SHARC Energy Featured in NYSERDA’s Empire Building Challenge Project

Project aims to set decarbonization precedent for next decade of real estate investment in New York State

YONKERS, N.Y., Sept. 12, 2023 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) is pleased to announce that it has received a purchase order for a SHARC Wastewater Energy Transfer (“WET”) system for the Whitney Young Manor recapitalization project in Yonkers, New York. This project, spearheaded by Nuveen, is a successful project moving forward under the New York State Energy Research & Development Authority’s (“NYSERDA”) Empire Building Challenge.

As part of a major property recapitalization, the Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will showcase how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex. SHARC Energy and its New York representative HIGHMARK are proud to be supporting this project, as it serves as an example of Energy and Climate Equity investment into historically underserved and marginalized communities.

Whitney Young Manor is owned by asset manager Nuveen, which recently acquired Omni New York LLC and its best-in-class affordable housing capabilities in development, construction, maintenance, safety-technology and corporate functions to create an enhanced, vertically integrated affordable housing asset management business. 

Lynn Mueller, CEO of SHARC Energy, remarked, “The Whitney Young Manor retrofit project is an example of Energy and Climate Equity investment into historically marginalized communities in the State of New York and we are humbled to be included in this project.”

“This project demonstrates just one example of the many opportunities in New York,” added Richard Gerbe, CEO & Co-Founder of HIGHMARK. “With industry giants like Nuveen making significant progress with their efficiency goals, the potential for growth is exponential. We are thrilled to represent SHARC Energy in the market and be at the forefront of this ongoing transformation.”

In addition to major building envelope and ventilation upgrades, Nuveen will install a SHARC 660 WET system at Whitney Young Manor that will support a centralized heat pump system providing all heating, cooling and domestic hot water needs for the two twelve-story, affordable, 195-unit multi-family buildings.