Smartcool’s TEC Division Installs Power Factor Correction Technology at 2 U.S. Recycling Facilities
May 23, 2019 (Source) — Energy Savings to Exceed 40%
Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) (“Smartcool” or the “Company”) is pleased to announce that its wholly owned subsidiary, Total Energy Concepts Inc. (“TEC”) has successfully completed projects for two recycling/resource recovery companies. The installations involved TEC’s full package solution, which included TEC’s proprietary Power Factor Correction (PFC) technology on (18) electric motors of 10 HP and larger driving the crushing, shredding and conveying of materials.
Power Factor Correction at the equipment level, when done correctly, is a documented energy efficiency measure that to date has had limited adoption worldwide. TEC has perfected this technology and application over the last 10 years which offers significant energy savings, as well as more operational up-time and extended equipment life.
Many utility companies already do, and more are starting to assess penalties to the customer for having a power factor below 90%. Utility companies have to deliver more energy to a customer with a low power factor to make up for the inefficient use of the power being delivered to the facility. This essentially creates two significant savings opportunities for business and industrial facilities. The first being to increase their power factor to 90% or higher, and the second is to employ the device level method of power factor correction, which results in additional energy savings to the customer by improving the efficiency of the facility’s electrical distribution system.
Some utility companies have adopted a power factor credit system, meaning if a customer increases their power factor above 90%, the utility will issue them a monthly credit and the closer they get their power factor to unity (100%), the more the monthly credit. For these customers, it creates three significant savings opportunities to put more dollars back onto their bottom line.
The two recycling companies, this is the second location for one of them, are both multi-location operations with one being regionally located in the upper Mid-West and the other with over (25) locations in (10) countries. Revenue to Smartcool for these two installations was in excess of $250,000. With these two entities owning more than one location, and almost 10,000 recycling facilities in the US alone, it represents a significant potential growth opportunity for TEC and SmartCool.
Smartcool Systems Inc. provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3, ESM and ECOHome are Smartcool’s unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by up to 40%.
Total Energy Concepts (TEC), a wholly owned subsidiary of Smartcool, is a national leader in Power Protection, Energy Management, Power Quality, Facility Grounding, and Lighting Solutions that help companies improve their bottom line by reducing expenses that drastically cut into company profits. TEC focuses on a holistic approach to energy efficiency with proprietary technologies for power factor correction and third party technologies including LED, voltage conditioning and intelligent motor controls.
Legal Notice Regarding Forward Looking Statements
This news release contains “forward looking statements”. Forward-looking statements are projections of financial performance or future events. Forward-looking statements can be identified by the use of words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate” and words of similar meaning. Forward-looking statements are based on management’s current expectations and assumptions and they are subject to risks that may cause actual results to differ materially from those expressed or implied by such forward looking statements. Forward-looking statements in this news release include those concerning the company’s belief in the growth opportunities in the UK and USA. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statements. Risks that may prevent or delay the forward looking statements from coming to fruition as anticipated include the availability of working capital, risks inherent in product development, as well as market factors that may increase costs or time to market. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company’s website, www.smartcool.net.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
InvestorIntel.com is a leading online source of investor information that provides public market coverage for both investors and industry alike. A qualified online influencer through ... <Read more about InvestorIntel>