Wasabi Energy gains on power plant contract

Wasabi Energy's arm Shanghai Shenghe New Energy Resources Science and Technology (SSNE) has signed a deal with Sinopec Hainan Refining & Chemical Co. for a 4.0 megawatt Kalina Cycle power plant.

Wasabi Energy's arm Shanghai Shenghe New Energy Resources Science and Technology (SSNE) has signed a deal with Sinopec Hainan Refining & Chemical Co. for a 4.0 megawatt Kalina Cycle power plant.

The $10m engineering, procurement and construction agreement for the power plant is expected to be completed by the end of the year.

It will see the first application of the Kalina Cycle thermal power plant design in the Chinese petrochemical industry.

The plant will reduce greenhouse emissions by taking low temperature hot water from the paraxylene process in Sinopec's polyester materials plant in Hainan and turning it into up to 4.0 megawatts of usable emission-free power.

The deal between Sinopec - one of the largest integrated petrochemical producers in China - and SSNE follows the design and technical services contract announced on August 2nd last year.

China's government is working to improve energy efficiency and reduce emissions through a mandate.

Chairman of Wasabi Energy, John Byrne, said the Chinese market offered significant opportunities for the company and its partners.

"Wasabi Energy is now preparing for larger scale roll out and establishing engineering teams to cover a global expansion in geothermal and waste heat," Chairman of Wasabi Energy, John Byrne, said.

Shares rose 14.58% to 1.38p at 9:00 Monday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020