NetworkNewsBreaks – Correlate Energy Corp. (CIPI) Lands First-Ever Microgrid Project with California Oil and Gas Company
Correlate Energy (OTCQB: CIPI), a growth-oriented distributed energy company, has entered an agreement for a significant microgrid project. Developed for a customer representing one of California’s largest privately owned oil and gas corporations, the project will be outside the Los Angeles area and requires an immense energy demand. According to the announcement, the client’s operation has a 100MW load spread across multiple locations that seek to reach net zero, or the equivalent electricity consumption of approximately 75,000 households. After completion of underwriting and permitting, the company is forecasted to deploy up to 40MW of solar and storage capacity across 20 sites with an initial phase projected to exceed $23 million. The onsite microgrids will lower energy costs and emissions for the customer’s oil and gas operations, thus helping comply with California AB 32 Cap and Trade requirements. The client can also benefit from added low-carbon fuel standard credits for the associated projects, the company added.
Correlate Energy has scheduled a live webinar to provide a status update to shareholders. During the event, which is slated for Oct. 5, 2023, at 2 p.m. EDT, CEO Todd Michaels will discuss the company’s growth strategy and recent achievements during this live event; Bill Shevlin, a well-known industry expert and recent addition to Correlate Energy’s team, will also speak. “This microgrid portfolio is a long-awaited milestone that we expect to be the first of many for our company,” said Correlate Energy CEO Todd Michaels in the press release. “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. 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.”
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Correlate Energy (OTCQB: CIPI), a growth-oriented distributed energy company, has entered an agreement for a significant microgrid project. Developed for a customer representing one of California’s largest privately owned oil and gas corporations, the project will be outside the Los Angeles area and requires an immense energy demand. According to the announcement, the client’s operation has a 100MW load spread across multiple locations that seek to reach net zero, or the equivalent electricity consumption of approximately 75,000 households. After completion of underwriting and permitting, the company is forecasted to deploy up to 40MW of solar and storage capacity across 20 sites with an initial phase projected to exceed $23 million. The onsite microgrids will lower energy costs and emissions for the customer’s oil and gas operations, thus helping comply with California AB 32 Cap and Trade requirements. The client can also benefit from added low-carbon fuel standard credits for the associated projects, the company added.
Correlate Energy has scheduled a live webinar to provide a status update to shareholders. During the event, which is slated for Oct. 5, 2023, at 2 p.m. EDT, CEO Todd Michaels will discuss the company’s growth strategy and recent achievements during this live event; Bill Shevlin, a well-known industry expert and recent addition to Correlate Energy’s team, will also speak. “This microgrid portfolio is a long-awaited milestone that we expect to be the first of many for our company,” said Correlate Energy CEO Todd Michaels in the press release. “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. 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.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
