EnerDynamic Hybrid Technologies Corp. (TSX-V: EHT) ("EHT" or the "Company") is pleased to announce that it has entered in to a Memorandum of Understanding (the "MOU") with Groupe Nduom Limited ("GN"), a multi-national organization based in Ghana, West Africa to create a mutually-beneficial joint venture (the "JV") in Ghana, West Africa.
GN, through its subsidiaries Coconut Grove Hotels, GN Bank, Ghana Growth Fund Company, Yorke Properties, Sterlin Management Services, and Ghana Media Group, focuses on tourism, investment advisory and management, financial services, technology, media, management consulting and sports sectors.
The JV is intended to facilitate the dynamic integration of manufacturing and distribution of the ENERTEC modular building/home technology through expansion and vertical integration within the GN group. Through GN, which is a long-established EPS foam production organization, EHT has now secured manufacturing capacity located directly in its target market of West Africa.
GN will manufacture the ENERTEC panels using its top-quality foam, forming the core of the ENERTEC wall panel while adding the EHT-supplied ENERTEC skin to produce a complete, proprietary module/panel. EHT will manufacture its Embedded Solar Roof sections at its Welland, Ontario facility and ship them to GN for final assembly and module integration. With the high cost of shipping and extended delivery schedules created by start-to-finish production in Canada, a high quality and stable manufacturing facility within market allows for a significant increase in margins and a critical reduction in the customer order-to-delivery cycle.
GN and the Company have agreed to jointly produce two build-to-suit ENERTEC units: a money store and a general store, both products sought internally within the GN group of companies for specific commercial segments. The parties will also seek co-branding opportunities across Ghana and other parts of West Africa, and they have further agreed to formalize the JV in the near term and to have the integral manufacturing facility therefor in production this summer.
Ghana's economy is one of the strongest and most diversified in Africa, following over 60 years of relative stability with a multi-faith population of approximately 27 million people. As a commercial market, Ghana represents an excellent opportunity to establish the ENERTEC brand and operations while at the same time providing access to other strong West African markets.
The EHT advanced ENERTEC Modular Wall and Roof System uses a proprietary skin and foam core that is stronger and more energy efficient than traditional wood or steel structures providing the highest ratings for energy efficiency. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews.
After installation, each structure can be furnished and finished to meet the customer's requirements including siding, tile, kitchens and bathrooms or segregated commercial rooms. The finished wall product can be shipped on pallets and delivered via rail, truck or water in standard formats.
John Gamble, CEO of EHT, indicated that "we are very pleased to have the opportunity to work with a world class organization like the Nduom Group. The Nduom organization offers, among other opportunities, the final piece in our West African strategy by ensuring our products can reach the market in a cost effective and timely manner." He further comments that "our expertise and exclusive products give EHT a very strong position in the West African market."
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