NIAGARA FALLS, ON / ACCESSWIRE / December 22, 2020 / EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) ("EHT") is pleased to provide an update, as part of its continuous disclosure program, on several initiatives and revenues for 2020.
Corporate Update
Canadian Market
- Matrix received the first 10 heli-units they ordered, which have been delivered to site and paid for in full. They have orders for additional units to be delivered in April/May of 2021.
- Apothio - 2 units of 11,000 sqft and 18,000 sqft are contracted for a total purchase price of $4.6M and we have begun the design and engineering. First unit (11K sqft) deposit has been received and balance to be paid in full ($1,650,000) by the end of 2020.
- 9 x 12 Units are ready for sale for office, shelters, etc.
- Canadore College grow unit will be ready to complete in Q2 2021; it was delayed due to COVID-19 in 2020.
- La Huerta Unit is completing the research on the best white strawberries to produce and will be ready to move ahead early next year. See website for videos of our research grow facility.
- Lighthouse Growers are hoping to move forward in early 2021; they have been delayed by COVID-19 and the lockdown of the Atlantic Provinces.
- Northern Shield has over $1M of projects for EHT to complete; COVID-19 has slowed their builds this year.
- Cannabis Grow Unit is complete (see video on website of the completed unit) and has passed the review stage and is awaiting on Health Canada final approval, which is expected this month. Cost to grow has now been estimated at $0.64/g, well below industry standard due to our Enertec Systems. See updated photos on the website.
- Website has been completely overhauled and is now ready to take orders on all our products; please see the link: www.ehthybrid.com.
Puerto Rico Cat5 JV
- CDBG-DR-PR-R3 housing program. Cat5 signed a JV with WG Pitts to build the first 100 R3 homes on October 8, 2020. We are working with Brevet to finalize the first draw from the line of credit in the order of $13.5M to fund the construction of these homes. (See October 8, 2020 press release for more details). Approximately 300 homes were started by the 8 construction managers in 2020, which is forecast to be increased to 5,300 during 2021 from the 27,000 applicants for this $3Bn program.
- CDBG-MIT - Community Development Block Grant - Mitigation ($8.285Bn/$500M for solar). The first RFP for $100M of this program, which was submitted to HUD for approval on December 3, 2020 (copy on EHT's website) and whose purpose is to mitigate loss of life, injury & suffering from future disasters like Hurricane Maria, is expected to be issued in January 2021. Cat5 fiberglass Solar panels are ideal for this program as they do not require racking and are bolted directly to the roof of the home meaning there is no wind uplift during a storm event. In addition, using the new N cell in the fiberglass back contact panel has the advantage that when the panel is hit by storm debris, then only that part of the cell that gets hit by debris will break and the rest of the cell and the other cells in the panel will continue to function at full power. This is because the new N cell back contact panel does away with the ribbons and busbars used in the standard panels. The panel also weighs 50% less than a glass panel and adds insulation to the roof system.
- Solar and SIP panel factory in Villalba. This is ready to be set up at an existing 38,000 sq. ft building manufacturing Expandable Poly Styrene (EPS), which is the base product used in the Cat5 solar, and Cat5 SIPs will have such product delivered in January.
- Cat5 blocks, Tee Beams, Lintels and Hollow Core floor panels factory in Rio Grande. The Cat5 block molds are at the block plant and ready for production to begin for use in the construction of the R3 homes.
- All Cat5 solar and building products have been submitted to the Office of Permit Management of the Department of Economic Development and Commerce (OGPE) for approval for use in Puerto Rico. The new N cell back contact panel will be submitted to the Department of Energy as soon as its UL and IEC tests have been completed for approval for use in Puerto Rico in the first quarter of 2021.
- University of Puerto Rico - feasibility study for student and faculty housing is underway and is expected to be completed early in February 2021. The potential $500M design build contract utilizing all of Cat5 Solar and Cat5 Building Systems products. (See November 23, 2020 press release for more details)
- Caguas 150 elderly housing units - awaiting transfer of government land for the project to the municipality. A potential $25M design build contract utilizing all Cat5 Solar and Cat5 Building Systems products is in the offing.
- Cat5 will have the majority of the Cat5 product range manufactured in Puerto Rico allowing the contractors building there the benefit of buying a locally made product as well as Cat5 will benefit from government incentives for doing this.
Ghana
- Unified Construction JV at the DAWA Industrial site will start construction in the first quarter of 2021. We have been assured the COVID situation in Ghana is well under control in the past several weeks so much so that we have scheduled shipment of the first containers of product from Niagara in January to arrive for the expected start date.
- We also anticipate that other programs that we have been contracted for in Ghana will also start back up; we will keep EHT shareholders informed as we gain further visibility on dates and progress therein.
West Africa
- Burkina Faso project is currently on hold due to political instability in the country and COVID- 19, subject to management review in 90 days.
- Ivory Coast project is on hold due to COVID-19 restrictions; we continue to review the ongoing situation and will report back when the situation changes.
Middle East
- The first test PWR Wagon has been delivered to Sysils, our middle east partner. It will be used in testing with Saudi Aramco for oil pumping stations. See EHT's website for photos.
CEO Comments:
2020 has been an interesting year for a variety of reasons. We started the year with great expectations, some of which were met, and some of which were delayed by the COVID-19 Pandemic. The pandemic has caused some setbacks in some of the countries where we have business opportunities, but it has also created some additional opportunities that we have acted on. With the sales to Matrix among others, we have managed to increase our revenue over 2019, which few companies can stake claim to.
We have booked orders for over $20 million in 2021 with the opening CAT5 orders in Puerto Rico and with the Apothio orders here in Canada. These orders are contracted to give the company an expected minimum gross profit of 20%. As orders for other projects firm in the next weeks, we will provide further guidance on sales and revenue for 2021. We know 2021 will be the breakout year we have been anticipating.
We will hold a shareholders meeting on January 19, 2021; you will be receiving a shareholder's package in the mail in the next week.
We look forward with great expectation to 2021, both from the global health perspective, as well as business wise for us as a company.