EDMONTON, ALBERTA--(Marketwired - April 11, 2016) -
SUNVAULT ENERGY INC. ("Sunvault") ("the Company") (OTC PINK:SVLT) and Aboriginal Power Corp, an incubation company for Sunvault Energy ("APC"), announced today that they have entered into an agreement to acquire a 25% stake in Slatchinum Development Corporation (SDC) and to construct and operate Canada's first self sustainable community and British Columbia's largest Solar park. SDC has started work on the 200 home Subdivision within the City of Kelowna, BC, located next to Winfield, BC on Okanagan Band Land.
The property is a 48 acre site and SDC has zero debt on the land. Sunvault Energy will be installing the new Edison "Always On Energy Bank" Storage System in each home along with Solar arrays. Sunvault will sell and install 200 systems, basically one for each home. The partnership will also construct an Anaerobic Digester facility which will take all organic waste from the 200 home community and turn that waste into energy to power the homes. This technology combined with 1.2 MW of Solar PV installed on the homes' roofs, will make this community the first self sustainable community in the Country as far as power is concerned. All homes will also have Solar Water heat options and a grey water system. The Solar PV systems will also make it the largest solar project in British Columbia. In addition to the Power supplied to the community, SDC will also put in its own water system to serve the community.
Custom Built Homes in the community are to be sold to the owners and the land will be leased for 49-years with an option for a second 49 years. This ownership and lease structure has been done on other First Nation properties and is quite common for financing these structures for home owners. One of the big benefits to home owners is it allows for a much lower cost of entry point for home owners because there are no large up front land costs. The company has identified two local prefab home builders that can build these highly efficient custom homes at a rate of approx. 4 homes per day.
From a revenue standpoint, SDC will earn approximately $140,000 per year from the water system. Sunvault will earn its share from this site approximately $350,000 - $400,000 per year revenue on power usage as a Green Renewable Energy Utility provider. The SDC property lease revenues will be approx. $700,000.00 per year. Sunvault's Gross revenues from the Solar and the Edison Systems installation will be approximately another $3.7 million dollars.
The development will have access to the standard electric grid supply for those who would want to make that choice. SDC also intends to negotiate with other providers, such as Satellite, Cable, Telephone and Internet to ensure that the community can provide the best possible service at the best possible price under one billing arrangement.
"This community will set the standard for self sustainability in Canada" stated Gary Monaghan, CEO of Sunvault Energy. "The opportunity to supply the Edison "Always On Energy Bank Storage System in each home so that Green Energy is stored and usage is maximized is something we are really excited about" he continued.
Work started on the property this week with the clearing of the land of the underground services to be installed and lot preparations. The site has an over abundance of top soil which should be available for sales in time for seasonal gardening.
Sunvault Energy and Aboriginal Power have recently agreed to another larger 80 acre site that will add another 480 homes. The Company will release information on this site as it develops.
"We are excited to be involved in this exciting self sustainable project" said Ralph and Robert Marchand of Slatchinum Development Corporation. "A green renewable self sustaining approach using these kinds of technology is in line with what we have envisioned for this property" they stated in this joint release.
Sunvault plans to continue its expansion in Green Renewable Energy technology, bringing all it has in the vault and contributing to areas where these technology choices are guaranteed to be utilized, maximized and monetized.
About Sunvault Energy Inc:
Sunvault Energy Inc. is committed to bringing cost effective energy generation and energy storage to the solar industry through a seamless and novel integration of energy generation and storage. This technical approach is a first and has the potential to enable the lowest overall system cost at maximum efficiency. Sunvault has further diversified by acquiring companies or assets that are immediately accretive and that will facilitate into the owning of quality non-cyclical assets.
For more information, visit the Sunvault Energy website at http://www.sunvaultenergy.com
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, our ability to achieve the expected benefits from the development agreement. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.