UGE International Ltd. (UGE:TSX.V; UGEIF:OTC) announced in a news release it signed a contract valued at $2.67 million with New York City's Economic Development Corporation (NYCEDC) to deploy numerous solar and energy storage microgrid projects in New York City.
This is the final stage of the recovery project UGE was awarded following Hurricane Sandy, under the RISE:NYC program developed by the NYCEDC to deploy modern solutions to enhance the city's resiliency. Sandy caused $19 billion in losses in New York and knocked out the electricity going to more than 2.2 million people, including many small businesses.
In the project's first stage, UGE worked with those small businesses, conducting engineering and design work "to evaluate numerous beneficiary sites and solutions," according to the release.
In this next and last stage, UGE, over the next 12 months, will install microgrids at those facilities to protect against similar future weather events.
"Over the first phase of this project we worked very closely with the small business who will be beneficiaries of these systems," said Mateo Chaskel, UGE's director of development. "Their excitement for these projects is palpable, and we look forward to building this added resiliency for each of them."
[NLINSERT]Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: none. She or members of her household are paid by the following companies mentioned in this article: none.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: UGE International. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with UGE International. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional, and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of UGE International, a company mentioned in this article.
