Greenvale, NY, June 15, 2017 --(PR.com
)-- Power Efficiency Corporation (OTC PINK: PEFF) (“PEC” or “the Company”) announced that it has signed a strategic alliance agreement with Evaporcool Solutions, LLC, Memphis, TN, ("Evaporcool") to expand sales of Evaporcool’s proprietary equipment in the Northeast U.S.
PEC will have exclusive rights to market, sell, and install Evaporcool’s air-cooled chiller enhancement systems to lower peak energy usage in commercial buildings in New Jersey, New York and the six New England states. The agreement is for a two-year term but may be terminated after 12 months by Evaporcool if minimum sales targets are not satisfied.
Scott Caputo, PEC’s President and COO, stated, “We are pleased to close this transaction and appreciate the strong support of the Evaporcool team. We anticipate that Evaporcool’s systems will allow us to bring more value to our commercial real estate partners and utility customers. We have selected Longo Electrical Mechanical, Inc, Wharton, NJ, to be our installation contractor and to also serve their network of commercial customers.”
Joseph Longo, Longo Electric Mechanical CEO stated, “We see this as a tremendous opportunity to leverage existing relationships to further our position as the market leader in services to the commercial real estate industry.”
Evaporcool Solutions, LLC is a leading-edge developer of HVAC commercial technology. Founded over 10 years ago, the company has developed into the market leader in evaporative precooling systems. In 2014, Evaporcool was selected to provide the largest energy efficiency contract, a 72-megawatt reduction, for Southern California Edison by addressing peak HVAC usage across Southern California. Ben Taube, Senior VP of Corporate Development at Evaporcool said, “We recognize the value of a partnership with PEC to address the market in the Northeast and are aligned to provide energy reductions to commercial owners to help them reduce peak energy costs as well as increase the reliability of HVAC systems.”
Evaporcool Solutions, LLC ("Evaporcool") manufactures the Evaporcool® System, a proprietary aftermarket HVAC retrofit that significantly improves the energy efficiency of air conditioning and refrigeration systems. The company is based in Memphis, TN and was founded in 2004. The leading edge Evaporcool® System attaches non-invasively to virtually any air-cooled HVAC unit, and using the principle of evaporative cooling, improves efficiency, reduces peak demand, and lowers maintenance costs. Evaporcool also provides a performance monitoring system, which enables real-time, cloud-based measurement and verification, controls, and fault detection and diagnostics. To learn more, visit www.evaporcool.com
About Power Efficiency Corporation
Power Efficiency Corporation (PEC) is a start-up venture which intends to become a comprehensive one-stop solution to address grid stability problems in the energy market and take advantage of the large and actively growing market opportunity for energy storage and demand management. PEC offers solutions to grid operators, utilities, and Commercial and Industrial (C&I) customers. Our focus is on renewable Distributed Energy Resources (DER) and Battery Energy Storage Systems (BESS) for grid balancing services to the Independent System Operators (ISOs); load shifting for utilities; energy management through storage and standby generator input for C&I customers; and micro grids for energy security. We intend to build or own or partner with third parties on energy related projects, partner with existing grid participants to take advantage of demand management programs, enter joint ventures and operate electric energy facilities to develop a portfolio of income producing projects.
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these forward-looking statements represent our judgments and future expectations concerning our business, several risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, and the risk that we may be unable to obtain necessary capital investment and financing to install generator and battery storage systems and otherwise complete projects, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Power Efficiency Corporation to be materially different from the statements made herein.
Power Efficiency Corp.
President and COO