RNS Number : 2870V
06 August 2020
6 August 2020
("Verditek" or the "Company")
Major order for its Industrial "Power in a Box" Solution
Contract signed for six units totalling 1.5 MW of capacity
Verditek plc, (AIM:VDTK) the clean technology company, is delighted to announce, following its earlier successful completion of the first project in Pakistan, that it has received a further substantially larger follow-on order, for six containerised ultra-lightweight solar Power Matts , valued at US$2.2m. The order from SAF Group ('SAF") (www.safpakistan.com) marks a significant milestone for Verditek, as it represents major confirmation of the Company's leading position in the large-scale, portable, rapidly deployable, ultra-lightweight solar market from a respected International group. SAF is a specialist International Engineering, Construction, Fabrication, Project Management company operating in the field of Oil & Gas, Oil Refining, Power Generation and Chemical Process Industries.
These panels will be supplied as an easily deployable containerised solution to provide temporary and semi-permanent power, further reducing the reliance on diesel fuel for their operations.
Importantly, SAF is also collaborating with the Regional Government of Sindh, Pakistan, to supply renewable clean energy to the province, and at least one of these containerised units is planned to be deployed for this purpose. This in turn could provide the opening for a whole new market for the Company, moving beyond the initial entry point in the oil and gas industry.
Ali Salman, MD of SAF Group, commented: "At SAF Group, we strive to be at the forefront of green technology in Pakistan. The use of the Verditek "power in a box" solution to replace diesel generators will contribute to our goal on both our own sites and as part of our collaboration with the Sindh Government, enables us to deploy this solution to bring clean energy to the people of Pakistan at a cost significantly lower than utilising traditional diesel".
Robert Richards, CEO of Verditek, commented: " Verditek is proud and excited to have been chosen to supply its innovative, rapidly deployable power solution, which will provide 250kW of power from each container. This will be our first collaboration with the Government of Pakistan and demonstrates the trust they have in our technology to deliver green energy to a remote region of Pakistan. This order moves us significantly towards my stated goal of achieving free cash flow within 2020."
Lord David Willetts. Chairman commented, "This new contract is very important not only because it represents a much larger follow on order from an existing customer, but because it takes the Company into a new arena, in working on clean energy supply at sovereign country level. This underlines the enormous global opportunity facing Verditek.
RH Lord David Willetts FRS (Chairman) +44 (0) 20 7129 1110
Robert Richards (Chief Executive Officer) [email protected]
WH Ireland Limited (NOMAD and Broker)
Chris Hardie (D irector, Corporate Finance) +44(0)207 220 1666
Matt Chan [email protected]
About Verditek plc
AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously impossible. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf, and have created the worlds' first Graphene Integrated Photo Voltaic cell. We are working together to engineer the technology for commercialization.
Verditek provides compelling commercial solutions that make our customers business sustainable.
For more information please visit or contact the following: https://verditek.com/
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