SHARC International Systems Inc., doing business as SHARC Energy, develops and sells wastewater energy transfer systems that exchange thermal energy with wastewater for heating, cooling and domestic hot water applications. Its reported product portfolio includes SHARC 880, PIRANHA and Back-Flush Only systems for commercial, residential, industrial and district energy settings.
Company news commonly covers equipment orders, project deployments, system commissioning, backlog and revenue updates, product-category expansion, and governance actions. Reported applications include district energy and thermal energy networks, wastewater treatment plant effluent, multifamily housing, airports, data centers, universities and other facilities using wastewater or hydronic sources as thermal-energy reservoirs.
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SHARC International Systems Inc. (OTCQB: INTWF) announced positive business activity trends in a recent update. In 2022, the company conducted 68 project assessments, achieving over a 50% conversion rate, with 65 leads created in just the first two months of 2023. SHARC Energy anticipates continued growth in its Sales Pipeline and Sales Order Backlog, which increased by over 75% in 2022 compared to 2021. The firm also attended the IDEA conference, receiving favorable feedback on its Wastewater Energy Transfer (WET) technology. Insiders demonstrated confidence by investing $332,000 in shares, indicating strong belief in the company's mission and future growth.
SHARC International Systems Inc. (OTCQB: INTWF) announced a corporate update on February 17, 2023. The company fully converted $1.38 million in convertible debt and $1.35 million in warrants, boosting working capital. SHARC Energy is expanding the False Creek Neighbourhood Energy Utility project, increasing capacity to 9.8 MW, aiming for a reduction of 4,400 tonnes of carbon emissions annually. A new patent has been filed under the Patent Cooperation Treaty for the SHARC system design. Additionally, two PIRANHA T15 units were shipped to HTS Ontario, marking progress in their growing pipeline.
SHARC International Systems (OTCQB: INTWF) has announced the commencement of a $1.2 billion affordable housing redevelopment project in Brooklyn, New York. The first phase involves a $373 million investment to create 576 affordable homes, a 15,000-square-foot medical clinic, and retail space. Utilizing the SHARC and PIRANHA WET Systems, the project aims to incorporate sustainable energy solutions, including geothermal heating and a solar array. The development, known as Alafia, will ultimately provide over 2,400 affordable housing units, promoting community resilience and environmental goals.
SHARC International Systems has signed a Supply and Maintenance Agreement with the City of Vancouver for five SHARC systems aimed at expanding the False Creek Neighbourhood Energy Utility (NEU). This expansion will increase the wastewater energy transfer (WET) capacity from 3.2MW to 9.8MW, making it North America's largest WET project. Expected carbon emission reductions are around 4,400 tonnes annually, with completion anticipated in 2023. This project supports Vancouver's goal of 100% renewable energy by 2030.
SHARC Energy (OTCQB: INTWF) reported its Q3 2022 financial results with total revenue of $0.08M, down from $1.42M in Q3 2021. Year-to-date revenues dropped to $1.13M from $1.72M in the previous year. The company reported a Q3 adjusted EBITDA loss of $0.69M, contributing to a year-to-date loss of $3.54M. Despite these challenges, SHARC Energy noted a 16% growth in its Sales Order Backlog, now at $0.8M, and a 5% increase in its Design Pipeline to $11.06M. The management remains optimistic about future growth driven by new regulatory support and expanding project opportunities.
SHARC Energy (CSE: SHRC, OTCQB: INTWF) has announced the installation of its PIRANHA T15 WET system at Aura's 21 slope-side residences, which will operate entirely on renewable energy. The system captures thermal energy from wastewater, significantly reducing greenhouse gas emissions while providing energy savings. This marks the fourth SHARC installation in Colorado, aligning with the state's goal to cut carbon emissions by 90% from buildings by 2050. With nearly 30 systems installed globally, SHARC is poised to enhance its market presence in sustainable energy solutions.