EnSync Inc (NYSEMKT:ESNC)
EnSync Inc (NYSEMKT:ESNC) has announced entering into a 20-year Power Purchase Agreement (PPA) with Easter Seals Hawaii in a bid to help offset the company’s local electricity prices. EnSync Inc is a major provider of the highly innovative internet of energy (IOE) control platforms and distributed energy resource (DER) systems for industrial, commercial, and multi-tenant building markets
The agreement will entail installation of ground-mounted 122-kilowatt solar panel which will be located at the non-profit’s power facility. Easter Seals Hawaii is a nonprofit that specializes in empowering adults and children with disabilities by offering services like rehabilitation, job training, facilities-based care, home and community-based services – among others. Easter Seals has been serving Hawaii for the last 70 years and annually records over 600,000 hours of services to families and individuals living in the state.
In a statement, EnSync Inc (NYSEMKT:ESNC) CEO and President, Brad Hansen, said the Hawaiian electricity PPA market has proved to be a profitable avenue for EnSync Energy to spread its presence and demonstrate its business model.
Easter Seals Hawaii Chief Executive Officer, Ron Brandvoldon, said non-profit organizations are always trying to lower operating costs. He added that their services are always in high demand which calls for the need to manage their operating cost so as to be able to serve as many people as possible. Easter Seals Hawaii board chairman Michael Hulser said they are pleased to have the energy community help the organization remain sustainable while at the same time cutting on its operating costs. The project between Easter Seals Hawaii and EnSync Inc (NYSEMKT:ESNC) is at an advanced stage of construction and development and is scheduled for completion by the end of this year. At the moment, EnSync Energy has a total of 18 running projects in Hawaii. Some other projects are still under construction or have been contracted.
During the Thursday session, EnSync Inc (NYSEMKT:ESNC) reported a -37.03% or -$0.185 drop to trade at $0.315
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.