Hover Energy and Hawaii Construction & Development Consulting Announce First Joint Onsite Microgrid Project in Downtown Honolulu
DALLAS, TX / ACCESSWIRE / August 16, 2024 / Hover Energy ("Hover"), a leading international microgrid solutions provider, and Hawaii Construction & Development Consulting ("HCDC"), a Hawaii-based construction and development company with 20 years of experience in sustainable development, are excited to announce their first joint renewable energy project in Hawaii. In conjunction with HCDC's renovation of Union Plaza in downtown Honolulu, Hover will install an onsite microgrid, which will include wind generators, solar panels, and a control system which will allow the site to generate all of its energy needs from renewable sources.
As noted in a recent report by Global Market Insights, the microgrid market is anticipated to grow at a CAGR of 20.5% between 2024 and 2032 and reach more than $100 billion by 2032. Microgrids are localized energy systems capable of operating independently or in conjunction with the electrical grid. They consist of distributed energy resources, such as solar panels, wind turbines, batteries, and generators, that produce, store, and manage electricity within a defined area. Hover is an industry-leading microgrid developer with multi-patented, proprietary technologies.
HCDC has been advocating for the deployment of clean technologies in Hawaii for decades and is now designing microgrids into all new Hawaii projects. Ramping up clean energy production by adding a second generating source has always been in HCDC's plans. This agreement for its first project with Hover is clearly just the beginning, as Alternus Clean Energy, Hover's Joint Venture partner, has agreed to finance the current pipeline of projects, which consists of nearly a dozen projects across the state.
"Microgrids are the future and achieving Real Zero is available now," stated Chris Griffin, CEO of both Hover Energy and the Alternus-Hover JV. "We couldn't be more excited to be launching a joint effort in Hawaii with HCDC, who have proven themselves to be forward-thinking project developers. No doubt we will be designing and deploying together for a long time."
Hawaii holds a unique position that very few places on the planet can claim. First, wind and solar resources are abundant. Second, the state offers a robust renewable energy tax credit of 35%, to accompany existing federal tax credits offered in the Inflation Reduction Act of 2023. And third, the current cost of grid power is extremely high, offering very favorable returns to any power source that offsets those costs, which helps both investors and buyers develop renewable solutions such as Hover's Wind-Powered MicrogridTM.
"This is exactly the right answer for Hawaii. We have ample wind and sun all year long. Why wouldn't we capture as much of it as possible?" offered HCDC CEO Chad Waters. "Distributed energy makes the world more resilient, and this first-of-its-kind project in Honolulu is the perfect first step to deliver resiliency for the people of our state."
Hover Energy, LLC is a pioneering provider of sustainable energy solutions committed to driving innovation in the renewable energy sector. With a focus on designing, developing, and deploying its patented Wind-Powered MicrogridTM, Hover Energy is dedicated to building a more efficient, cleaner, and more sustainable future for generations to come. Visit https://HoverEnergy.com.
HCDC was founded to provide a smarter solution to development in Hawaii, with a focus on truly sustainable development with our partner organization, NetZero Hawaii. We believe that smart, sustainable housing is everyone's right. HCDC is committed to expanding the availability of housing in Hawaii, focusing on LEED Platinum Certification and NetZero principles. Visit https://www.hawaiicdc.com.
Contact Information
Christopher Griffin
CEO
info@hoverenergy.com
(214) 771-9747
SOURCE: Hover Energy, LLC
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