VANCOUVER, British Columbia, April 22, 2021 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) shipped its PIRANHA wastewater energy recovery system to the ELLA development in Vancouver, B.C., the latest multi-family residential building seeking to reduce its energy costs and carbon footprint while future proofing against rising carbon tax.
The 45-suite unit ELLA project is built by Trillium Projects Management Ltd. (“TRILLIUM”) on behalf of GN Holdings Limited Partnership (“GN HOLDINGS”). GN Holdings is an example of a forward-looking sustainable developer getting ahead of the City of Vancouver Climate Emergency Action Plan and specifically “Big Move 4: Zero Emissions Space and Water Heating”. By 2030, the city would like to reduce carbon pollution from buildings by half from its 2007 levels. By 2025, all new and replacement heating and hot water systems will be mandated to be zero emissions.
Under Big Move 4, the plan outlines regulations will be implemented to reduce the carbon from existing buildings, starting with a first phase in 2025. If these “carbon caps” are not met by buildings, building owners will be charged fees or a municipal carbon tax annually. The City of Vancouver anticipates this to be $15M-$20M of revenue a year starting in 2025. As this plan was originally announced pre-COVID, there is potential this carbon cap is implemented sooner.
The PIRANHA T10 HC will recover the thermal energy from the water that goes down the drain in the complex daily providing heating and an estimated 524 tonnes of CO2 emissions reduction over its lifespan. At the same time the unit is providing up to 100% of the hot water production, it will be providing some air conditioning to help improve cooling efficiencies.
“We are very proud of this latest project, which shows SHARC Energy’s wastewater energy recovery technology can provide small and medium-size residential buildings significant energy savings and reduced carbon emissions,” said SHARC Energy CEO Lynn Mueller. “We are also encouraged by the support of CleanBC, the province’s program that assists those trying to reduce carbon emissions to meet B.C. and Canada’s GHG reduction goals.”
The ELLA installation is a result of the builder’s initial investment and the assistance of the CleanBC Custom-Lite Program, which subsidizes building owners and operators wishing to install technologies that reduce greenhouse gas (GHG) emissions. CleanBC Custom Programs are funded by the Province of British Columbia and the Government of Canada and is administered by BC Hydro.
There are now eleven SHARC Energy systems installed — or scheduled to be installed — in the Lower Mainland, including the False Creek Neighbourhood Energy Utility.
About SHARC Energy
SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings.
ON BEHALF OF THE BOARD
Chairman and Chief Executive Officer
|For investor inquiries, please contact:||For media inquiries, please contact:|
|Hanspaul Pannu||Mike Tanyi|
|Chief Financial Officer||Director of Marketing and IT|
|SHARC Energy||SHARC Energy|
|Telephone: (604) 475-7710 ext. 4||Telephone: (604) 475-7710 ext.109|
|Email: email@example.com||Email: firstname.lastname@example.org|
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.