Ripasso Energy signs a letter of intent for sale of seven PWR BLOK units

Ripasso Energy has today signed a letter of intent (LoI) for sale of seven PWR BLOK 400-F units to a South African ferrochrome producer. The potential order value is EUR 3,766,000 with delivery 12 months after a signed order.

The LoI has been signed following a successful evaluation of the technical capacity and specifications of the PWR BLOK 400-F by the ferrochrome producer. The parties will now negotiate comprehensive and binding terms for the sale and delivery of the units (the final agreement). Ripasso Energy has granted the ferrochrome producer an exclusive right to purchase the seven first PWR BLOK that will be manufactured by Ripasso Energy. The exclusivity is in force throughout the final negotiations. 

The final agreement is expected to be executed December 22nd. 

The outcome of the negotiations, and the details of the final agreement, will be communicated by way of press release.

Ripasso Energy PWR BLOK 400-F is a container-based solution in which the company’s Stirling engines are used to harness energy from residual gas combustion and flare gas, allowing significant electricity and cost savings to industries.

Many industrial applications produce by-products in the form of gases (residual gas) that are currently burned off without harnessing their energy. Residual gas is generally of uneven quality, meaning that internal combustion engines have a very hard time handling the conditions that residual gas presents. The Stirling engine’s external combustion design makes it virtually indifferent to the type of gas being burned and to the quality of the gas in question. With the PWR BLOK 400-F, Ripasso Energy has developed a product in which the company’s Stirling engines are installed in a container that can be deployed cost-effectively in facilities where residual gas combustion occurs. 

At the price Ripasso Energy is able to offer, a customer’s payback period for the PWR BLOK 400-F is about three years and a reduction of the volume of electricity purchased from the grid by up to 15 percent. The customer’s total cost for electricity over a 25-year period is calculated to $21.7/MWh flat, a record low for renewable energy.

For additional information related to this press release, please contact Ripasso Energy’s CEO and founder Gunnar Larsson at ir@ripassoenergy.com. For additional information about the company, please visit www.ripassoenergy.com. You can also sign up for the company’s newsletter on the website. 

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 10 November 2017.