ADVANCED Energy Systems has announced a contract with a Philippine company for its renewable energy technology.The $A2.7 million Philippine deal follows the recent announcement of a US contract worth $A1 million. Advanced Energy Systems managing dir...
The $A2.7 million Philippine deal follows the recent announcement of a US contract worth $A1 million. Advanced Energy Systems managing director Stephen Phillips said the latest contract would provide a Philippines company with reliable renewable energy systems.
“A lot of islands in the Philippines have poor electricity supply and use diesel engines,” he said.
“We’re putting renewable energy systems in using wind turbines that will provide a more steady and reliable form of power.”
The company began operating in WA 10 years ago, floated on the Australian Stock Exchange two years ago, has worldwide operations and is expanding into emerging international markets.
“We basically did $15 million in R&D and listed on the stock exchange,” Mr Phillips said.
“We have a fully owned subsidiary in the US and a partner company in India. We’re expanding our markets into South-East Asia and the US.”
The company reported an annual loss of $2.466 million this financial year, which was attributed to the costs of research and development and recorded a 20 per cent revenue increase.
The company hopes to post a revenue of $20 million next financial year.
The US deals worth $A1 million are for contracts with US companies, one which have the potential to increase demand for Advanced Energy Systems’ patented technology.