VANCOUVER, British Columbia, March 04, 2020 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE:IWIA) (OTCQB:INTWF) (the “Company” or “SHARC”) is pleased to announce that it has been selected as an Incubatenergy© Labs Challenge finalist and has been formally invited to present to a select group of major, national U.S. utilities during Pitch Day at the Electrification 2020 International Conference and Exposition, April 6 – 9, in Charlotte, North Carolina. SHARC is one of seventeen (17) finalists selected from more than 130 applicants to compete for a paid demonstration project.
The Electric Power Research Institute (“EPRI”) Incubatenergy Network created Incubatenergy Labs, a program that connects startups with utilities to identify, prioritize, and conduct accelerated demonstrations of solutions addressing challenges common to all electric power utilities.
Incubatenergy Labs seeks solutions that address customer engagement, digitalization, distributed energy resource integration, workforce of the future, electric mobility, and customer and community resilience. SHARC has been selected to pitch at the Electrification 2020 International Conference and Exposition on Tuesday, April 7, 2020. The finalist presenters are competing for a paid, accelerated demonstration project with a major utility. The project's goal is to rapidly test and deploy new and demonstration-ready technologies and solutions at scale, to accelerate innovation and decarbonization efforts worldwide.
On Pitch Day, Incubatenergy project team members will hear final pitches, and that afternoon officially select 6-8 companies for the accelerated, paid demonstration projects. Finalists will also get a chance to fast-pitch their solutions at an all-conference “Shark Tank”-style Pitch Night event the evening of Wednesday, April 8.
The successful accelerated projects are to be fast tracked to commence immediately following the event. Selected companies will work with EPRI and the utilities to scope and execute a pilot project within the service area of a participating utility during the first month, followed by three months of demonstration. The project results will be presented at the Incubatenergy Labs “Demo Day” in October in St Louis, Missouri with other participants. This collaborative approach expands the reach for the startups’ pilots, provides higher returns on investments for the utilities, and increases the value of the projects for all participants.
Incubatenergy Labs completed its first round of projects and demonstrations earlier in 2019, under the title IlluminationLAB, a collaborative effort of EPRI, American Electric Power (“AEP”), and other utilities.
“The rapid pace of innovation in the electric power sector has resulted in a growing number of startups that strive to provide utility customers with solutions enabling them to decarbonize, digitize, and manage their energy use while maintaining system quality and grid reliability,” said Erik Steeb, who leads the Incubatenergy Network and Labs program for EPRI. “Incubatenergy Labs connects electric utilities with startups aiming to address challenges and opportunities in the rapidly changing energy sector. We are doing this in ways that enable us to learn quickly, share results widely, and cost-effectively speed the deployment of new technologies.”
The first-round participants included EPRI, AEP, Ameren, Consolidated Edison of New York, Nebraska Public Power District, the New York Power Authority, Salt River Project, and TVA. Joining the program for 2020 are Portland General Electric, Southern California Edison, and Xcel Energy.
“This opportunity to present to the largest American electric power utilities could be the catalyst SHARC needs to bring mass awareness and acceptance to its unique technologies and its superior ability to decarbonize and subsidize hot water heating and space conditioning in comparison to alternative electric and clean technologies,” says Lynn Mueller, CEO of SHARC International. “We are extremely confident in our products and look forward to pitching our company.”
About EPRI
The Electric Power Research Institute, Inc. (www.epri.com) conducts research and development relating to the generation, delivery and use of electricity for the benefit of the public. An independent, non-profit organization, EPRI brings together its scientists and engineers as well as experts from academia and industry to help address challenges in electricity, including reliability, efficiency, affordability, health, safety and the environment. EPRI members represent 90% of the electricity generated and delivered in the United States with international participation extending to 40 countries. EPRI’s principal offices and laboratories are located in Palo Alto, Calif.; Charlotte, N.C.; Knoxville, Tenn.; Dallas, Texas; Lenox, Mass.; and Washington, D.C.
Appointment of Investor Relations Consultant
The Company is pleased to announce that it has appointed Phoenix Group and Jason Shepherd as its investor relations advisor. The Phoenix Group will provide an initial 6-month term of services and will be supporting the Company’s investor engagement strategy.
In connection with the appointment, the Company has issued 200,000 stock options at an exercise price of $0.14 that expire five years from issuance. The options are subject to vesting restriction as per the Company stock option plan specifically related to investor relations persons.
About SHARC International Systems Inc.
SHARC International Systems Inc. is a world leader in waste water heat recovery. For commercial, residential and industrial buildings, SHARC products recycle thermal energy, generating one of the most efficient and economical methods for heating, cooling & preheating water. SHARC is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA).
Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.
We are truly grateful for the patience and support of SHARC shareholders! Please join the conversation on our SHARC supporter’s telegram group at https://t.me/SHARCenergy.
The company diligently posts important information and updates through weekly videos from the official company youtube channel (https://www.youtube.com/channel/UCyDZ8Sz5h_s6Y4-tiiJJLlg/videos).
ON BEHALF OF THE BOARD
“Lynn Mueller”
Chairman and Chief Executive Officer
For further information, please contact:
Investor Relations
Phoenix Group
Jason Shepherd
SHARC International Systems Inc. Telephone: (250) 212-2122
Email: phoenixgroup777@gmail.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of 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'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 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 as a result of new information, future events or otherwise, except as required by applicable securities legislation.