Enerji says it has reached its most significant milestone to date, with the completion of a power purchase agreement with Horizon Power to install its technology at the Carnarvon Power Station.
Perth-based renewable energy firm Enerji says it has reached its most significant milestone to date, with the completion of a power purchase agreement with Horizon Power to install its technology at the Carnarvon Power Station.
The agreement is the first to be signed between Enerji and a customer, and follows a memorandum of understanding signed between the two companies in October.
The PPA sets out terms and conditions for the installation of the Opcon Powerbox, including the energy off-take framework, service and maintenance procedures.
Following installation, revenue will be generated through electricity created by the Opcon Powerbox and sold back to Horizon Power.
The Powerbox works by capturing waste heat produced via industrial processes, including power generation, and converting it to electricity.
It has the capacity to increase Carnarvon power station's energy output by up to 700kW without burning any additional fuel or creating emissions.
"Horizon Power is looking forward to using this innovative technology at the Carnarvon Power Station to improve the efficiency of power generation, and at the same time, reducing carbon dioxide emissions," Horizon Power shared services general manager Peter Jensen said.
Enerji's Managing Director, Greg Pennefather said the agreement with Horizon would create a strong platform for future sales.
"I am delighted to sign the first PPA - which is undoubtedly Enerji's most significant milestone to date," said Mr Pennefather.
"We are in advanced negotiations with a number of companies regarding further Opcon Powerbox installations and I believe today's announcement creates a strong platform for our sales pipeline - and I have no doubt that our potential customers will look positively on the signing of our first PPA with such a distinguished company as Horizon Power.
At 12:54PM Enerji shares had climbed just over 6 per cent, trading at 3.5 cents.