Cleantech Invest portfolio company Nocart signs 200MUSD supply contract for delivery of solar hybrid power plant to Zambia
Nocart Oy has signed a supply contract for the delivery of a 30-40 MW solar hybrid power plant to Zambia. The contract is for the first part of a 100MW solar hybrid power plant to supply power to a sugarcane plantation in Zambia’s Shang’ombo district. The total value of the sugar plantation investment is 2.7BUSD and the value of the signed contract for Nocart is 200MUSD.
A few weeks ago, Nocart announced a Memorandum of Agreement with this customer, selecting Nocart as the technology supplier of complete power plants to Zambia for their upcoming projects. This supply contract covers the first of potentially several upcoming projects included in that Memorandum of Agreement. The project will be delivered during two years from the kick off.
This supply contract and delivery consists of a 30-40 MW solar diesel hybrid power plant and is the first part of a 100MW solar hybrid power plant. The Nocart power plant will supply power to, among other things, a 30,000 hectare sugarcane plantation and a modern sugar processing factory which is expected to crush approximately 6,000,000 tonnes of sugar cane per year, producing about 800,000 metric tonnes of sugar.
In December 2016 Nocart received a 5MEUR equity investment from Cleantech Invest SPV 5 AB and co-investors. The effective fully diluted ownership of Cleantech Invest in Nocart is 19.3%. Cleantech Invest and its affiliated companies own a total of 21,4% of Nocart.
Cleantech Invest Chairman and Nocart Board Member Lassi Noponen:
“This is the most significant commercial milestone during our 6 years of cleantech investing. The development of businesses in renewable energy is slower compared to digital services, but successful companies can be predicted to build a sustainable market position in the new industry. Nocart shows that new entrants can rise to a leading position in these new cleantech industries. As the system provider, Nocart manages a vast network of suppliers and their amazing success is also an answer to the current debate in Finland about whether growth companies can contribute to the Finnish economy on a national level.”
Cleantech Invest CEO Alexander Lidgren:
“The growth of rural electrification in Africa this year has exceeded even our highest expectations. While the Zambian economy relies on 94% hydropower, the national electrification rate is currently only 25% and the water resources that the country relies on for hydropower are under immense pressure from drought. Through this supply contract Nocart is helping this sugar cane plantation grow production without increasing CO2 emissions or putting more stress on valuable water resources.”
Nocart CEO Vesa Korhonen:
“We have been working in Africa for a few years now and understood early on that the opportunity for Nocart in Africa is huge. Now we begin to collect the first fruits of our work but we know that there are many possibilities to continue growth over the coming years in this market.”
Contact information:
Alexander Lidgren, Managing Director of Cleantech Invest Plc. Tel. 46 73 660 1007, alexander.lidgren@cleantechinvest.com
Vesa Korhonen, CEO of Nocart Oy. Tel:+358 50 5700 952, vesa.korhonen@nocart.fi
Access Partners Oy, Certified Advisor. Tel. 358 9 682 9500
Nocart in Brief
Nocart delivers distributed power plants combining solar, wind, bio and other energy sources as well as energy storage for utility grade electricity production. The heart of the delivery is Nocart’s proprietary software controlled PMU (Power Management Unit) that controls the production, storage and distribution of power. Other components of the power plant are subcontracted from selected vendors. www.nocart.com
Cleantech Invest in brief
Cleantech Invest is a Nordic accelerator with investments in growth companies that solve global challenges. The portfolio companies are active in energy- and resource efficiency as well as decentralized renewable energy and are based in Finland, Sweden and Germany. The company management consists of company builders and investors who have been active within the cleantech space for over a decade.The company is listed on First North Finland under the ticker CLEAN and on First North Stockholm under the ticker CLEANT A.
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