9 Sep 2021 07:00
REACH ANNOUNCEMENT (NON-REGULATORY)
Hardide plc
("Hardide", "the Group" or "the Company")
Contract Award
Hardide, the developer and provider of advanced surface coating technology, is pleased to announce that a major European manufacturer of steam and gas turbines for power generation has placed its first production order for the Hardide-A coating on gas turbine compressor blades. The blades are to be processed by Hardide before the end of 2021 and installed in a high efficiency, low emission, gas turbine in early 2022. This initial contract has a value of c. £200,000.
The ability to coat these components is only possible because of the investment made in the new Longlands Road site, where the larger coating reactor and pre-treatment line can accommodate these sizes of blades.
The Hardide-A coating has been proven to reduce wear, corrosion and erosion of the turbine blades, maintaining high efficiency for longer and reducing significant on-going maintenance costs. Hardide was granted a patent in November 2019 by the UK Intellectual Property Office for an erosion resistant coating for turbine blades, vanes and other components. Equivalent patent applications have been submitted to the Europatent organisation and a further nine countries worldwide. The Group believes there is significant potential for further developments in the gas and steam turbine sector.
Philip Kirkham, CEO, commented: "This is our first production order for power generation turbine blades and we are delighted to be working on this initial contract in a sector that we believe is ideally suited to our specialist coatings. This and similar applications in the future would not have been possible without the investment made at the new site. In particular, the larger coating reactor and pre-treatment line enables us to process this size of component. Hardide is looking forward to continuing work with this customer and others, including EDF Energy, and expects to receive further contracts for the coating of turbine compressor blades."
Enquiries: | |
Hardide plc Philip Kirkham, CEO Jackie Robinson, Communications Manager | Tel: +44 (0) 1869 353 830 |
IFC Advisory Graham Herring / Tim Metcalfe / Florence Chandler | Tel: +44 (0) 20 3934 6630 |
finnCap - Nominated Adviser and Joint Broker Henrik Persson / Abigail Kelly Richard Chambers (ECM) | Tel: +44 (0) 2072 200 500 |
Allenby Capital - Joint Broker Tony Quirke - Sales and Corporate Broking Jeremy Porter - Corporate Finance | Tel: +44 (0) 20 3328 5656 |
Notes to editors:
Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix coatings to a wide range of engineering components. Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospace industries.
www.hardide.com
Hardide (HDD)