EnerDynamic Hybrid Technologies Provides Update on Puerto Rico and Bahamas
Niagara Falls, Ontario--(Newsfile Corp. - May 27, 2019) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT") is pleased to provide an update (via updating its March 28, 2019 new release) on initiatives with its Puerto Rico partner, Brieke Family Assets Ltd ("BFA").
On May 23, 2019 the Senate of the US passed the Bill to start the flow of funds to Puerto Rico; President Trump has now approved. Please see link below.
On March 27, 2019, Puerto Rico had passed a bill to radically transform the island's economy with renewable energy as the central pillar. The territory's legislature today approved Senate Bill 1121 (PS 1121), the Puerto Rico Energy Public Policy Act, which will set the island on a path to 100% renewable energy by 2050. The bill pushes the island to become a leader in clean energy technology that can better withstand future hurricanes and improve quality of life for Puerto Ricans.
This news follows EHT's March 5, 2019 press release, which stated that HUD Secretary Ben Carson had announced the approval of the latest Puerto Rico recovery plan, allowing the island devastated by Hurricane Maria in 2017, to start drawing on $8.2 billion for housing, economic revitalization and infrastructure. "I think this is a real opportunity for Puerto Rico to rebuild in a way that will really [allow it to] be the crown jewel of the Caribbean," Carson said in an interview.
Malcolm Wright, a director of BFA, stated: "The original intention of our JV with EHT in January 2018 was to set up a solar factory in Puerto Rico where EHT's unique solar panels could be manufactured. In addition, we were very interested in utilizing the ENERTEC skin for the construction of low-cost houses in Puerto Rico and strengthening the FRSIP panels for hurricane winds. This we solved in conjunction with EHT and Dr. Fernando Abruña, FAIA of Abruna & Musgrave, architects. Once this latest energy bill has been signed, we can now look to manufacture both the panels and the houses in the same factory. More than 40,000 low cost housing units are required in Puerto Rico and our FRSIP system is an ideal solution for building those units. The energy requirements of these homes will be over 800MW so we would look to add the EHT ENERTEC ultra-light embedded solar panels and systems to every new home's roof we supply to help reduce their operating costs and provide their energy supply."
John Gamble, CEO of EHT, commented: "Things can now start moving into place in Puerto Rico and with this latest announcement we truly have a better solution for Puerto Rico's energy needs as our panels are made of fiberglass and unlike glass panels don't break, can withstand storm debris and still be there after the next storm supplying power to our commercial and residential customers."
Last week there were reports about a UK Privy council ruling on a piece of property owned by the Jacks Bay developer. This ruling in no way affects the transaction that Cat5 has with the developer on Jacks Bay.
Sir Franklyn Jacks Bay's Chairman stated: "Eleuthera Properties remains committed to South Eleuthera, and the decision of the Privy Council in no way changes that commitment," Sir Franklyn told Tribune Business, revealing that the developer had invested some $100m in the area since 1988. "This ruling does not change our vision or sense of future [possibilities]. It's important to note this property is physically separate; in no way is it related to the land we have earmarked for a luxury resort and marina community to be developed by a subsidiary of Eleuthera Properties."
EHT confirms that Cat5's project to build the houses at Jacks Bay is proceeding as planned and EHT is awaiting receipt of the CAD files of the construction drawings from their architects in order for EHT to commence the first home fabrication, and we will proceed with the second home and others as sales proceed and as soon as those second home house plans have been finalized by the architects.
About EnerDynamic Hybrid Technologies
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45046