KELOWNA, BRITISH COLUMBIA--(Marketwired - April 15, 2016) - SUNVAULT ENERGY INC. (OTC PINK:SVLT) ("Sunvault") ("the Company") (SVLT) and Slatchinum Development ("SDC"), announced today that they have secured $3 Million in equity financing for the first phase of the development which includes the underground and above ground works including the electrical work for the 200 home subdivision in Kelowna, BC.
"The ground work has started and the company is in discussions with builders to produce the quality of home necessary to give the homeowner the highest quality home at the best possible price," stated Gary Monaghan Sunvault Energy's Chief Executive Officer. This community is Canada's first self sustainable community and British Columbia's largest solar development.
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. Taking the land cost out of the final price will allow for a retail price of a home to be in the $180,000 - $300,000 range for 1200 - 1600 square feet of living space. The homes will be built to the highest environmental standard for efficiency so that they receive LEED® certification. 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.
In the last year there has been a considerable amount of discussion made popular by the Tesla Company regarding their Powerwall product. In recent weeks they released press that the 10kWh battery will not be going ahead for home storage. The release stated that Tesla has pulled its 10 kilowatt Powerwall device, leaving only its 6.4 kWh battery listed for sale.
The Edison Power Company plans to launch as part of this self sustaining green renewable project their Edison Always On Energy Bank Storage System. The energy storage unit chosen will be the Edison 12kWh model using their Graphene Electrical Energy Storage Device ("EESD") technology. This energy storage technology will provide homeowners with reliable energy storage from the renewable energy generation in the development, making each home capable of being truly self-reliant and sustaining. Each home will have Solar Generation and the Edison Always On Energy Bank Storage System installed.
The Community centre for the development project will also be powered by Solar and Energy stored in the Always On Energy Bank that Edison is contributing to the development. It should also be mentioned that the anaerobic digester installation will deal with organic wastes within the project to enhance the amount of power produced and used by the development. At this time the plan is to utilize the energy specifically for the home owners needs and not for resale to the power grid.
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.