BOISE, Idaho, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTCQB: CIPI) (“Correlate” or the “Company”), a growth-oriented distributed energy company, is excited to announce a significant microgrid project outside of the Los Angeles metro area. The project will be developed for a customer representing one of California's largest privately-owned oil and gas corporations with an immense energy demand. The client’s operation has a 100MW load spread across multiple locations that seek to reach net zero. This is equivalent to the electricity consumption of approximately 75,000 households.
Upon successfully completing underwriting and final permitting, Correlate Energy is forecasted to deploy up to 40MW of solar and storage capacity across twenty sites with an initial phase projected to exceed $23 million. In addition to lower energy costs, the on-site microgrids will lower emissions for the customer's oil and gas operations, which helps them comply with the California AB 32 Cap and Trade requirements. The client can also benefit from added low-carbon fuel standard credits (LCFS) for the associated projects. The microgrids will provide the client with significantly cheaper, fixed-priced power while bolstering resilience to grid outages. Correlate Energy’s targeted entry into the oil & gas segment serves as a blueprint for collaboration with other companies in California and beyond, demonstrating the potential for industries to work together for both an environmental impact and a defined economic opportunity.
"This Microgrid portfolio is a long-awaited milestone that we expect to be the first of many for our company. Having built up our team over the past year to fulfill such a project, we are extremely pleased to be in a position to complete our first Microgrid project and achieve this stated 2023 goal, which we communicated to our shareholders and financiers,” said Todd Michaels, the CEO of Correlate Energy. "This project not only marks our material entry into the oil and gas sector but also doubles our largest contract size to date. We look forward to delivering our unique expertise and integrated technology solution to support our customers' diverse needs while helping them meet their business and compliance goals."
To share recent exciting developments with our shareholders, Correlate Energy will be hosting a live investor summit webcast. Our executives, including our CEO Todd Michaels, will discuss the company's growth strategy and recent achievements during this live event. Notably, Bill Shevlin, a distinguished figure in the industry and a recent addition to Correlate Energy’s team, will also be a featured speaker. The investor summit webcast is scheduled for Oct 5th, 2023, at 2 p.m. EDT. Click here to register for the live webinar event.
About Correlate Energy Corp.
Correlate Energy Corp. (OTCQB: CIPI) is a publicly traded company strategically positioned to capitalize on America’s unstoppable trend toward decentralized energy generation. The company employs a three-pronged strategy to create stockholder value from this multi-trillion-dollar trend. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Secondly, Correlate plans to retain ownership of some of these energy systems and thereby realize ongoing, reliable cash flow. Third, Correlate seeks to acquire proven renewable energy companies in order to exponentially grow earnings per share for investors. Correlate’s management and board consist of industry experts who, during their careers, have successfully financed, developed, and installed over two billion dollars of clean energy projects for their clients. To learn more, go to: https://www.correlate.energy/investors.
Correlate Energy Corp.
This news release may include forward-looking statements regarding Correlate Energy Corp., its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Correlate Energy Corp. expresses or implies an expectation or belief about future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Correlate Energy Corp. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.