Menomonee Falls-based ZBB Energy Corp., a developer of energy management systems solutions serving the utility, commercial and industrial building markets, has announced the signing of an agreement to provide electricity to a condominium complex in Honolulu.
The multi-million dollar, two-phase project utilizing solar photovoltaics in conjunction with ZBB Energy technologies is expected to take up to 24 months to complete. The agreement is projected to result in $2 million in net energy savings for the condo complex during the 20-year term of the agreement.
The Power Purchase Agreement provides for the AOAO to maximize savings from an installation of solar PV, energy storage and energy management. It is expected that the average savings for the complex in the first year will exceed 15 percent and the savings will continue to grow in future years as the price of grid electricity increases. In addition, ZBB's system solution will substantially reduce CO2 emissions and provide increased customer reliability. ZBB's energy management system solutions are expected to change the market in Hawaii based upon their efficiency, cost savings, improved environmental impact and simplicity.
"The selection of ZBB's energy management system is validation of our product differentiation and performance for the commercial and industrial (C&I) market," said Brad Hansen, president and chief operating officer of ZBB Energy. "We look forward to achieving ongoing success in Hawaii and anticipate the closing of additional opportunities similar to this contract."
"The PPA type of instrument provides ZBB a great opportunity to maximize returns to our shareholders," said Eric Apfelbach, chief executive officer of ZBB Energy. "It also provides an opportunity to diversify the type of investor in ZBB to now include those investors interested in high yield long-term returns. We look forward to working with interested investors and investment bankers on providing the opportunities that will meet their income and return objectives."
ZBB says its solar systems enable building owners and operators to significantly reduce their energy consumption and turn their buildings into energy-generating assets.