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11 Mar 2009 07:00
11 March 2009
Gas Turbine Efficiency plc
GTE expands capacity in the US and Europe
to meet increasing customer demand
(London, England) Gas Turbine Efficiency plc ("GTE" or "the Company"), a leading provider of proprietary cleantech systems for enhancing the performance of industrial and aviation turbines, announces that it has expanded global capacity to meet increased demand.
Order backlog to date in 2009 is $24.7m, up 73% from March 2008. For the year ended 31 December 2008, group revenue is expected to have increased by 96% to around $35m.
GTE has signed an agreement to be the cornerstone company in the planned 'Green City Business Park' in Stockholm, Sweden. The new facility, which will have three times the current capacity, will continue to provide aviation solutions for Pratt & Whitney's EcopowerTM business. Additional capability for industrial, fuel and combustion solutions will be added to service customers in Europe, Russia, Middle East, and Asia.
GTE has also recently set up a new UK operating subsidiary. This presence will extend the Company's footprint in the region and will be further extended to commercially support EMEA customers.
GTE recently expanded its assembly operation in Florida (US) from 15,000 to 40,000 sq ft. This facility will continue to service the growing demand for industrial products and have the flexibility to meet aviation demand in the US.
On 15 March 2009, GTE will also formally open its new combustion and power plant solutions centre in South Carolina (US) which will give GTE a five-fold increase over its previous facility's capacity to 50,000 sq ft.
Steve Zwolinski, GTE's Chief Executive Officer, said, "Over the last several years, we have developed a range of products and solutions that bring substantial value to the Aviation, Power Generation and Oil & Gas industries in the form of fuel efficiency improvements, equipment life extension, operational cost savings and environmental compliance. Customer revenues are expected to have almost doubled during 2008 and we have experienced another record start to the year in 2009, in terms of customer orders. The expansion in our assembly capacity will enable us to satisfy increased demand and provide more operational flexibility in both established and emerging markets."
For further information, please contact:
Gas Turbine Efficiency plc Steven Zwolinski, CEO +46 (0)8 546 10 528
Collins Stewart Europe Limited
Hugh Field / Bruce Garrow
+44 (0) 20 7523 8000
Mirabaud Securities LLP Peter Krens +44 (0) 20 7878 3360
Financial Dynamics Jon Simmons Susanne Yule +44 (0) 20 7831 3113
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About GTE
Gas Turbine Efficiency plc designs, manufactures and supplies proprietary cleantech energy saving and performance enhancing systems to the power generation, oil & gas and aviation industries. GTE's extensive portfolio of patented cleantech solutions save fuel, reduce emissions, increase availability, and extend turbine and parts life.
The Group also provides solutions for burning a wider variety and quality of fuels such as liquefied natural gas, clean coal, and alternative fuel blends. Specific product and services developed by our world-class technology team include compressor cleaning and power augmentation systems; fuels management systems; combustion design, repair, upgrade and monitoring; and fluid and control auxiliaries. The Group's systems and associated services are provided to turbine end users and OEMs including General Electric, Pratt & Whitney, Rolls Royce, Caterpillar-Solar and Siemens from operation centres in Europe and the USA. Gas Turbine Efficiency plc shares are traded on London Stock Exchange's AIM (Ticker: GTE).
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