EnSync Energy Announces Retirement of Jim Schott and Appointment of Fred Vaske as Chief Administrative Officer

EnSync, Inc., dba EnSync Energy Systems, a leading developer of innovative energy management systems for the utility, commercial, industrial and multi-tenant building markets, announced that Mr. James Schott, chief financial officer of EnSync, will retire effective September 30, 2016. Fred Vaske, currently the company's Vice President of Structured Finance, has been appointed Chief Administrative Officer and will oversee all finance, accounting, treasury and investor relations responsibilities for the company.

"We are fortunate to have someone with Fred's experience to drive the next stage of our strategic plan. As our business model has evolved to the construction and sale of power purchase agreement (PPA) projects, in addition to sale of systems and components, Fred's knowledge of our business and ultimate project customers ideally positions him to take on this expanded role. Fred has been critically important to the company's transition to a leading provider of distributed energy resources that can be seamlessly integrated to the grid network, and most recently closed the sale of our first tranche of PPA projects, including the first storage plus solar projects behind the meter, in Hawaii. We look forward to Fred's continued strong execution during the remainder of the fiscal year and for many years to come," commented Brad Hansen, chief executive officer of EnSync Energy Systems.

Mr. Hansen added, "I appreciate the contributions Jim has made to help transition our business model during the past year. Jim joined us at a formative time for the company as we were making several transitions to the commercialization stage. He helped us drive our new products into the market, as well as move to our new PPA business model, while also putting in place a vital discipline that helped us to drive down our cash expense. Jim's operating experience and steady hand have been critical. We wish him well in retirement."

Dilek Wagner, the Company's current Vice President of Finance, will continue in that role and will now report to Mr. Vaske.

Fred Vaske joined EnSync Energy Systems in December 2015 as the Vice President, Structured Finance where he brought 25 years of experience in project and asset finance, valuation and consulting. He has held senior finance positions in the solar industry for the last 10 years, and led the closing of over $2.5 billion in debt and equity transactions in the utility and commercial solar photovoltaic industries. Prior to joining EnSync Fred served as Vice President of project finance for Recurrent Energy, Hanwha Q CELLS USA and Scatec Solar USA. In all organizations he established and built strongly capable teams that led project financing efforts in the U.S., Canada, Mexico, Germany, Spain and Japan. Fred also served as Director, Structured Finance for SunPower where he negotiated solar Power Purchase Agreements with commercial customers, and led the company's first financings of those contracts.

Prior to entering the solar industry in 2007, he spent over a decade in the big-ticket asset finance industry, including seven years with GATX Capital where he was Vice President, Structured Finance and led the financing of portfolios of aircraft, railroad rolling stock, and technology assets.

Fred holds an MA in Economics from Washington University in St. Louis and a BA in Mathematics and Economics from Claremont McKenna College.

EnSync, Inc. | www.ensync.com