Ripasso Energy signs South African sales agreement
The Swedish cleantech company Ripasso Energy AB signed an agreement today with the South African ferrochrome producer Afarak Mogale (Pty) Ltd for the sale of 7 PWR BLOK 400-F’s. The order value is €3,766,000, with a delivery time of 12 months.
In September 2017, Ripasso Energy launched the PWR BLOK 400-F, a container-based solution in which the company’s Stirling engine is used to harness energy from residual gas combustion. The first sales agreement has now been signed, just three months after product launch. The buyer is the South African ferrochrome producer Afarak Mogale (Pty) Ltd. Afarak is part of the Afarak Group – a global manufacturer of specialty alloys with operations in South Africa, Turkey, Germany, London, Helsinki and Malta. The Afarak Group stock is traded on the London Stock Exchange, as well as on the NASDAQ OMX Helsinki.
“Not only does this mark a major success for Ripasso Energy and show that we were right to invest in the PWR BLOK, but above all it provides very concrete evidence that Stirling technology can play a very significant role in the future generation of climate-friendly energy,” says Gunnar Larsson, CEO of Ripasso Energy
The deal is for the purchase of 7 PWR BLOK’s with a total of 98 Stirling engines that Ripasso Energy will deliver to Afarak within 12 months. The sale includes a credit and a repurchase clause that at the earliest may be utilised 36 months after the signature date and for a period of 18 months thereafter, entailing that Ripasso Energy repurchases the product at a price equivalent to Afarak’s acquisition cost, less the cost savings realised between initial delivery and the time of repurchase. These cost savings are calculated to yield a customer payback period of three and a half years.
“The sale of the PWR BLOK’s to Afarak, along with the agreement signed in May with the Italian company Horizon for the sale of solar hybrid systems, means that Ripasso Energy’s objectives are proceeding according to plan. We are very positive about the future,” says Sven Sahle, Ripasso Energy’s Chairman of the Board.
For further information, please contact
Gunnar Larsson, CEO, or Sven Sahle, Chairman of the board, at ir@ripassoenergy.com.
ABOUT RIPASSO ENERGY AB
Ripasso Energy is a Swedish cleantech company founded in 2008 to further develop the Stirling technology’s outstanding ability to convert heat energy into electricity. The company offers different solutions for power generation at record low prices, compared to other climate-smart and sustainable alternatives. Ripasso Energy’s Stirling engine has unofficial world record in converting solar energy to electricity with close to twice as high efficiency as competitive technologies. The company is listed in Sweden (NGM Nordic MTF), and can also be traded at Börse Stuttgart in Germany. Read more at www.ripassoenergy.com.
ABOUT THE PWR BLOK 400-F
The PWR BLOK 400-F is a container-based solution in which Ripasso Energy’s Stirling engines are used to extract energy from residual and flare gases in industrial applications. This allows for significant energy savings and cost reductions, while also reducing global carbon dioxide emissions. The PWR BLOK contains 14 Stirling engines arrayed in a container, and delivers total net output of 400 kW. The container is deployed in facilities where residual gas combustion occurs, and is used to convert the gas to electricity. 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 22 December 2017 at 17.00 CET.