TORONTO, Sept. 22, 2014 /CNW/ - EnerDynamic Hybrid Technologies Corp. (formerly MCM Capital One Inc.) ("EHT" or the "Company") (TSX-V: EHT) is pleased to announce that it has completed the installation of the 108 Kilowatt St. Etienne Project (the "Project") under the Ontario Feed-in Tariff (FIT) program. The Project includes approximately 520 Jinko solar panels, Schletter racking and Santerno Inverters. The Project is 25% owned and operated by EHT over the 20 year PPA and produces approximately 130,000 Kilowatt hours per annum and earns a rate of 71.3 cents per Kilowatt hour.
"While not material to our overall business, the Project was installed using our new rapid deployment installation system which includes a 30% reduction in labor costs and standardization of our supply chain," says John Gamble, CEO. "The know-how, including efficiencies and cost savings, derived from this project will drive enhanced profitability for future large scale EHT owned solar projects."
Under the Ontario Feed-in Tariff program, administered by the Ontario Power Authority, the Project is backed by a 20 year Power Purchase Agreement. In total, over the next 20 years, the Project will provide in excess of 2.5 Million hours of clean electricity for the Province of Ontario.
Mr. Gamble continued, "We are pursuing a number of qualifying FIT projects in Ontario and I look forward to updating our shareholders as we firm up these projects. This is an important recurring revenue stream for the Company and is a part of our three pronged approach to the market."
EHT's business strategy is to offer micro utility energy products, the "Ener" product line, designed for distributed small scale power generation; own and operate utility scale projects with long term contracts and recurring revenue; and supply equipment and installation services to third party projects.
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. Our energy products and solutions can be implemented immediately wherever they are needed. EHT stands above its competitors by combining a full suite of solar PV, wind and battery storage solutions, which can deliver energy 24 hours per day in both small-scale and large-scale format. Through our 90,000 square foot facility in Ontario, Canada and our growing international foot-print we are able to manufacture, distribute and install world leading energy solutions across the globe. EHT excels where no electrical grid exists in addition to traditional support to established electrical networks which is the new era in the renewable industry.
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The statements herein that are not historical facts are forward‐looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward‐looking statement.
SOURCE: Enerdynamic Hybrid Technologies Corp.
For further information: David Prue, Corporate Communications, 905-401-8303, [email protected]; Wanda Cutler, Media/Investor Relations, 416-303-6460, [email protected]; Rob Fia, Director, 416-867-2353, [email protected]; Company Website: www.ehthybrid.com