Embargoed for release at 07.00 hours 21 August 2013
Pressure Technologies plc
("Pressure Technologies", the "Group" or the "Company")
Contract wins for Chesterfield BioGas
Pressure Technologies is pleased to announce that its Alternative Energy division, comprising Chesterfield BioGas Limited ("CBG"), has secured two orders to supply biogas upgraders and ancillary equipment with a combined sales value of £4.6 million.
Both projects use the Totara model biogas upgrader, capable of processing up to 2,000 cubic metres of biogas per hour. The Totara upgrader will clean the raw biogas, produced by anaerobic digestion of the waste, to more than 98% pure biomethane, matching the purity criteria required of natural gas being piped to households and commercial premises.
The new-generation CBG upgrader employs the Greenlane® water-scrubbing method, which uses no heat or chemicals, just water, much of which can be re-cycled. Major improvements have been made recently to the layout and accessibility of the system.
CBG is the sole technology partner in the UK for the Greenlane® systems, which are the most widely proven in this market. More than 70 sites are currently operating successfully around the world; 27 of these employ the Totara model.
CBG will install and commission the upgraders, which have scheduled handover dates in the second-half of the Group's 2014 financial year. Once the sites are operational, CBG will generate additional revenue from a long-term contract to monitor the upgrader's performance and maintenance services.
Stephen McCulloch, Managing Director of CBG said: "These orders mark a step change in the market for biogas upgrading, which is moving from small scale, proof of concept projects to large scale plants, which deliver commercial returns to our customers."
Pressure Technologies Chief Executive, John Hayward, added: "I am very pleased for the team at Chesterfield BioGas. Their dedication and hard work over the last five years is finally reaping rewards. These order wins, together with a very promising pipeline of potential follow on orders, give grounds for considerable optimism for the Biomethane to Grid market in the UK and the outlook for Chesterfield BioGas."
For further information, please contact:
Pressure Technologies plc John Hayward, Chief Executive James Lister, Group Finance Director |
Tel: 0114 242 7500 www.pressuretechnologies.co.uk |
Tavistock Communications Catriona Valentine / Emma Blinkhorn |
Tel: 020 7920 3150 www.tavistock.co.uk |
Charles Stanley Securities (Nomad and Broker) Philip Davies / Carl Holmes |
Tel: 020 7149 6942 |
Company description
Pressure Technologies is an AIM listed, leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets. The Group is organised into three divisions: Cylinders, Engineered Products and Alternative Energy.
Cylinders
Chesterfield Special Cylinders is a global market leader in the design and manufacture of speciality high pressure, seamless steel gas cylinders for the offshore oil and gas, defence, industrial gases and alternative energy markets and retesting and refurbishment services.
The company has unparalleled industry knowledge, gathered over the last 100 years' trading. As a trusted supplier with unrivalled expertise, Chesterfield Special Cylinders plays an integral role in the project design and engineering process, working closely with its customers on design solutions for high pressure systems.
The core activity of Chesterfield Special Cylinders is the design and manufacture of Air Pressure Vessel systems for oil rig motion compensation systems and deepwater offshore platforms. This is closely followed in importance by activity in the naval market. Chesterfield Special Cylinders provides cylinders for a wide range of applications in submarines and surface ships to a significant proportion of the world's navies.
The company's product and process knowledge has led, in recent years, to an expansion from manufacturing into value added services, making full use of expertise in the business. Chesterfield Special Cylinders has developed a number of service offerings for the inspection and revalidation of cylinders including a novel "in-situ" testing service, which is driven by a new BSI standards for the inspection of hard to reach/impossible to move gas tubes. Chesterfield Special Cylinders is the only company capable of delivering this strict new testing regime worldwide.
More information is available on the company's website www.chesterfieldcylinders.co.uk.
Engineered Products:
This division comprises Al-Met Limited ("Al-Met") and the Hydratron group of companies ("Hydratron").
Al-Met is a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries, acquired by Pressure Technologies plc in 2010. Its products are used in high-pressure choke and flow control valves, designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business, established in 1985, has developed a market leading capability in precision machining carbides, high grade stainless steels and super alloys. More information is available on the company's website www.almet.co.uk.
Hydratron designs, manufactures and sells a range of air operated high pressure hydraulic pumps, gas boosters, power packs, hydraulic control panels and test rigs. The business, which was also acquired in 2010, operates out of two locations situated in the UK and USA. Hydratron also has an extensive network of distributors in key locations around the world. Formed in 1981, Hydratron has established itself as a leading supplier of quality high pressure equipment to the oil and gas industries. The full range of Hydratron products may be viewed at www.hydratron.co.uk.
Alternative Energy:
Chesterfield BioGas Limited was founded in November 2008, following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading, which gives Pressure Technologies exclusive rights to market and manufacture Greenlane® equipment in the UK and Eire.
Chesterfield BioGas provides turnkey solutions for the cleaning, storage and dispensing of biomethane for injection into the gas grid or use as a vehicle fuel. In 2010, Chesterfield BioGas installed the UK's first biogas upgrader supplying biomethane to the national grid at a Thames Water site in Didcot. A second upgrader was delivered in October 2012.
For more information visit the company's website www.chesterfieldbiogas.co.uk.
