Lloyd's verifies that the PWR BLOK provides the cheapest electricity and the largest CO 2 savings
Lloyd's Register has certified PWR BLOK – Swedish Stirling AB's technology for converting industrial residual and flare gases into electricity. The certificate confirms that the PWR BLOK is the cheapest way to generate electricity in existence today, and that the technology yields greater CO2 savings per Euro invested than any other type of energy source.
During the spring, Lloyd’s Register – one of the world's largest independent certification companies – performed a technical audit and evaluation of the PWR BLOK 400-F. The purpose was to validate and verify the technical performance specifications presented by Swedish Stirling AB with regard to the PWR BLOK's ability to convert industrial residual gases from the South African ferrochrome industry into electricity. Lloyd's certification states that an installed PWR BLOK in South Africa reduces CO2 emissions by 3,500 tonnes per year. Since the market for the PWR BLOK in the South African ferrochrome industry is estimated at around 550 units, this could reduce CO2 emissions by 1,750,000 tonnes/year. That is three times the emissions that Swedish domestic aviation releases annually.
The world's cheapest energy source
The Lloyd's certification also confirms that the levelised cost of energy generated using the PWR BLOK is 44 percent lower than, for example, geothermal electricity, which is the second cheapest source of energy according to Annual Energy Outlook 2019. Other climate-smart energy sources like solar and wind, with or without storage capacity, are at least twice as expensive per kWh, but in most cases considerably higher.
The certification process also identified how much each Euro invested in a PWR BLOK yields in terms of CO2 reductions. The certification states that the PWR BLOK yields greater carbon dioxide savings in South Africa than any other applicable type of energy source, and that each euro invested in the PWR BLOK yields annual CO2 savings of approximately 5.5 kg. This can be compared, for example, to solar energy (Solar PV Utility Scale), where each euro invested is expected to yield an average annual CO2 reduction of 3.3 kg. Even though the PWR BLOK was primarily developed in order to generate cheap electricity, the technology also yields greater CO2 reductions per euro invested than any other renewable or climate-smart method for electricity generation, without any form of government support or subsidy.
“When I founded Swedish Stirling, the dream was that the Stirling engine would be able to generate cheap, climate-smart electricity and make a real contribution to reversing global warming. With the certification from Lloyd's, we now have confirmation that this dream is on its way to becoming a reality. Confirmation that our technology will already be able, without any government support or subsidy, to make a big contribution to the global reorientation needed to combat climate change,” says Gunnar Larsson, CEO of Swedish Stirling.
Read more at swedishstirling.com/en/pwr-blok/
For further information please contact:
Sven Ljungberg, CCO, Swedish Stirling AB, ir@swedishstirling.com.
About Swedish Stirling
Swedish Stirling 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. Swedish Stirling’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.swedishstirling.com