Swedish Stirling signs $18m LOI with Richards Bay Alloys

Swedish Stirling and Richards Bay Alloys (“RBA”) have entered into a letter of intent regarding sales and installation of 18 PWR BLOK units to generate 7.2MW. At completion, the value of the potential transaction is estimated at USD 18 million.

Clean tech company Swedish Stirling and RBA have signed a letter of intent and will now enter into detailed negotiations regarding sale and installation of 18 PWR BLOK’s. The value of the potential transaction is estimated at USD 18 million.

RBA is a privately owned ferrochrome smelter facility in Richards Bay, South Africa. The company is currently finalizing financial close to secure funding for the recommissioning of their two 38MVA closed submerged arc furnaces. The modifications will ensure the facility’s competitiveness. The installation of 18 PWR BLOKs would further reduce RBA’s production costs as well as reduce RBA’s carbon dioxide emissions by 63,000 tonnes/year and offset their carbon taxation. 

- Swedish Stirling’s PWR BLOK technology is an important part in the process to make RBA a more modern, competitive and viable ferrochrome facility. It will have a considerable impact on reducing our future production costs as well as our carbon dioxide emissions. A modern technology for a modern ferrochrome facility, says Andries van Heerden CEO RBA.

- We are very pleased that RBA has made it clear at an early stage that they intend to buy and own the PWR BLOK’s themselves. This will always be the most economical beneficial alternative for the customers and also grant them full ownership of any carbon tax reliefs, says Gunnar Larsson, CEO Swedish Stirling.

For further information please contact:

Sven Ljungberg, CCO, Swedish Stirling AB, +46 (0)31 385 88 30  ir@swedishstirling.com. 

About Swedish Stirling

Swedish Stirling AB 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’s latest product – the PWR BLOK 400-F – is a unique proprietary solution for recovering energy from industrial residual and flare gases and convert them to 100 % carbon-neutral electricity with high efficiency. The PWR BLOK is – according to independent certification – the cheapest way of producing electricity that exist today and gives greater CO2 savings per invested Euro than any other type of energy source. The company’s shares are listed in Sweden on the NGM Nordic SME. Read more at www.swedishstirling.com

This information is information that Swedish Stirling AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 8 July 2020 at 15:00 CET.