Delivery for solar hybrid project delayed
The Swedish Cleantech company Ripasso Energy has decided to further delay the delivery of three hybridized Stirling engines to a solar facility in Italy. The sustained growth in interest generated by the company's PWR BLOK 400-F product is cited as the cause.
In May 2017, Ripasso Energy signed an agreement with Italian company Horizon S.R.L., regarding the delivery of three hybridized Stirling engines and their related systems to a commercial solar facility in Sicily. The original delivery period was set to the first quarter of 2018. During the fall of 2017, however, Ripasso Energy decided to postpone the delivery to the third quarter of 2018, in order to reallocate resources to the, at the time, recently launched PWR BLOK 400-F. The product - a container-based solution in which the company’s Stirling engines are used to harness energy from residual gas combustion and flare gas, immediately sparked considerable commercial interest and in December 2017, only three month after its launch, Ripasso Energy signed a sales agreement with the South African ferrochrome producer Afarak Mogale (Pty) regarding 7 PWR BLOK, totaling 98 Stirling engines, for delivery in 2019.
Recently, Ripasso Energy announced that it had been asked to deliver a detailed proposal for the installation of 72 PWR BLOK (1,008 Stirling engines) at two ferrochrome production facilities in South Africa. Given these circumstances, Ripasso Energy has decided to further postpone the delivery of the three hybridized Stirling engines to Sicily. The decision has been made jointly with Horizon S.R.L. and will be in effect until further notice.
- Last year's decision to revise the company's strategy and prioritize the PWR BLOK product was completely correct. During the year, our organization has grown, and we have increased our capability in both the R&D and the production departments. It is our position that these resources should remain focused at the PWR BLOK product", says Gunnar Larsson, CEO of Ripasso Energy.
For further information please contact:
Gunnar Larsson, CEO, ir@ripassoenergy.com
About Ripasso Energy
Ripasso Energy is a Swedish clean tech company founded in 2008 with a mission to further refine the incomparable ability of Stirling technology to convert thermal energy to electricity. The company offers a variety of solutions enabling power generation at record-low prices compared to other climate-friendly and sustainable alternatives. Ripasso Energy's Stirling engine can handle a wide range of fuels. The company's latest product, the PWR BLOK 400-F, converts industrial residual and flare gases into electrical energy at a high rate of efficiency. The company’s shares are listed in Sweden (on the NGM Nordic MTF) and can also be traded on the Börse Stuttgart in Germany. Read more at www.ripassoenergy.com.
Ripasso Energy is required to disclose this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication at the initiative of the above contact person on 24 August 2018 at 14:00 CET.