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(Alliance News) - Pressure Technologies PLC on Thursday announced that its wholly owned subsidiary, Chesterfield Special Cylinders Ltd, has been awarded two "major" contracts in the defence and green energy sectors.
The Sheffield, England-based engineering company has been awarded a contract from BAE Systems Australia Ltd to supply air pressure vessels, an integral part of safety-critical onboard systems, to the Royal Australian Navy's Hunter class frigate program.
This contract will cover the first batch of three frigates in the program and initial manufacturing milestones will commence later this year with pressure vessels expected to be delivered over the next three years.
The second contract will see the company manufacture high-pressure steel cylinder packages to Cheesecake Energy Ltd, a developer of sustainable thermal and compressed air energy storage systems, for a pilot project funded by the department for energy security & net zero. A total of 48 cylinders are to be made, with initial manufacturing also beginning later this year.
PT Chief Executive Chris Walters said: "We are also looking forward to collaborating with Cheesecake Energy on their pilot UK project, contributing our knowledge and experience in the design and manufacture of safety-critical pressure vessels to the delivery of a scalable, cost-effective green energy storage solution."
In addition to this, the company also provided an update on the sale of the Precision Machined Component division, which was first announced in December.
Following engagement with potential buyers, the board has received a number of non-binding indicative offers and will now go ahead with the next phase of the process and grant them additional access before inviting final offers.
PT hopes to complete the sale process in the third quarter of financial 2024 and will provide a further update in due course.
Shares in PT closed 2.7% higher at 34.40 pence in London on Thursday.
By Elijah Dale, Alliance News reporter
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