The Company's application to the Massachusetts Plumber and Gas Fitter Board garnered strong backing from the
SHARC Energy is already collaborating with a real estate investment trust on a PIRANHA retrofit project, leveraging a 50% cost share from Eversource Energy for a PIRANHA feasibility study under the
The
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 Gas System Enhancement Plan, 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 Future of Clean Heat bill 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
As a pioneering force in the WET industry, SHARC Energy views these developments in
About SHARC Energy
SHARC Energy is publicly traded in
Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC
ON BEHALF OF THE BOARD
Chairman and Chief Executive Officer
For investor inquiries, please contact: | For media inquiries, please contact: |
Hanspaul Pannu | |
Chief Financial Officer | Director of Marketing & IT |
SHARC Energy | SHARC Energy |
Telephone: (604) 475-7710 ext. 4 | Telephone: 604.475.7710 Ext.109 |
Email: hanspaul.pannu@sharcenergy.com | Email: mike.tanyi@sharcenergy.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 to be 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 required by applicable securities legislation.
Source: SHARC Energy
2024 GlobeNewswire, Inc., source