EHT Secures $2M Credit Facility to Fund New Puerto Rico Housing Orders
NIAGARA FALLS, ON / ACCESSWIRE / September 23, 2021 / EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) ("EHT" or the "Company"), a global leader in renewable energy solar and wind technologies is pleased to announce that it has secured a $2 million credit facility (the "Credit Facility") with a private lending institution to fund the initial construction of the Company's Puerto Rico housing orders. As disclosed on September 20, EHT's Puerto Rico JV residential rebuilding project has received orders for 141 additional homes through three Puerto Rico based housing developments in Arroyo, Carolina and Vega Baja which will begin construction immediately.
"This credit facility will provide us with substantial capacity to deliver on our construction schedule and associated set up costs for the initial homes" said John Gamble, CEO of EHT. "It is imperative that we move quickly to accommodate additional orders and move the displaced citizens of Puerto Rico into their new homes. The new 141 orders represent $21M in revenue for the Company and positions EHT for additional orders as more government funding is released. We are working hard to position EHT for significant revenue growth as these homes begin construction and will provide our shareholders with regular updates as progress is made."
The full amount of the Credit Facility may be draw down at any time by the Company. The Credit Facility carries a 12-month term, with options for early repayment if drawn upon, and accrues interest at a rate of 12% per annum, with the interest and principal amounts due upon maturity. The outstanding amount of the Credit Facility together with accrued and unpaid interest, may be repaid by the Company at any time.
The 141 additional orders announced this week bring current housing orders to 341 with the JV starting construction immediately. EHT's net-zero homes are built twice as fast as a standard home using local unskilled labor for 90% of construction, capable of withstanding winds of over 200mph and are powered by EHT's ‘no-glass' solar panels that continue to operate if hit by flying storm debris.
EHT Net-Zero Home Advantages
- Built Fast - Cat5 'Lego' type designs allow homes to be manufactured locally and built using 90% unskilled labor in less than 60 days off of a slab.
- 'Lego' Block Design - Wall systems require no sheetrock, fiberglass, or wood, instead the insulation is integrated within the blocks meaning no risk of mold if the home gets flooded.
- Seismic Engineered - Reinforced concrete design is flood resistant and can withstand winds of over 200mph making these homes the most sustainable solution to protect against future disasters. The closed cell foam holds the walls together in the event of a seismic event.
- Solar Powered - EHT's proprietary solar technology is integrated as a multi-layer composite structure within the panels which can be made up to 20 feet long with the stringing constructed inside of the panel, generating more energy per square meter, resistant to breakage and powered off-grid.
- Highly Profitable - Average revenue of $150K per home and a strong 15% net margin for EHT.
The Company expects to finalize the first 35 homes by Q1 of next year and ramp up capacity to build 50+ homes per month starting in March 2022.
About EnerDynamic Hybrid Technologies
EHT (TSXV:EHT) delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. Most 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. In addition to traditional support to established electrical networks, EHT excels where no electrical grid exists. The organization supplies advanced solutions for various industries in combination with energy saving and energy generation solutions. EHT's expertise includes the development of module structures with full integration of smart energy solutions. These are processed through EHT's production technologies into attractive applications: modular homes, cold storage facilities, schools, residential and commercial outbuildings and emergency/temporary shelters. The Windular Research and Technologies Inc. (WRT) division provides leading edge wind technology to the global telecommunication market whereby the WRT system can be implemented directly on any configuration of existing or new towers. WRT provides a renewable source of power in remote and rural locations where the primary source of power is diesel. WRT's innovative system provides clients with a lower overall operating cost as well as a reduction in their carbon footprint.
For further information please contact:
Chief Executive Officer
EnerDynamic Hybrid Technologies
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
SOURCE: EnerDynamic Hybrid Technologies Corp.
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