VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce a landmark deal to install its GHG-reducing wastewater energy-recovery technology in what will be North America’s largest District Energy System.
Colorado’s National Western Center, an innovation hub being built in the heart of Denver to pioneer food and agricultural research, will use SHARC Energy’s technology to recover the heat in wastewater that would otherwise go down the drain every day. By recovering the energy in that wastewater, SHARC Energy systems will dramatically reduce fossil fuel use for heating and cooling, reducing energy costs and GHG emissions.
The National Western Center is pioneering the largest scale wastewater district-energy innovation in North America to date. The National Western Center will rely on two SHARC™ wastewater recovery systems placed in the heart of its 3.8-megawatt (MW) district energy system, creating a low-carbon campus that is sustainable and regenerative. The first phase of development is expected to recover the thermal energy from 3,000 gallons of wastewater that would otherwise be wasted and go down the drain every minute.
“To have our technology recognized and installed by this premier project, the largest wastewater district energy development in North America, is a major milestone for SHARC Energy,” said CEO Lynn Mueller. “This is one of many such projects we anticipate being involved in the U.S., Canada and other markets in 2021, as governments and business look to reduce energy costs and the reliance on fossil fuels — and reduce their carbon footprints — by tapping into the wastewater that goes down the drain every day.”
The National Western Center’s wastewater heat recovery system has already received widespread attention as an innovation to help developers align with the GHG reduction goals set forth in Denver’s Climate Action Plan. The Denver Post recently reported the National Western Center system will “prevent 2,600 metric tons of carbon dioxide from being emitted into the atmosphere each year by circumventing the need to burn fossil fuels.”
District Energy Systems are a quickly growing global opportunity that SHARC Energy is targeting as the world looks for low-carbon technologies for greater energy efficiency. According to a 2020 study from Fortune Business Insights, “the global district heating market size was USD $173.42 billion in 2019 and is projected to reach USD $204.74 billion by 2027, exhibiting a CAGR of 2.2% during the forecast period.”
As of January 19, 2021, SHARC Energy’s Sales Order Backlog1 is $1.3M. During 2021, the Company is focused on increasing the Sales Pipeline2 and working on moving projects through to Sales Order Backlog. The growth of these figures not only indicates the growth of SHARC Energy but the growth of the wastewater heat recovery industry.
The Wastewater Heat Recovery District Energy System for the 250-acre National Western Center campus will be owned and operated by EAS Energy Partners, a consortium of Enwave USA Holdings LLC, AECOM Technical Services Inc. and Saunders Construction. The district energy system is scalable to accommodate future phases of the National Western Center development and may require additional SHARC systems to meet capacity.
Upon shipment of the wastewater heat recovery system — expected in Q3 2021 — the Sales Order Backlog associated with the project will be recognized as Revenue in the Company’s published financial statements.
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 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 Energy 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.
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: (250) 212-2122
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 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.
1 Sales Order Backlog is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q3 2020 MD&A filed on SEDAR (www.sedar.com).
2 Sales Pipeline is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the September 30, 2020 MD&A filed on SEDAR (www.sedar.com).
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9cba7641-dc39-4115-ba9a-f5903ef8879e
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e839b625-10f8-4bf1-825d-4306ff1ef4fd