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SHARC Energy Applauds Transformative $1.2 Billion Development to Create 2,400 Affordable Homes, Medical Clinic, Retail in East New York

PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
January 3, 2023 GMT

VANCOUVER, British Columbia, Jan. 03, 2023 (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”), applauds New York State Governor Kathy Hochul’s recent announcement that construction has begun for the transformative $1.2 billion redevelopment of the former 27-acre Brooklyn Developmental Center property in Brooklyn’s East New York neighborhood. The initial $373 million phase will create 576 affordable homes, a new 15,000-square-foot outpatient medical clinic, and 7,000 square feet of ground floor retail space. The initial phase of the development is comprised of two buildings with the current design having one featuring a SHARC WET System and the other a PIRANHA WET System.

As stated in the announcement by Governor Hochul, “Both buildings in the initial phase are designed to meet Passive House design standards and will utilize a closed loop geothermal heat pump system for energy efficient heating and cooling. There will also be a roof-mounted solar array that will convert solar energy into electricity and a SHARC wastewater heat recovery system that uses energy from wastewater for heating, cooling and hot water.”

The first phase of redevelopment will include the new construction of a 15-story building with 452 apartments, which will feature the SHARC WET System, and a six-story building with 124 apartments, which will feature a PIRANHA WET System. The 15-story building includes two towers connected by a common lobby with a 15,000-square-foot medical clinic in the first tower and 7,800 square feet of retail space in the second tower. SHARC Energy is working through the final submittal process with its New York State distributor HIGHMARK and the purchase order is expected imminently.

“We are appreciative of the opportunity to support the State of New York in this transformative affordable housing project. Disadvantaged communities require access to low carbon, energy efficient and resilient heating and cooling all year round which this project will harnessing the energy of wastewater,” says Lynn Mueller, Chairman and CEO of SHARC Energy. “New York State is a global leader in the electrification and fuel switching movement and we are excited to be entering this market at the early stages of what is expected to be a multi-decade transition. We expect significant business growth as SHARC Energy products are one of the best carbon reduction solutions in the world.”

Once completed, the entire development, known as Alafia, will ultimately create more than 2,400 affordable homes in a walkable neighborhood with recreational spaces and access to community resources that promote health and wellness. Alafia is part of the State’s Vital Brooklyn Initiative that is addressing chronic social, economic, and health disparities in Brooklyn’s high-need communities.

“We are not just building housing for the people of East New York, we’re investing in a community so that generations of New Yorkers can flourish and thrive,” Governor Hochul said. “By creating 2,400 new quality homes and expanding access to social services and health care, Alafia will make this neighborhood a more affordable, more inclusive and healthier place to live. This truly transformative investment will put us on the path toward mending the societal cracks in the system to ensure all New Yorkers have a chance to prosper.”

This isn’t the only New York affordable housing project that SHARC Energy is supporting. The Company recently announced it is pleased to support Egg Geo, LLC ’s collaboration with the Amalgamated Housing Cooperative (“AHC”) and EnPower Group ’s project under the New York State Energy Research & Development Authority’s (“NYSERDA”) Empire Building Challenge program, as one of six new partners selected to join the previously selected ten. This project is putting forward the first proposed combined WET and geothermal system in the world. The innovative and groundbreaking system will utilize thermal energy transfer from the ground and wastewater to provide 100 percent of the heating, hot water and cooling load for 316 affordable housing units in two - 20 story multi-family towers. This first-of-its-kind project will be in the Bronx, New York.

The State of New York continues to be an early adopter of WET technology enacting legislation supporting utility adoption of WET thermal energy networks. Governor Hochul’s signed legislation A.10493/S.9422 in the summer of 2022, allowing utilities to own, operate, and manage thermal energy networks, as well as supply distributed thermal energy, with Public Service Commission (PSC) oversight. Heating and cooling networks – also referred to as community thermal or district energy systems – are a resilient, energy efficient, and clean solution that can also help New York State meet its ambitious climate goals. By leveraging multiple sources of existing waste heat (such as water, wastewater, and geothermal, among others) and connecting a diverse set of building types on a shared loop, thermal energy networks can provide significant operating and energy cost savings when compared to more traditional heating and cooling methods, while also reducing demand on the electric grid.

This legislation will promote the development of thermal energy networks throughout the State, providing benefits by reducing fossil fuel usage for heating and cooling through community-scale infrastructure solutions, along with employment opportunities for existing utility workers and new workers. The enabling legislation will build on the progress of, and complement, NYSERDA’s active  community thermal program, which to-date has funded feasibility studies, detailed design studies, and other advanced project construction incentives to more than three dozen sites across the state.

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

Lynn Mueller
Chairman and Chief Executive Officer

For investor inquiries, please contact:For media inquiries, please contact:
Hanspaul PannuKamran Shaikh
Chief Financial OfficerAccount Director
SHARC EnergyPR Associates
Telephone: (604) 475-7710 ext. 4Telephone: 778-846-5406
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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.

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