TORONTO, May 22, 2019 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (“Clear Blue” or “the Company”) (TSXV:CBLU) (FRANKFURT:0YA) announced today the launch of its Energy-as-a-Service (EaaS) for wireless power. This new subscription-based service provides clean, wireless power for critical systems such as off-grid street lights, telecommunications systems and Internet of Things (IoT) devices.
Energy-as-a-Service is a fast-growing business model within the power industry. This innovative alternative to traditional, capital-intensive energy acquisition enables commercial and industrial customers (C&I) to pay an annual subscription for energy services. According to Navigant Research, the annual global market for commercial and industrial Energy-as-a-Service is estimated to reach $221.1 billion by 2026.1
“Just as cloud services like Amazon Web Services transformed the IT industry, Energy-as-a-Service can transform the power industry,” said Miriam Tuerk, CEO and co-founder of Clear Blue. “EaaS enables organizations to move away from investing capital and time into owned assets, while eliminating upfront costs and the headaches that come with having to operate and manage power systems. Clear Blue has the technology and expertise to become a leader in off-grid EaaS, and our new EaaS offering moves us toward that goal.”
Clear Blue’s Energy-as-a-Service meets the needs of municipalities, telecom providers, and other businesses with off-grid powered systems who were previously forced to own, operate, and maintain these power systems. The markets for Energy-as-a-Service include telecom, Smart City lighting, and other IoT utility services and infrastructure.
Over 70% of new electricity connections will rely on off-grid or mini-grid solutions in the next 10 years, according to recent estimates.2 However, battery replacement costs in off-grid systems are an ongoing consumable that can represent the largest ongoing maintenance cost. The limited warranties that battery manufacturers provide typically cover only defects in material and workmanship with numerous exclusions due to lack of maintenance, exposure to heat or cold, over or under-charging and more. This renders warranties largely useless to customers.
With Clear Blue’s Energy-as-a-Service, customers pay a fixed annual service fee. Clear Blue uses its patented Smart Off-Grid technology and expert service to manage charging cycles, state of charge, and other aspects of power management that are key to maximizing system life and uptime performance. This enables Clear Blue to provide an unparalleled level of reliability to assure power delivery.
“The Energy-as-a-Service offering is a key part of Clear Blue’s commitment to its customers to deliver maximum uptime, longest system life, and easy installation and maintenance. The launch of our Energy-as-a-Service model will contribute toward growth of our recurring revenue stream with the delivery of a highly valuable service for our customers and a highly valuable financial model for our shareholders,” added Ms. Tuerk.
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 35 countries, including the U.S. and Canada. Clear Blue is publicly traded on the Toronto Venture Exchange under the symbol CBLU.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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