SHARC Energy Welcomes Washington State’s Building Electrification Mandate

Rhea-AI Summary

SHARC International Systems (OTCQB: INTWF) supports Washington's initiative mandating electric heating and cooling in new buildings starting 2023. This legislation aims to curb greenhouse gas emissions by eliminating natural gas use, potentially reducing 8.1 million tons of CO2 by 2050. SHARC's PIRANHA Wastewater Energy Transfer system is integral to these efforts, promoting sustainability with an efficiency of 400%. With several installations planned across the state, the company positions itself as a leader in the electrification movement, addressing climate change effectively.

Positive

• Washington's new mandate on electric heating could boost demand for SHARC's technology.
• SHARC's PIRANHA system offers an average efficiency of 400%, appealing to cost-conscious projects.
• The company already has multiple installations in major projects, showcasing market trust.

Negative

• None.

Starting 2023 Electric Heating and Cooling Required in New Commercial & Residential Buildings

VANCOUVER, British Columbia, June 09, 2022 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the "Company"), a world leader in energy transfer from wastewater, commends Washington for being the first US state to incorporate building electrification mandates into statewide energy codes. Beginning in 2023, builders are required to install electric heat pumps for heating and cooling in new commercial buildings and multi-family residences. According to an analysis by Rocky Mountain Institute, restricting the use of natural gas in buildings in Washington alone can eliminate 8.1 million tons of carbon dioxide by 2050.

SHARC Energy’s technology is already supporting Seattle and Washington State in meeting its goal of reducing carbon emissions from buildings, which was the State’s fastest-growing source of greenhouse gas emissions between 1990 and 2015, while producing reduced heating and cooling costs. The Company’s PIRANHA Wastewater Energy Transfer (“WET”) Series, which is a self-contained WET heat pump, is installed or scheduled to be installed in the following projects owned by Sustainable Living Innovation:

• A PIRANHA T15 installed in 303 Battery Project, contributed to the residential tower being the first certified as Zero Energy by the International Living Future Institute
• A PIRANHA T5 HC will be installed at 8601 Aurora Avenue
• A mix of 7 PIRANHA and PIRANHA HC T5, T10 and T15 WET Systems has been selected to be installed in five other projects in design or under construction
  

The PIRANHA WET system is an electrical hot water system that extracts thermal energy from wastewater and uses it to provide 100% of its hot water production at an average year-round efficiency of 400%. Every dollar of energy used to operate the system generates four dollars of output. The PIRANHA HC almost doubles that efficiency as this model provides simultaneous cooling as a by-product of hot water production. There are nearly 30 SHARC and PIRANHA WET systems installed or in progress in the United States, Canada, United Kingdom, and Australia helping residential and commercial buildings and district energy systems meet their sustainability goals.

“We applaud first the city of Seattle and now the state of Washington for being forward-thinking leaders and taking significant steps towards reducing the use of fossil fuel in buildings to curb greenhouse gas emissions. We hope other states in the US and countries worldwide will adopt similar electrification measures to their building codes. Recognizing the environmental and economic benefits of recycling thermal energy from wastewater, companies across the globe have shown tremendous interest in adopting SHARC Energy technology. Our Company is in a strong position to fulfil the growing demand and support the industry’s fight against climate change,” says Lynn Mueller, Chief Executive Officer, SHARC Energy.

Apart from residential and commercial buildings, a SHARC Wastewater Energy Transfer (“WET”) system will also be installed in the heart of Seattle, a few minutes from the Space Needle. The project will be taking advantage of the pioneering King County Wastewater Heat Recovery Pilot program which allows for private commercial property owners and developers to tap into the sewer line to create low carbon and electrically efficient space heating, space cooling and hot water load for their buildings.

About SHARC Energy
SHARC International Systems Inc. is the world leader in energy recovery from wastewater. SHARC Energy's systems recycle 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:	For media inquiries, please contact:
Hanspaul Pannu	Kamran Shaikh
Chief Financial Officer	Account Director
SHARC Energy	PR Associates
Telephone: (604) 475-7710 ext. 4	Telephone: 778-846-5406
Email: hanspaul.pannu@sharcenergy.com	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.

Videos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/4ffbf712-a6c9-4ccf-b96a-964641c6723b

https://www.globenewswire.com/NewsRoom/AttachmentNg/e94c68c4-c65d-48e7-bcd1-ec577d658e3d

FAQ

What is SHARC International Systems' role in Washington's electrification mandate?

SHARC International Systems supports Washington's electrification mandate by providing technology for electric heating and cooling in new buildings, promoting sustainability.

How much CO2 emissions could Washington's new building codes eliminate?

Washington's new building codes aim to eliminate approximately 8.1 million tons of CO2 emissions by 2050.

What efficiency does SHARC's PIRANHA system provide?

The PIRANHA Wastewater Energy Transfer system by SHARC offers an average efficiency of 400%, significantly enhancing energy savings.

When do the new heating and cooling requirements take effect in Washington?

The new heating and cooling requirements in Washington will take effect starting in 2023.

What significant projects is SHARC Energy involved in?

SHARC Energy is involved in several projects, including installations in the 303 Battery Project and 8601 Aurora Avenue.