30 Oct 2012 07:00
30 October 2012
CORAC GROUP PLC
("Corac" or the "Group")
Corac launches international development programme in low-carbon energy
Corac is pleased to announce that its subsidiary, Corac Energy Technologies (CET) has signed a tripartite funded agreement with major corporate partners in the UK and United States to develop an electricity generation system using waste energy in the gas transmission network. This innovative application uses CET's core existing technology.
This partner funded project will produce a prototype system that generates electrical energy when high pressure gas in the main transmission network is let down to lower pressures for industrial and domestic supply. Until now, the energy released by the reduction in pressure has been largely wasted.
The market opportunity for this development is significant as there are several thousand pressure let-down points in the mainland USA transmission network alone, each of which has the potential to generate a local electricity supply.
The system shares core patented technology with CET's gas compressor systems, and sits alongside Corac's other development activities in industrial turbomachines.
Phil Cartmell, Chairman of Corac commented on today's announcement:
"This partnership is further evidence of the tangible progress that CET is making towards delivering commercial products. It takes us into a new technology development in significant new markets and applications. Extending the use of our core technologies into low-carbon energy generation shows that our capabilities are transferable into uses that complement our traditional gas compression systems.
"It also demonstrates our ability to derive value through innovation in new commercial partnerships with major corporate partners."
Ends
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Executive Chairman | 01753 285 800 |
Mark Crawford, Chief Financial Officer | |
Cenkos | |
Ivonne Cantú - Nomad | 020 7397 8980 |
Jeremy Warner-Allen - Sales | |
MHP Communications | 020 3128 8100 |
Reg Hoare / Vicky Watkins |
NOTES TO EDITORS
Corac is a UK based group of advanced technology and engineering companies. The Group produce innovative, diverse and valuable solutions in compression systems, atmosphere control and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.