PIRANHA Receives Unanimous Approval From Massachusetts Plumbing and Gas Fitting Board for State Expansion

VANCOUVER, British Columbia, May 06, 2024 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”), a world leader in wastewater energy transfer (“WET”), is pleased to announce that it has received unanimous approval from the Massachusetts Board of State Examiners of Plumbers and Gas Fitters for ten PIRANHA pilot sites in the state. This pilot project aims to demonstrate the efficacy of WET across multiple sectors and building types.

The Company's application to the Massachusetts Plumber and Gas Fitter Board garnered strong backing from the United Association of Journeymen and Apprentices (“UA”) of Massachusetts, an influential union representing approximately 375,000 skilled plumbers, pipe fitters, and other industry professionals across the state. The UA acknowledges the immense promise of WET heat pump systems such as the PIRANHA and Thermal Energy Networks (“TENs”) facilitated by SHARC WET systems in creating transitional job opportunities for these 375,000 tradespeople. As North America advances towards decarbonization and diminishes its reliance on fossil fuels, these innovative technologies are poised to play a pivotal role in reshaping the landscape of sustainable energy solutions.

SHARC Energy is already collaborating with a real estate investment trust on a PIRANHA retrofit project, leveraging a 50% cost share from Eversource Energy for a PIRANHA feasibility study under the Massachusetts Save Technical Assistance Program. Eversource Energy, a publicly traded Fortune 500 energy company based in Hartford, Connecticut and Boston, Massachusetts, is New England's largest energy delivery company, serving over 4.4 million electric, gas, and water customers.

The State of Massachusetts is an early adopter of decarbonization strategies and policy, making it an ideal state to expand SHARC Energy’s growing footprint. Massachusetts has been at the forefront of promoting TENs, being the first state to include provisions for TEN pilots in its 2021 Climate Roadmap. This legislation allows utility owned TEN pilots and enables utilities to bill customers for thermal energy. Eversource Energy and National Grid are the first utilities in Massachusetts to initiate pilot projects under this framework. While Massachusetts has been a pioneer in early adoption, it isn’t the only state to adopt similar policies as Minnesota, New York, Colorado, Washington and Maryland have legislation for TENs in place. Management has observed indications that numerous other states are poised to follow suit and enact similar policies.