Toronto, Ontario--(Newsfile Corp. - March 15, 2018) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT" or the "Company") today is pleased to provide an update to its October 17, 2017 announcement on its progress in Ivory Coast, West Africa.
On September 20, 2017 the Company announced that it had received certification of its ENERTEC product, confirming its approval for use in Ivory Coast. That approval was specific to the ENERTEC products made in the Company's Canadian facilities using local Expanded Polystyrene ("EPS"). In an effort to increase profitability, the Company initiated the same approvals for ENERTEC products produced using EPS manufactured by Groupe Ndoum, EHT's joint-venture partner in Ghana, West Africa. Having now received such approvals, EHT will not need to ship EPS from Canada representing a substantial cost savings in shipping.
Mr. John Gamble, EHT's CEO, commented that "Management has worked relentlessly towards finalizing this portion of the Ivory Coast housing contract including completing this further but strategic testing and certification. I am certainly very pleased that we can move forward in Ivory Coast utilizing the full breath of our regional joint venture partner".
EHT 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. This order can now proceed following completion of this expanded EHT initiated approval.
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 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 coming months. 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.
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.
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.
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