EnerDynamic Updates Ghana Project With Unified Construction
NIAGARA FALLS, ON / ACCESSWIRE / February 18, 2020 / EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) (“EHT“) is pleased to provide an update on its project with its joint venture partner, Unified Construction and Investments (“UCI”) in Ghana (collectively the “JV“), previously updated on April 22, May 21, October 29, and December 6, 2019.
The JV is pleased to announce the commencement of the project in the DAWA area of Ghana. The plan is now moving forward and intends to have the first model home completed by the end of March, 2020. The construction of the first homes will start in May and the first 100 homes are expected to be completed by the end of June. EHT will ramp up the production of materials and the building process so that we can complete up to 100 homes per month by September, 2020 and 200 homes per month by the end of this year. While the JV is running a couple of months behind schedule, we are pleased that construction is set to begin in Ghana and are excited about the opportunities the JV will present to EHT in the country and the region.
The area where our construction is starting is a very important new industrial, commercial and residential community for the Government of Ghana. The Government of Ghana has chosen this region to house the DAWA Industrial Park, in which over $250M US dollars has been spent to date. Our JV’s land is adjacent to this new industrial area and will be the first housing project for the workers in the industrial park. We are pleased to have been given a very essential opportunity by the Government of Ghana to build these first houses for the workers of the industrial area.
Please see link to the DAWA Industrial Zone: www.graphic.com.gh
The JV has now received an updated appraisal of the 2,000 acres of land that the JV owns and, as previously released, would be the underpinning of the security for the construction of the homes. The appraisal has come in at US$63.4M (approx. US$30,000 per acre). This now gives the JV all of the financial security needed and has put the funding in place for the entire project.
The JV project, involving the construction of ENERTEC housing units, is planned to include 60,000 2-bedroom units and 40,000 3-bedroom units. A 2-bedroom unit will sell for US$33,600 and a 3-bedroom unit will sell for US$42,000. The EHT/UCI JV currently estimates a net margin of 7.5%-12% (approx. US$2,520-$4,032 per each 2-bedroom unit) and will provide future updates as the project progresses.
The UCI-EHT order is part of the Government of Ghana’s Building of Social Green Housing initiative that is at the forefront in the Government’s Housing program, which oversees these priority governmental infrastructure projects.
John Gamble, CEO of EHT, commented that “I am extremely pleased to announce this project’s commencement.
We have worked many long days over the last year with surveys, planning etc. to get to this point. Being at the forefront of the DAWA Industrial area shows the confidence the Government has in our product and our JV. This is truly a turning point for the company.”
Please see our JV website: www.unifiedinvestltd.com
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 fire proof 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.
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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