KELOWNA, BRITISH COLUMBIA--(Marketwired - April 18, 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 Firefly Development Corp ("Firefly") to construct up to a 500 Home self sustainable community and what will be British Columbia's largest solar installation at approximately 3MW. The 500 home Subdivision will be close Vernon BC. The Company announced last week a 1.2 MW Solar development, this project will surpass that one to be the largest in the province.
The property is an 80 acre site and has zero debt on the land. Sunvault Energy will again be installing the new Edison "Always On Energy Bank" Storage System in each home along with solar arrays. Sunvault will sell and install up to 500 systems, basically one for each home. The partnership will also construct an Anaerobic Digester facility which will take all organic waste from the homes in the community and turn that waste into energy to power the homes. This technology combined with 3 MW of Solar PV installed on the homes' roofs, will make this community a self sustainable community 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, Firefly 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 49 year lease structure has been done on other First Nation properties and is quite common for financing. 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. The homes will be built to the highest environmental standard for efficiency so that they can receive LEED® certification.
From a revenue standpoint, Firefly will earn approximately $350,000 per year from the water system. Sunvault will earn its share from this site of approximately $875,000 - $1,000,000 per year revenue on power usage as a Green Renewable Energy Utility provider. The Firefly property lease revenues will be approx. $1,750,000 per year. Sunvault's Gross revenues from the Solar and the Edison Systems installation will be approximately another $9.2 million dollars.
The development will have access to the standard electric grid supply for those who would want to make that choice. Firefly 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 will be our second self sustainable Community located in the Okanagan, new homes average in the Okanagan Valley at approximately $550,000, our homes will be in the $180,000 to $300,000 range for 1200 - 1600 square feet of single family high quality living space" stated Gary Monaghan, CEO of Sunvault Energy. 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.
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 initiate 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 property 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 Edison Always On Energy Bank Storage System allows the green energy that is produced to be stored and the consumer usage to be maximized is one of the world's very first large steps into real practical renewable energy. This project development will be a true showcase of the brilliant energy storage technology brought to us through the efforts of Dr. Robert Murray-Smith and the team at Edison Power" commented Gary Monaghan.
It should also be mentioned that an anaerobic digester installation will be installed to 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.
The development majority owned by Firefly Development Corp is the second project in development on land owned by the Marchand family.
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.