroom units and 40,000 3-bedroom units. The 2-bedroom units will sell for US$33,600 and the 3-bedroom for US$42,000. The EHT/UCI joint venture currently estimates a net margin of 7.5%-12% (approx. US$2,520-US$4,032 per each 2-bedroom unit) and will provide future updates as the project progresses.
John Gamble, CEO of EHT, commented "This project is very critical to the Government of Ghana to get completed, by adding the additional lands at this time shows their commitment to the project. It also gives the JV the strength to get a subcontracting deal done with a larger company that meets the credit requirements required to get this project started."
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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