HONOLULU, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Holu Hou Energy LLC (“HHE”), a provider of design-to-service solar plus energy storage systems, including the breakthrough EnergyCluster product for the Multi-Dwelling Unit (“MDU”) residential property and single family home markets, has closed a $20M construction financing facility in support of the construction of Hawaii’s largest solar and energy storage project pipeline. The funding will enable procurement of the materials and EPC resources to construct MDU projects slated for completion in the next 4-quarters.
The installations will come in the form of HHE’s EnergyCluster, where multiple residential units have their systems connected in an energy network or “cluster.” Excess solar generation from any unit’s system in the network that would normally be lost, is directly shared in real time with other connected units that have load above solar generation. The benefit is that the PV and energy storage systems can support a significantly greater amount of the overall residents’ energy needs while not exporting power to the utility grid.
This financing is a key milestone for HHE, which also recently entered the California MDU market and has built a project pipeline worth well in excess of $100M in the State. Since Q1 of this year, the company has experienced explosive demand because Virtual Net Metering (VNEM) and Community Solar projects have failed to meaningfully penetrate the ~3,000,000 unit MDU rental property market.
In June of this year the EIA reported that Hawaii and California had respectively the highest and third highest retail electricity rates in the USA. About a third of the housing stock in each State is MDU’s, most of which are rental units. This segment of the market has been almost non-existent for solar energy penetration due to structural barriers and ineffective solutions and represents tens of billions of dollars in potential opportunity.
HHE’s EnergyCluster is uniquely positioned to eliminate economic barriers to the MDU market caused by tenant load variability, vacancy rates, margin degrading intermediaries, and poor economic incentive provided to MDU property owners. While “outside the meter” solutions struggle due to their inefficiency and being tied to avoided utility generation cost, the EnergyCluster, installed behind the individual utility meters, delivers cash generation tied to avoided retail electricity rate cost, unlocking significant cash flow potential for every MDU property owner.
See How HHE's "EnergyCluster" Technology Puts Solar on Multi-Dwelling Unit Properties
About Holu Hou Energy, LLC
Holu Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art renewable energy and energy storage systems to the Multi-Dwelling Unit Residential (MDU) and Residential housing markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage system and control platform solutions, including a breakthrough HHE “EnergyCluster” technology that is key to development of the Multi-Dwelling Unit Residential housing market. HHE is a vital partner for investors and asset owners that are seeking MDU renewable energy solutions. For more information, visit www.holuhou.com.
Holu Hou Energy Contact:
Brad Hansen
brad.hansen@holuhou.com
