Under the agreement Aboriginal Power Corp will own 51% of the Limited Partnership, while Northern Lights Energy and Power Ltd. will own 49% of the LP.
The newly formed Northern Lights Aboriginal Power Corp LP mandate is to provide electricity and choices to Aboriginal Groups (First Nations) including businesses within their various territories across the country. This service will reduce power pricing and increase the value proposition for Aboriginal Groups (First Nations) and their business partners. Northern Lights Aboriginal Power Corp LP has expansion plans that will see it move beyond Aboriginal (First Nation’s) lands to other areas such as municipal and county as well as commercial and industrial users in urban centers.
“Working with First Nations is a commitment that Sunvault Energy is dedicated to” commented Gary Monaghan, CEO and President of Sunvault Energy. “This market segment will create additional long term Partnerships for NLAPC and can be expanded to include modern infrastructure and services at cost effect rates for First Nations” he continued.
“We are pleased to be able to supply infrastructure to build out service including billing, management, marketing, construction and other services as required by our new partnership which will include both Alternate Power Creation and Utility supply” stated Glenn I. Nicol, designated representative for Northern Lights Energy and Power Ltd., and new CEO of Northern Lights Aboriginal Power Corp “We are excited about this partnership and to start the value creation proposition for First Nations and business associates “, he stated.
Sunvault Energy also announces that it has entered into a binding letter of intent to acquire 100% of its exclusive incubation company, Aboriginal Power Corp. The Company will proceed with this acquisition through a normal definitive agreement and subject to approval by the company board of directors.
Sunvault will continue to seek out additional acquisition opportunities as they fit into the Company’s mandate and growth plans.
About Northern Lights Energy & Power LP (NLE&P):
Created as a wholly-owned subsidiary of North Parkland Power REA Ltd, a Member owned Co-operative that currently builds, maintains, operates and services its own electric distribution system serving a rural membership base in north central Alberta.
By comparison, NLE&P provides a competitive, low cost energy alternative to a wider variety of markets including residential, commercial, industrial, commercial farming, and rural municipalities throughout the much larger geography of Alberta.
Our new partnership with Sunvault Energy, and APC affords the unique opportunity to marry and leverage our existing skills, knowledge, experience and history in the energy industry through our parent company and the many markets in which we retail and serve, with the renewable energy technologies that will have a growing beneficial impact on those same markets and the environment in a productive and timely manner.
About Sunvault Energy Inc:
Sunvault Energy Inc. is committed to bringing cost effective energy generation and energy storage to the solar industry through a seamless and novel integration of energy generation and storage. This technical approach is a first and has the potential to enable the lowest overall system cost at maximum efficiency. SunVault has further diversified by acquiring companies or assets that are immediately accretive and that will facilitate into the owning of quality non-cyclical assets.
Notice Regarding Forward-Looking Statements:
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that working with Universities will expedite Sunvault technology into real world applications, the ability to reduce the required footprint and cost associated to traditional solar energy generation, collection and storage, or that the technology has the potential to revolutionize how solar energy is generated, stored and utilized.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, our ability to achieve the expected benefits from the development agreement. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.