Wasabi Energy (WAS), listed on the ASX owns 70% of Global Geothermal Ltd. Global Geothermal has granted an exclusive licence for the Peoples Republic of China to Shanghai Shenghe New Energy Resources Science & Technology Co. Ltd, (SSNE).
SSNE is a developer of waste heat, geothermal and solar thermal power plants, and thermal power plant efficiency improvement. SSNE has advanced energy conservation technology for industry waste heat recovery via industry process energy re-integration. SSNE plans to integrate the Kalina Cycle® technology for these applications in China, which has the potential to improve its energy conservation business considerably. The Kalina Cycle® is one of the most efficient methods of turning sub 200 degree Celsius heat into electricity.
Global Geothermal will receive an unspecified deposit for licensing the technology and a second payment in six months or upon completion of the initial training program. Royalties will also be received based on the installed MW of Kalina Cycle® plants constructed in China for the life of the licence which is due to expire in 2024.
Stephen Morris, Chairman of Global Geothermal Ltd, said “We are very excited about our partnership with Shanghai Shenghe New Energy. Their team has deep experience in power generation inside China, and we are confident that this agreement will lead to rapid deployment of Kalina Cycle® power plants in the world’s fastest growing power market. With the great emphasis on energy conservation in China, the potential power generation from waste heat recovery (WHR) could be more than 10,000MW”.
Tags: Geothermal energy, New contract, Renewable energy, WAS, Wasabi Energy
