EnerDynamic Announces JV with Antebe Abebrese Company (Ghana) to Build 15,000 Homes in Ghana
NIAGARA FALLS, ON / ACCESSWIRE / February 20, 2020 / EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) (“EHT“) is pleased to announce it has signed a joint venture (the “JV“) with Ghanaian company Antebe Abebrese Company Limited (“AAC”) to build 15,000 ENERTEC homes across 10 regions of Ghana over the next 6 years. EHT will supply its ENERTEC system of material and solar expertise with ACC supplying the design, engineering and construction of the houses. EHT will own 65% of the JV with ACC owning 35%.
The JV has completed the site plan for the first site of 500 homes in the Kumasi region of Ghana. The site has already been approved by the Government of Ghana so civil work will be able to start in the next 90 days. For the first site, the JV plans to include 2-&3-bedroom ENERTEC housing units. A 2-bedroom unit will sell for US$37,300 and a 3-bedroom for US$44,200. The JV currently estimates a net margin of 10% (approx. US$3,730 & US$4,420 per each 2-&3-bedroom unit, respectively) and will provide future updates as the project progresses.
The project is part of the Government of Ghana’s Building of Social Green Housing initiative that is at the forefront of the Government’s Housing program, which oversees these priority governmental infrastructure projects.
Anthony Abebrese, CEO of AAC, remarked that “This JV agreement for Antebe Abebrese Company represents a perfect storm, addressing the Ghana government’s housing deficit with affordable prefabricated modular homes and taking advantage of Africa being one of the sunniest continents in the world, with 85 percent of African land receiving more than 2,000 kilowatt-hours of solar energy per square meter per year. This ensures Ghanaians through this JV will have access to renewable energy, which ticks a few key boxes for us, including ecological and sustainability. Mr. Abebrese went on to say, “The entire world is becoming aware that solar is a key answer to the world’s energy needs and society is now leaning towards it with huge expectations; Ghanaian citizens have a right to have roofs over their heads and access to electricity. We chose EHT for their superior products over other material suppliers.”
John Gamble, CEO of EHT, commented that “We have been in discussions over the last months and met with AAC on our last visit to Ghana and are very pleased that AAC has chosen EHT as their partner in this project and this, along with our other ongoing Ghanaian projects, clearly shows that our materials and our Ghana initiative is paying off.”
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. EHT’s expertise includes the development of its ENERTEC module structures with full integration of smart energy solutions. Using a proprietary skin and foam core that is stronger than traditional wood or steel structural insulated panels, EHT provides exceptional thermal energy efficiency in modular homes, cold storage facilities, residential/commercial out buildings and emergency/temporary shelters. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. In addition to traditional support to established electrical networks, ENERTEC buildings excel where no electrical grid exists.
The EHT advanced ENERTEC Modular Wall and Roof System uses a proprietary skin and foam core that is stronger and more energy efficient than traditional wood or steel structures providing the highest ratings for energy efficiency. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. After installation, each structure can be furnished and finished to meet the customer’s requirements including siding, tile, kitchens and bathrooms or segregated commercial rooms. The finished wall product can be shipped on pallets and delivered via rail, truck or water in standard formats.
At the core of the ENERTEC product line is the ENERTEC Embedded Solar Roof Module. Solar cells can be embedded in a proprietary fireproof skin resulting in substantial cost savings by eliminating heavy glass panels and aluminum racking required for traditional solar panels. Two barriers to greater adoption of solar energy are weight limitations of the roof on which solar panels could be deployed and onerous shipping and labour costs. A lighter product at a better price point will open a larger market for solar due to the faster return of capital investment especially for rural and remote users looking to go off-grid. Furthermore, the entire EHT embedded solar roof becomes a massive solar panel capable of producing significantly more energy than the home requires, allowing the structure to then become an important source of power for the local micro grid or large battery storage systems.
About Antebe Abebrese Company Limited
Antebe Abebrese Company (AAC) is not your ordinary construction company.
AAC is a multi-national organization engaged, among many other things, in the construction business. Our expertise in block manufacturing, estimating, construction, pre-construction services and project management ensures that our customers receive a quality product at a fair price and in a reasonable time frame.
Our clients are at the core of our business and everything is focused on doing the best for them. From the outset, we’ll make complex issues clear and take away the hassle so they can enjoy the design and construction process at arm’s length.
Please see our website: www.antebe-abebrese.com
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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The statements herein that are not historical facts are forward‐looking statements. Forward-looking information relating to sales of the products (the “Opportunities”) involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, for the Opportunities to differ materially from those expressed or implied by such forward-looking information. Although EHT believes that the assumptions used in preparing the forward-looking information on the Opportunities outlined in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether a result of new information, future events or otherwise, other than as required by applicable securities laws.
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