Harrison Vickers & Waterman (OTC PINK: HVCW), provider of comprehensive one-stop solutions that address grid stability problems for grid operators, utilities, and commercial and industrial (C&I) customers, has executed a term sheet for the rights for development and investment ownership of 20 MW Flemington New Jersey battery energy storage system, Financial terms of the transaction were not disclosed. HVW expects to execute the definitive agreement within 10 days.
HVW has been advised, acknowledges and understands that there is presently a litigation pending and ongoing between the members of the BESS project. It is further acknowledged by and between the parties that MSS Capital, LLC and NJ Battery Energy Storage Project 2, LLC, majority owners collectively of the Flemington BESS project, owns Series C Preferred shares in HVW.
Christopher C. Harrison, chief executive officer of Harrison Vickers & Waterman, said, "HVW continues to build its portfolio of energy storage projects in the United States. This is another significant step in our strategic plan to expand our reach into energy storage and leverage HVW's core capabilities in this growing market. We believe this project, and the Bloomsbury project along with our other exciting, dynamic, innovative initiatives, will escalate our growth over the next few years. The two projects are expected to generate average revenues of between $7 million and $8 million, mainly from ancillary services. The projects' revenues are based on spot prices and may vary from time to time.
About Harrison Vickers & Waterman
Harrison Vickers (HVW) offers a comprehensive one-stop solution to address grid stability problems in the energy market that takes advantage of the large and actively growing market opportunity for energy storage and demand management. HVW provides solutions to grid operators, utilities, and commercial and industrial (C&I) customers. Our focus is on renewable distributed energy resources (DER) and battery energy storage systems (BESS) for grid balancing services to the independent system operators (ISOs); load shifting for utilities, energy management through storage and standby generator input for C&I customers and micro grids for energy security. We plan to build, own or partner with third parties on energy related projects, partner with existing grid participants to take advantage of demand management programs, enter joint ventures and operate electric energy facilities to develop a portfolio of income producing projects.
