PIRANHA Receives Unanimous Approval From Massachusetts Plumbing and Gas Fitting Board for State Expansion
VANCOUVER, British Columbia, May 06, 2024 (GLOBE NEWSWIRE) -- Inc. () () () ("SHARC Energy" or the “Company”), a world leader in wastewater energy transfer (“WET”), is pleased to announce that it has received unanimous approval from the for ten PIRANHA pilot sites in the state. This pilot project aims to demonstrate the efficacy of WET across multiple sectors and building types.
The Company's application to the Massachusetts Plumber and Gas Fitter Board garnered strong backing from the (“UA”) of Massachusetts, an influential union representing approximately 375,000 skilled plumbers, pipe fitters, and other industry professionals across the state. The UA acknowledges the immense promise of WET heat pump systems such as the PIRANHA and Thermal Energy Networks (“TENs”) facilitated by SHARC WET systems in creating transitional job opportunities for these 375,000 tradespeople. As North America advances towards decarbonization and diminishes its reliance on fossil fuels, these innovative technologies are poised to play a pivotal role in reshaping the landscape of sustainable energy solutions.
SHARC Energy is already collaborating with a real estate investment trust on a PIRANHA retrofit project, leveraging a 50% cost share from for a PIRANHA feasibility study under the . Eversource Energy, a publicly traded Fortune 500 energy company based in Hartford, Connecticut and Boston, Massachusetts, is New England's largest energy delivery company, serving over 4.4 million electric, gas, and water customers.
The State of Massachusetts is an early adopter of decarbonization strategies and policy, making it an ideal state to expand SHARC Energy’s growing footprint. Massachusetts has been at the forefront of promoting TENs, being the first state to include provisions for TEN pilots in its . This legislation allows utility owned TEN pilots and enables utilities to bill customers for thermal energy. Eversource Energy and National Grid are the first utilities in Massachusetts to initiate pilot projects under this framework. While Massachusetts has been a pioneer in early adoption, it isn’t the only state to adopt similar policies as Minnesota, New York, Colorado, Washington and Maryland have legislation for TENs in place. Management has observed indications that numerous other states are poised to follow suit and enact similar policies.
The state has continued to enact legislation to further refine and promote TENs. The 2022 Clean Energy and Offshore Wind bill added provisions allowing TEN pilots to be funded through the , a pipe replacement program. This enables the cost recovery mechanism to be used for non-emitting renewable energy infrastructure instead of installing new gas infrastructure with long-term emissions impact.
The 2023 legislative session's proposes several provisions to authorize, incentivize, and finance the transition from gas to non-combusting renewable thermal energy. The bill would allow gas companies to sell thermal energy, install associated infrastructure, meet the "obligation to serve" with thermal energy, establish a thermal transition fund, disallow post-2050 depreciation of new gas infrastructure, and mandate gas utilities to create transition plans to non-combusting thermal energy.
Geo-exchange and WET systems are two technologies that stand to benefit the most from the development of non-combusting TENs. SHARC Energy’s WET systems, either standalone or paired with geo-exchange systems, provide for cost-effective, fossil-fuel reducing, resilient, and sustainable solutions in the development of TENs across the state and continent. Moreover, SHARC Energy’s systems can qualify for up to 40% in investment tax credits under the Inflation Reduction Act. It is recommended to discuss potential projects with a tax professional to ensure eligibility.
The Company believes these tailwinds will facilitate the widespread adoption of WET in the New England region, given the growing awareness of the Company's solutions among New England utilities. , a leading HVAC (Heating, Ventilation, and Air Conditioning) representative in the New England market, is SHARC Energy's representative in the region, providing a strong partner to support the market.
As a pioneering force in the WET industry, SHARC Energy views these developments in Massachusetts as highly encouraging signs for the future growth and profitability of the Company. The Company remains committed to demonstrating its value to both prospective and existing investors as it capitalizes on the expanding opportunities in the WET sector.
About SHARC Energy
SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy's systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings.
SHARC Energy is publicly traded in Canada (), the United States () and Germany () and you can find out more on our profile.
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ON BEHALF OF THE BOARD
Chairman and Chief Executive Officer
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| Mike Tanyi | |
| Chief Financial Officer | Director of Marketing & IT |
| SHARC Energy | SHARC Energy |
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