Vancouver, B.C. – (March 25, 2024) – SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) the leader in the Wastewater Energy Transfer (“WET”) industry, is proud to announce significant acceleration in its pipeline conversion, marking a pivotal moment in the Company’s growth trajectory.
SHARC Energy’s innovative PIRANHA and SHARC WET systems continue to gain momentum with several new projects in submittals. This business represents an increase of 120% in Sales Order Backlog1, or an additional $1.8 million CDN since the previous disclosure provided November 28, 2023. Moreover, with several additional projects nearing the submittal phase, it appears the pipeline has reached a critical juncture.
The Company expects the Sales Pipeline2 to convert to Sales Order Backlog at an accelerated rate throughout the remainder of 2024. Projects range in size and scale from small commercial & residential buildings to larger Thermal Energy Networks (TENs) all over North America. SHARC Energy would like to highlight that international sales interest is growing with regular inquiries from projects pre-submittal worldwide. Despite this accelerating conversion of Sales Pipeline to Sales Order Backlog, the Company continues to grow the overall pipeline.
Another noteworthy development is the substantial growth in PIRANHA sales within the increase in Sales Order Backlog, where the current units in submittals equates to nearly half of the twenty PIRANHA units sold to date. This surge is an indicator of the PIRANHA system’s gaining momentum which we expect to continue through 2024.
Submittals are the first stage of SHARC Energy’s progressive billing on a project which typically culminates with the shipping of equipment. The Company estimates a six-month timeline from an order being released for production to shipment, although project timelines may introduce variability.
SHARC Energy is also progressing in new sectors with promising opportunities developing with universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.
As the market continues to recognize the efficiency and environmental benefits of WET technology, SHARC Energy anticipates further growth and opportunities, both in North America and Internationally. For more information about SHARC Energy’s innovative technologies and installations, please visit the Company’s website or its LinkedIn.
