Sunvault Energy and Edison Power Sign Delaware Solar and Energy Storage Projects
EDMONTON, ALBERTA–(Marketwired – Feb. 17, 2016) – SUNVAULT ENERGY INC. (“Sunvault”) (“the Company”) (OTC PINK: SVLT) and Edison Power Company (“Edison”), a Delaware Corporation, announced today that they have signed a solar energy generation and large scale battery storage project in Delaware.
The total size of the project is 484kW with both Solar Photovoltaics and 600kW/300kWh Battery Storage for 3 fire stations. This will be first of its kind in Delaware.
The project is a 100% owned project and will produce an EBITDA of approx $250,000 per year for the expected 20 year project life cycle.
The project will start immediately as Sunvault has existing inventory of solar panels to begin project design and construction.
Successful build out of this project could mean an additional 3MW of projects could come online with the company for additional schools in the area.
The Company plans to utilize the Sunvault / Edison Graphene Electrical Energy Storage device (EESD) as the “battery” component within the projects, further demonstrating the technology in actual field.
“We are very pleased to be brought into this deal by Edison in Delaware and look forward to progressive expansion as we build out,” stated Gary Monaghan, CEO of Sunvault Energy.