VANCOUVER, British Columbia, June 18, 2020 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE:IWIA) (OTCQB:INTWF) (the “Company” or “SHARC Energy”) is pleased to announce that the Company has entered into an Incubatenergy© Labs 2020 Startup Services Agreement (“SSA”) with the Electric Power Research Institute (“EPRI”) for the purposes of demonstrating the PIRANHA™ HC’s ability to improve the sustainable energy profile of buildings while providing hot water and air conditioning from the energy recycled from waste water that would normally be lost down the drain.
Under the terms and conditions of the SSA, SHARC Energy will commence a three-month demonstration project in North Vancouver, B.C. at a 65-unit apartment complex (the “Services”).
This demonstration project, located in one of Vancouver’s most progressive metropolitan communities on responsible energy use, is part of a partnership that includes Ameren Corporation, Con-Edison, Southern California Edison, Tennessee Valley Authority and EPRI.
The total cost of the Services is $50,000 USD.
Over the course of the Services, the following tasks will take place:
- In the first two weeks, meters will be installed on site to determine water and natural gas usage of the existing domestic hot water system. While this data is being collected, the PIRANHA HC installation will be completed. The existing natural gas boiler will remain in place.
- During the first three weeks of operation, the PIRANHA HC will be operated to meet 50% of the buildings peak hot water load for one week followed by 75% for two weeks. This partial load operation is designed to gather more data for sizing future installations. Throughout this task, the electric load will be scheduled such that it avoids peak hours.
- During the next six weeks of operation, the PIRANHA HC will be tasked with meeting 100% of the hot water load. This will be split into two separates three-week segments. This first three weeks will be without utility peak avoidance followed by three weeks with utility peak avoidance.
- Throughout the project, data will be collected and the final report will include information on the initial costs, operational costs, energy usage, energy savings, GHG reduction and return on investment.
The final report is scheduled to be delivered on September 30, 2020 and the results will be presented at the Incubatenergy Labs “Demo Day” currently scheduled for October 14, 2020 in St Louis, Missouri and hosted by Ameren Corporation.
Following the completion of the project, EPRI anticipates working with interested utilities to further demonstrate SHARC Energy technology in different locations around the United States. Additionally, tools could be developed to help identify ideal locations and best practices for implementing SHARC Energy technology with particular interest in additional research in relation to optimization of peak avoidance for each utility.
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.
About SHARC International Systems
SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. 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 SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
“Lynn Mueller”
Chairman and Chief Executive Officer
For further information, please contact:
Jason Shepherd, SHARC International Systems Inc.
Telephone: (250) 212-2122
Email: jason.shepherd@sharcenergy.com
The Canadian Securities Exchange does not accept 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 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 as a result of new information, future events or otherwise, except as required by applicable securities legislation.