Manufacture of the BESS system has been substantially completed and shipment of the first BESS units has commenced. Site enabling works have been completed at the hotel including the installation of specialist metering equipment to facilitate the operation of the Project once fully commissioned. Quartux have provided the Company with an update on the installation works for the Project as follows: The Project is expected to cost approximately US$1.8m to install and commission including all related financing and transaction costs.In addition to the EPC, a 10-year Maintenance Agreement has also been signed with Quartux for the day-to-day operation and optimization of the system including all routine maintenance.(or “Quartux”), a highly experienced installer and operator of battery storage systems in Mexico, to deliver a turnkey solution for the installation and commissioning of the BESS system. An Engineering Procurement Contract (or “EPC”) has been signed with Quartux Mexico S.A.Under the ESA, Revolve will receive an annual fixed payment in addition to sharing the energy savings delivered by the Project over the 10-year contract period.A 10-year Energy Services Agreement (or “ESA”) has been signed between the Company and the hotel operator for the provision of peak shaving and other energy related services.Revolve is the 100% the owner of the Project and has responsibility for the financing, installation and operation of the BESS system.The 3.2MWh battery storage system is being installed at the site of a major hotel chain in Cancun, Mexico. This is the first BESS project that the Company signed on August 29, 2022, under its new division, Revolve Renewable Business Solutions (see Revolve News Release dated September 15, 2022). (TSXV:REVV) (“ Revolve” or the “ Company”) is pleased to provide an update on the progress of its 3.2MWh (“megawatt per hour”) Battery Energy Storage System (or “BESS”)(the ”Project”) project located in Cancun, Mexico. Vancouver, BC, Janu– Revolve Renewable Power Corp.
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