We are happy to announce that our partners at SHARC Energy Systems have won the Incubatenergy Labs Competition held by the Electric Power Research Institute!
VANCOUVER, British Columbia, May 21, 2020 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE:SHRC) (IWIA.F) (INTWF) (the “Company” or “SHARC”) is pleased to announce that it has won the opportunity to collaborate on a pilot project funded by the Electric Power Research Institute (“EPRI”) after presenting at the Incubatenergy© Labs Challenge. After being selected as 1 of 17 finalists from a pool of over 130 applicants, SHARC made a virtual pitch on April 7th. The Company has now been selected as 1 of 10 companies to demonstrate innovative power delivery and use technologies under the leadership of EPRI, Ameren Corporation, Tennessee Valley Authority and Southern California Edison. Nine additional utilities will participate in the projects to provide industry perspective and guidance.
Incubatenergy Labs is a project created by EPRI that connects early-stage businesses focused on electrification and decarbonization with utilities and industry stakeholders. By combining introductions at EPRI sponsored summit with collaborative paid demonstration projects, EPRI links leading start-ups with utilities that have the capacity to further these innovative technologies.
Through our innovative wastewater heat recovery systems, SHARC has earned a paid demonstration supported by Incubatenergy Labs. The project will commence on June 1st and SHARC will work with EPRI and participating American utilities to install a PIRANHA™ HC. The results will be presented at the Incubatenergy Labs “Demo Day” currently scheduled for October 14, 2020 in St Louis, Missouri and hosted by Ameren Corporation.
The PIRANHA HC simultaneously provides air conditioning and hot water heating. This feature effectively doubles the efficiency of the unit by providing two significant functions for a building utilizing recycled energy from wastewater that would otherwise be lost down the drain. During SHARC performed preliminary testing, the unit achieved a Co-Efficiency of Performance (“COP”) of more than 5 or 500% in a base case scenario. This paid demonstration project marks the first installation of a PIRANHA HC unit and the Company is energized with this significant milestone.
“We are very excited about the collaborative approach that EPRI takes in its execution of the Incubatenergy Labs program,” says Lynn Mueller, CEO of SHARC International. “The nature of the project and the demonstration will not only allow for the increased mobilization of SHARC technology by connecting us with leading utilities but also provide increased exposure and acceptance of our product as a key solution in achieving greenhouse gas reduction goals while providing superior electrical usage efficiency.”
The Incubatenergy Network is comprised of leading clean energy accelerators that support more than 500 early-stage companies working on revolutionizing electrification. Their goal is coordinating incubators and accelerators with startups that are looking to scale suitable technologies. In their 5th Best Practices Report, EPRI goes into detail about some of the accelerators and incubators that work through the Incubatenergy Network. Clean Energy Trust (“CET”) is an example of an accelerator that reported investing $3.8 million in 23 portfolio companies from 2014 to 2018 and has supported 103 startups overall. These startups then went on to raise over $125 million in follow-on funding. This network will help SHARC continue to grow and work towards its goal of being a foundational piece of technology in the development of climate policy aimed to reduce greenhouse gas (GHG) emissions.
“Each innovation has the potential to provide significant value to energy customers and the grid,” said Erik Steeb, who leads the Incubatenergy Network and Labs program for EPRI. “By collaborating across the group of utilities, we can quickly demonstrate and understand how these solutions may enable effective energy management, enhance system quality, reliability, efficiency and support decarbonization.”
The Electrification 2020 International Conference and Exposition that was originally set for April 6 – 9 in Charlotte, North Carolina is now postponed until early 2021 due to the latest information on coronavirus (COVID-19). SHARC intends to be in attendance to collaborate with other companies in electrification and important stakeholders. This will further our exposure and contacts in the industry.