Canadian Government’s Technology Accelerator Selects SHARC Energy to Market Wastewater Energy-Exchange Technology Globally

VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE:IWIA) (OTCQB:INTWF) (the “Company” or “SHARC Energy”) has been selected to be part of a Canadian government Clean Tech Accelerator program that will market Canada’s leading clean-technology companies to global markets.

Only nine Canadian companies were selected for a five-month Canadian Technology Accelerator (“CTA”) program, which will focus on business opportunities in Southeast Asia through a series of virtual meetings.

Led by the Canadian Trade Office in Singapore, the CTA program allows chosen companies to access potential investments, pilot projects, partnerships and long-term sales in Singapore, Vietnam, Malaysia, and the Philippines, four of the ten Association of Southeast Asian Nations (“ASEAN”) countries.

According to a report published by the International Energy Agency (“IEA”), the ASEAN region is one of the world's hottest areas, which caused a demand growth for space cooling of 7.5 times over the last 30 years. The temperature in this region keeps rising, as well as household income, leading to an increase in energy consumption and peak electricity demand. By 2040, cooling will account for 30% of peak electricity demand in ASEAN countries, and an additional 200 GW energy capacity will be required to meet the growing energy demand from ACs. These market trends support the adoption of high-efficient cooling technologies, making SHARC Systems a good fit. Our SHARC Systems can provide a super-efficient and climate-friendly district cooling solution through wastewater thermal energy exchange, and a process called heat rejection, as well as district heating and hot water production.

“We are honoured to have been chosen by the Canadian Technology Accelerator to bring our technology to global markets,” said Hanspaul Pannu, SHARC Energy’s CFO. “By recovering or rejecting the thermal energy from the wastewater we send down the drain every day, our made-in-Canada technology will have a significant role in reducing a building’s energy costs and its carbon footprint.”

SHARC Energy’s wastewater energy recovery technology — which exchanges the thermal energy from wastewater that is sent down the drain and turns it into heating and cooling — is already being used in Canada, the United States, Australia and the United Kingdom. Designed for both individual buildings and district energy systems, SHARC Energy’s technology is highly scalable and is being applied to both new and retrofitted buildings. “The nine companies taking part in the Southeast Asia program clearly demonstrate Canada’s leadership position in the cleantech sectors,” said Tegan Watson, Trade Commissioner, Canadian Technology Accelerator, Singapore. “It’s an exciting time to showcase Canadian innovation and know-how.”