Sunvault Energy and Aboriginal Power Acquire 25% Equity Stake in $13 Million Land Deal
SUNVAULT ENERGY INC. ("Sunvault") ("the Company") (OTC PINK:SVLT) in conjunction with Aboriginal Power, an incubation company for Sunvault Energy announced today that it has signed an agreement for 25% ownership of a 13 Million dollar project on a 48 acre land package located on the Okanagan Reserve in Winfield, BC. The Company has been working with its partners, the Marchand family, on this development and the Marchand family has received approval from the Chief and council for the housing project.
The Company plans to construct a 150 unit environmentally friendly subdivision on the property utilizing many of the company's skill sets to produce one of the first of its kind, leading edge, technology advanced, green, renewable subdivisions in Canada. The companies' share of the value of the asset from a land perspective is $3.25 Million.
The Company plans to construct a micro Anaerobic Treatment plant to deal with organic wastes of all kinds. This digester would convert the organic waste into a methane rich gas. This biogas would then be used in reciprocating engines to generate renewable electricity. The digester would also generate fertilizer by products. The reciprocating engines' excess heat and exhaust would be utilized, to further increase the efficiency of the system, to generate hot water that would be used to supplement the thermal energy needs of the units. There are over 6,000 of these types of plants being utilized throughout the world. The technology is proven and turning waste into energy is a step societies will have to take as landfills continue to fill and the environment continues to face challenges. The Company has had this area of concentration in its sights for sometime as described on its website through its Sunvault Community Infrastructure focus.
The electricity that is produced will be enough to power more than 600 homes. As the site calls for 150 homes the additional electricity that is produced can be stored in the Company's Graphene EESD (Electrical Energy Storage Devices) and released into the grid during peak periods for income generation. That plant will not only serve as a sewage treatment plant for the housing development, but will also serve as a home for organic waste from the area. The plant will be designed to treat approximately 15,000 kilograms of organic waste per day. Current electricity price in the province is approximately 15 cents per kWh and rate increase approved by the Government up to .20 cents over the next couple of years. So on the power generated, annual gross revenues would be in the range of $1.11 million per year. An additional $500,000 in revenue will come from the collection and sale of waste heat from the reciprocating engines and from the sale of the ammonium and phosphorus rich fertilizer that is one of the by-products of the anaerobic treatment system.
"Our efforts to expand into revenue generating assets for the company and assist the company in reaching its technology advancement goals continue" stated Gary Monaghan, CEO of Sunvault Energy Inc.
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/ and/or firstname.lastname@example.org.
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. Such forward-looking statements include, among other things, the completion of any transaction with Edison Power Company, any eventual acquisition by them, or the results of any discussion or negotiations that may be entered into.
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.