UGE Signs Contract to Deploy Solar & Energy Storage Portfolio in NYC
Contract the Culmination of Company's RISE:NYC Award Relating to Hurricane Sandy Recovery
New York, New York--(Newsfile Corp. - July 9, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF), a leader in solar solutions for the commercial and industrial sector, is pleased to announce that it has signed a contract with New York City's Economic Development Corporation (NYCEDC) to deploy a portfolio of solar and energy storage microgrid projects in New York City.
Deployment is the final stage of a post-recovery project that UGE was awarded in the aftermath of Hurricane Sandy, and which has already involved extensive engineering and design work to evaluate numerous beneficiary sites and solutions. The super storm caused $19 billion in losses in New York and left more than 2.2 million people without electricity. Some of the hardest hit were small businesses that lost valuable business revenue during and after the storm. The microgrids will be installed at small businesses affected by Sandy and are designed to protect their businesses against future extreme weather events.
"Over the first phase of this project we worked very closely with the small business who will be beneficiaries of these systems,'' said Mateo Chaskel, UGE's Director of Development. "Their excitement for these projects is palpable, and we look forward to building this added resiliency for each of them."
The RISE:NYC program was created by NYCEDC to deploy cutting edge solutions to enhance the City's resiliency; UGE's microgrid solution was chosen under the program's energy resiliency category. Throughout UGE's extensive history, the Company has designed, engineered, and deployed advanced microgrid systems in Canada, the US, and around the world. As battery storage gains traction within the distributed renewable energy sector, UGE looks forward to leaning on and expanding its expertise in this area.
Previously, UGE won an award under the RISE:NYC program, and signed a contract for the development and engineering of the individual projects. This final stage, with an additional contract value of US$2.67 million and gross margins in line with Company targets for the deployment of projects, will see each beneficiary receive their microgrid solution over the next 12 months.
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 380 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
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