VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) is pleased to announce its involvement in leləm̓, a master planned community in the University Endowment Lands developed by Musqueam Capital Corporation. The development’s heating and cooling needs will be met by utilizing a SHARC low-carbon wastewater energy exchange system as part of a centralized energy facility.
The project’s wastewater will collect and pass through the SHARC system, allowing for the reuse of thermal energy that would otherwise be lost to the sewer lines. By using wastewater as an energy source, the project will significantly improve the energy efficiency and reduce the carbon emissions of the community for its lifetime.
Situated on the western edge of the City of Vancouver, the 22-acre lelǝḿ development is bounded by the University Golf Course, Pacific Spirit Park, and the University of British Columbia. leləm̓, meaning home in hən̓q̓əmin̓əm̓, the language of Musqueam people, reunites the north and south of Pacific Spirit Park with a new forest heart, a brand-new community centre for the University Endowment Lands, a daycare centre and a contemporary village set amidst towering trees and walking trails, weaving multi-family living and a retail and gathering hub into a natural landscape.
“We are proud to be putting in a truly groundbreaking carbon neutral district energy system in some of the most pristine environment in the world," says Lynn Mueller, CEO of SHARC Energy. “Being in harmony with nature is a key objective for SHARC Energy.”
“Musqueam Capital Corporation is pleased to partner with SHARC to construct a sewage heat recovery plant to provide sustainable energy to 1,200 residential units planned at lelǝḿ development. Employment of this type of technology is consistent with Musqueam’s cultural values founded on stewardship of the natural world,” says Babu Kadiyala, VP Real Estate of Musqueam Capital Corporation.
The development is consistent with the recommendations of the United Nations Environment Programme (UNEP) which has identified low carbon district energy systems as a best practice to addressing the global climate challenge. The report states a transition to such systems, combined with energy efficiency measures, could contribute as much as 58 per cent of the carbon dioxide (CO2) emission reductions required in the energy sector by 2050 to keep global temperature rise to within 2-3 degrees Celsius.
District energy systems utilizing wastewater energy like the leləm̓ project will benefit from significant carbon savings, energy efficiency and freshwater savings compared to current standards. As witnessed by the recent heat waves in British Columbia, balancing both heating and cooling loads globally is critical. Wastewater based district energy systems have the ability to provide consistent year-round environmental and operating efficiencies to both heating and cooling loads.
The system is anticipated to be delivered and installed in Q1 2022.
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.
SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.
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ON BEHALF OF THE BOARD
Lynn Mueller
Chairman and Chief Executive Officer
For investor inquiries, please contact:
Hanspaul Pannu
Chief Financial Officer
SHARC Energy
Telephone: (604) 475-7710 ext. 4
Email: hanspaul.pannu@sharcenergy.com
For media inquiries, please contact:
Mike Tanyi
Director of Marketing and IT
SHARC Energy
Telephone: (604) 475-7710 ext.109
Email: mike.tanyi@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 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 because 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.
