22 Jun 2020 07:00
22 June 2020
Verditek PLC
("Verditek" or the "Company")
Order from an International group servicing the Oil and Gas Industry
Verditek plc, (AIM:VDTK) the clean technology company is pleased to announce, following its successful product development activities, that it has received its first order in the Oil & Gas Industry for its ultra-lightweight solar product from SAF Group ('SAF") (www.safpakistan.com). SAF is a specialist International Engineering, Construction, Fabrication, Project Management company operating in the field of Oil & Gas, Oil Refining, Power Generation, Chemical Process Industries.
The panels will be used to provide power for the construction camp at Shikarpur Compressor Station where SAF, is the local partner of Solar Turbines Inc, part of the Caterpillar group. The Company will evaluate the operating performance of Verditek's solar with the potential to wider-scale deployment on their projects. Manufacturing is due to commence this week and delivery expected at the start of August.
Ali Salman, MD of SAF Group, commented: "At SAF Group, we have been keen to deploy a green, clean alternative to diesel power generation at our gas transmission sites. Until now, we considered solar to be too cumbersome and fragile for use in our remote locations. We are excited to evaluate Verditek's new flexible, lightweight solution, which could lead to a much wider utilisation across all our remote gas transmission sites and other industrial applications within our group".
Robert Richards, CEO of Verditek, commented: "We are delighted to receive this order which represents our first from the Oil & Gas Industry as well as our first order from Pakistan. This initial contract from SAF, a respected industry operator, marks an important first step on our commercialisation strategy of displacing liquid fuel in the off-grid electricity generation arena. Both the oil and gas and mineral resource sectors now have a genuine highly cost effective, alternative green and clean solution to their remote on-site energy needs."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
Enquiries:
Verditek plc
RH Lord David Willetts FRS (Non-Executive Chairman) +44 (0) 20 7129 1110
Robert Richards (Chief Executive Officer) enquiries@verditek.plc.uk
WH Ireland Limited (NOMAD and Broker)
Chris Hardie (Director, Corporate Finance) +44(0)207 220 1666
Chris.hardie@whirelandcb.com
About Verditek plc
AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously impossible. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf, and have created the worlds' first Graphene Integrated Photo Voltaic cell. We are working together to engineer the technology for commercialization.
Verditek provides compelling commercial solutions that make our customers business sustainable.
For more information please visit or contact the following: https://verditek.com/