EnSync widens loss in first quarter

Lightning energy

Menomonee Falls-based EnSync inc. reported a fiscal 2016 first quarter net loss of $3.8 million, or 8 cents lost per share, compared with a net loss of $2.2 million, or 9 cents lost per share, in the first quarter of 2015.

The energy management system developer recorded  an operating loss of $3.8 million in the quarter, compared with a $3.4 million operating loss in the same period a year ago.

Revenues totaled $272,976 in the first quarter, down from $564,861 in the first quarter of 2014.

Total costs and expenses increased from $4 million in the first quarter of 2014 to $4.1 million in the first quarter of 2015.

During the first quarter, EnSync closed a strategic partnership with Solar Power Inc. and received a $33.4 million initial equity investment. It also changed its name from ZBB Energy Corp. to EnSync in the quarter.

“All the required pieces are coming together here at EnSync and we have made great progress building the foundation for our future success,” said Brad Hansen, president and chief executive officer of EnSync. “Early this year, we announced the signing of Hawaii’s first Power Purchase Agreement project integrating PV, storage and intelligent energy management.  In July we announced our second PPA at University of the Nations, the second in the state. The groundbreaking for both of these projects was announced in October. To further our momentum in Hawaii, we created Holu Energy, a Distributed Generation Project Developer, in August. Holu is already making great progress, with additional PPA contract wins occurring over the last few weeks. Our PPAs reduce customers’ electricity bills by millions of dollars over the term of the agreement, in addition to reducing their carbon footprint and supplying electricity during outages. In doing so, we are also creating an instrument that generates a high financial rate of return over a long duration for investors.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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