Swedish Stirling signs agreement with South African ferrochrome producer

Swedish Stirling AB (“Swedish Stirling”) and a South African ferrochrome producer have today signed an energy conversion service agreement for the installation of up to 25 PWR BLOK 400-Fs (9.9 MW).

Swedish Stirling has earlier announced that it had signed an exclusive agreement with one of South Africa’s largest ferrochrome producers – granting Swedish Stirling the right to finalize negotiations in an agreement regarding an energy conversion service with the PWR BLOK. Today, the parties have signed an energy conversion service agreement for an installation of up to 25 PWR BLOK 400-Fs (9.9 MW) at a power generation facility in South Africa. The exact number of PWR BLOKs will be determined when the first three units are operational and the amount of residual gas from the plant is established. At completion, a 25 PWR BLOK unit is estimated to generate annual revenue for Swedish Stirling of MSEK 40 (3.75 MEUR).

The first PWR BLOK will be commissioned by 31 May 2021. The energy conversion service agreement runs for eight years from the time the  facility is fully developed. The facility will be owned and operated through a special purpose vehicle (SPV), established and controlled by 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, at 07:00 CET on 19 February 2020.