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.