Toronto, Ontario--(Newsfile Corp. - October 18, 2017) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT" or the "Company") today is pleased to announce that it has received the first order from The Foundation General Akissi on behalf of the Ivory Coast government to build 4,000 houses, which represent the first tranche of Phase 1 of the agreement (see the Company's news release dated December 12, 2016).
On October 21, 2016, the Company announced that it would build and ship two advanced Enertec housing units to Ivory Coast, West Africa to serve as demonstration units in an effort to secure contracts with the government of Ivory Coast for up to 50,000 ENERTEC homes. On January 30, 2017, the Company announced that it had completed the previously announced installation of the two advanced ENERTEC homes in Ivory Coast. In July 2017, the Government of Ivory Coast requested additional local certifications of the ENERTEC modular buildings. On September 28, 2017 the Company announced it had received positive results following the additional testing.
The first 4,000 houses are 2 and 3-bedroom models that will cost the customer approximately US $30,000-$35,000 each. All the houses will be fully financed and will require the requisite down payment prior to commencing production as is consistent with Company policy. EHT is expecting to realise a margin of approximately 15% on these units. EHT will build these units with its affiliate partner Maple Leaf Holdings SA. ("MLH") in which EHT is a shareholder.
The first tranche of 4,000 houses, which is part of the 10,000 houses previously announced, will be built over the next 3 years commencing in the spring of 2018. The Company's production process is intended to commence building 50 houses per month for the first 3 months, increasing to 100 for the next 3 months and finally 200 houses per month thereafter until the first tranche is completed. Once complete, the Company will build the balance of 6,000 houses to complete the Phase 1. Ultimately the Foundation General Akissi has a mandate to build 50,000 houses for the military families and therefore, EHT and MLH will expand production to satisfy the total requirement over the coming years.
Mr. John Gamble, EHT's CEO, commented that "We now have the first housing contracts in the vast West African market. This is a great step forward for EHT. Management has worked diligently towards finalizing this contract over the last months, completing all the testing and certification requirements to build in Ivory Coast. I am certainly very pleased that we can now move forward across the region."
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.
About ENERTEC
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 involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, and 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 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 as a result of new information, future events or otherwise, other than as required by applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Gamble
Director
(289) 488-1699
[email protected]
[email protected]
Company Website: www.ehthybrid.com
