SHARC Energy Supplies City of Vancouver in the Largest Wastewater Energy Transfer Project in North America

Rhea-AI Summary

SHARC International Systems has signed a Supply and Maintenance Agreement with the City of Vancouver for five SHARC systems aimed at expanding the False Creek Neighbourhood Energy Utility (NEU). This expansion will increase the wastewater energy transfer (WET) capacity from 3.2MW to 9.8MW, making it North America's largest WET project. Expected carbon emission reductions are around 4,400 tonnes annually, with completion anticipated in 2023. This project supports Vancouver's goal of 100% renewable energy by 2030.

Positive

• Expansion of False Creek NEU from 3.2MW to 9.8MW, enhancing capacity significantly.
• Expected annual carbon emission reduction of 4,400 tonnes.
• SHARC's systems will ensure reliable, low-carbon energy for connected buildings.

Negative

• None.

False Creek Neighbourhood Energy Utility Selects Five SHARC Systems for its existing wastewater energy transfer capacity and ongoing expansion

VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the "Company"), a world leader in wastewater energy transfer (“WET”), is pleased to announce that it has entered into a Supply and Maintenance Agreement with the City of Vancouver, for the provision and maintenance of five SHARC Systems for the False Creek Neighbourhood Energy Utility (“False Creek NEU”) Expansion. The expansion is expected to increase the capacity of the current 3.2MW of wastewater energy transfer (“WET”) system to 9.8MW—making it the largest WET project in North America, with an additional carbon emission reduction of an estimated 4,400 tonnes a year, upon completion in 2023.

Under the Agreement, SHARC Energy will supply and commission five SHARC systems to perform sewage screening for the False Creek NEU and, subsequently, maintain these systems for five years with a City option for an additional five years. These systems will be paired with the current 3.2MW sewage-to-water heat pump in operation plus two new 3.3MW heat pumps.

The False Creek NEU began operation in 2010 and has rapidly expanded to serve over 600,000 square metres of residential, commercial and institutional space including Science World and Emily Carr University. In accordance with the 2018 NEU expansion plan, the False Creek NEU will continue to expand to serve over 1,900,000 square metres of new development in Southeast False Creek, Mount Pleasant, the False Creek Flats and Northeast False Creek. The NEU targets 70% of its energy supply to come from renewable energy sources with a goal of 100% renewable energy by 2030 as a part of the Climate Emergency Action Plan. The utility is self-funded, simultaneously providing affordable rates to customers and a return on investment to City taxpayers.

“We are pleased the City of Vancouver has chosen SHARC Energy and its proprietary and worldwide patent-pending SHARC System to help the False Creek NEU and the City reach its renewable energy goals,” says Lynn Mueller, SHARC Energy’s Chairman & CEO.

SHARC Energy began working with the City in 2017 when it retrofitted two SHARC systems for sewage screening into the False Creek NEU as a pilot. Upon successful demonstration, the Company entered a lease on these units with the City of Vancouver which is now being replaced with the expansion of the system—demonstrating the important role that wastewater energy transfer plays in renewable energy and reducing carbon emissions.

“This project is a crucial step forward to ensure the NEU can continue to provide reliable, cost effective, low carbon energy to the growing network of connected buildings.  We are excited to be able to leverage the local innovation and expertise offered by SHARC for screening in-coming sewage, a crucial step in the sewage heat recovery process,” says City of Vancouver NEU Manager Derek Pope.

“We have seen firsthand through a successful pilot demonstration the high performance of the SHARC system and look forward to continued collaboration through this agreement as we work to transition away from fossil fuels to a more sustainable future.”

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10184428-b258-4d9b-a19d-8db164b6f27f

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9bbfcaf9-9535-4ec3-9ba6-9ab8167f5455

About SHARC Energy

SHARC International Systems Inc. is the world leader in energy transfer with wastewater. SHARC Energy's systems recycle and reject thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling and hot water production for commercial, residential, and industrial buildings.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA Series | SHARC Series

ON BEHALF OF THE BOARD
Lynn Mueller
Chairman and Chief Executive Officer

For investor inquiries, please contact: Hanspaul Pannu Chief Financial Officer SHARC Energy Telephone: (604) 475-7710 ext. 4 Email: hanspaul.pannu@sharcenergy.com

For media inquiries, please contact: Kamran Shaikh Account Director PR Associates Telephone: 778-846-5406 Email: kshaikh@prassociates.com

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy's actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove correct, and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as applicable.

FAQ

What is the significance of SHARC's agreement with the City of Vancouver?

The agreement increases False Creek NEU's capacity to 9.8MW, focusing on expanding renewable energy use.

What are the expected environmental benefits of SHARC's systems?

The project is anticipated to reduce carbon emissions by approximately 4,400 tonnes annually.

When is the expansion of False Creek NEU expected to be completed?

Completion is expected in 2023.

How does this project align with Vancouver’s climate goals?

It supports the goal of transitioning to 100% renewable energy by 2030.

What technology is SHARC providing to the False Creek NEU?

SHARC is supplying its proprietary wastewater energy transfer systems.