EnerDynamic Secures Additional $21.0 Million Purchase Order In Puerto Rico
EnerDynamic Hybrid Technologies (TSXV: EHT) this morning had a major development, in that it has received a massive additional order for its rebuilding project in Peurto Rico. The firm has seen three new housing developments place an order for a collective $21.0 million order.
The massive order represents an additional 141 new homes that the firm is to build via its joint venture, where it has partnered with Brieke Family Assets, or BFA. The order represents a follow-on to the current outstanding order of 200 homes, bringing the total to 341 new homes, each at a base revenue figure of $150,000 for EnerDynamic.
Construction of the homes is to begin immediately, with the company having built enough CAT5 blocks to construct the first 35 homes under the overall order. The homes are notable as they are built to net-zero standards, while also providing hurricane relief to the island of Puerto Rico. The homes are referred to as “virtually indestructible,” while also being solar powered.
The first 35 homes are expected to be completed by the first quarter of 2022, with the firm anticipating the capacity to build 50+ homes per month beginning in March 2022 – a significant revenue driver for the company. There is also the potential for further growth in the venture, with additional potential contracts opening up next week, representing up to $34 million in potential sales.
“We are thrilled to receive this additional housing order and vote of confidence for 141 new homes across Puerto Rico which come as a result of the years and millions spent on permitting, research and materials,” said EnerDynamic CEO John Gamble on the news.
The company expects to generate $150,000 in revenue on average per home, with margins reportedly in the 15% range.
EnerDynamic Hybrid Technologies last traded at $0.55 on the TSX Venture.
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