Phase 1 2024 shipments expected to total approximately $1.1 million CAD
TORONTO, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. ("Clear Blue") (TSXV: CBLU) (FRA:0YA) (OTCQB: CBUTF), a leader in Smart Power, is pleased to announce the execution of a Notice of Award agreement with Growth Energy, a company which specializes in the development, EPC and O&M for clean energy power plants in Africa.
Growth Energy has chosen Clear Blue as its OEM Partner, and Clear Blue's Esite-Micro power technology, along with its patented Illumience Smart Power management service, to power a network of telecom sites in Africa. The region faces significant cost and availability challenges with diesel fuel. Consequently, the customer will convert a network of cell phone towers to solar, ensuring clean and reliable solar energy to support critical telecom services. The project is in the final stages of contract negotiations, with preparation for financing disbursement and commencement of the EPC phase currently underway. Phase 1 of the project is scheduled to ship in 2024, with two additional phases planned thereafter, totalling a potential $4 million across three phases from 2024 through 2026.
Miriam Tuerk, CEO of Clear Blue, stated, "This project is an example of the African continent-wide shift towards replacing expensive and polluting diesel generator-based systems with eco-friendly and cost-effective solar energy. Clear Blue's Smart Power technology, with its advanced energy forecasting and management capabilities, was crucial to making this project viable and in meeting the uptime and performance targets of the customer."
John Okoro, Managing Director of Growth Energy commented, "We are pleased with the responsiveness, team work and professionalism displayed thus far by the Clear Blue Team, and their technical expertise on off-grid telecom systems and their Esite-Micro product and Illumience Cloud management service, which is evident in their ability to provide the needed performance warranties. Our alignment on the design to cost approach, while ensuring the highest levels of quality assurance were critical to being able to meet the aggressive cost targets of the project, and Clearblue demonstrated a good understanding and mastery of this approach. As a technology company with capacity to also operate and manage systems for their customers, Clear Blue will be involved in supporting Growth Energy's Operation and Maintenance teams during the long-term operation and maintenance, ensuring the project exceeds performance expectations and delivers guaranteed long-term benefits.
About Growth Energy
Growth Energy develops, finances, deploys, and manages renewable energy power plants for industries, telecom, and gated estates in Africa. The company offers flexible models such as power purchase agreements or hire-purchase, eliminating the need for upfront investments from off-takers. The company partners with credible international funds and financiers to provide impact finance for these projects.
This approach allows their customers to focus on improving their core activities while simultaneously reducing their overhead costs, contributing immensely towards energy transition and improving sustainability for industries and communities.
Growth Energy has offices in France, Kenya, Nigeria, Burundi and Zanzibar, and an international and gender balanced team, of more than 7 Nationalities, and speaking more than ten (10) international languages.
About Clear Blue Technologies International
Clear Blue Technologies International, the leader in Smart Power, was founded on a vision of delivering clean, managed, "wireless power" to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue is working with its customers "On the Road to Zero Diesel". Only through massive cloud, data, predictive analytics and AI, can Telecom customers wean themselves off of dirty fuel generators. Clear Blue's leading technology helps its customers achieve their Netzero objectives. Clear Blue has thousands of systems under management across 45 countries, including across Africa, the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF) .
FOR FURTHER INFORMATION:
Clear Blue
Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
investors@clearbluetechnologies.com
Nikhil Thadani, Sophic Capital
+1 437 836 9669
Nik@SophicCapital.com
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Forward-Looking Statement
This press release contains certain "forward-looking information" and/or "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, the future phases of the project or future value of this project for any mentioned parties.
By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.
An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in Clear Blue's listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice."
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
