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Perth, Oct 31, 2011 (ABN Newswire) - Emerging green power utility, Enerji Limited (
ASX:ERJ) is pleased to advise that it has entered into a memorandum of understanding ("MoU") with Energy Developments Ltd ("EDL"), Australia's largest independent remote energy business in the 1 to 100 MW field.
EDL's remote energy business has more than 275MW of installed capacity at 32 remote sites.
Under the MoU, Enerji will work with EDL to assess the viability of its waste heat recovery system, with the Opcon Powerbox, at existing viable EDL nominated sites and selected new sites for which EDL is submitting tenders or proposals. Assessment will be undertaken on a site by site basis. If a site is found to be commercially viable for both parties then bona fide negotiations for a binding supply agreement can commence. Enerji's preliminary estimate shows the potential for in excess of 10 Opcon Powerboxes over the next 2-3 years, with some sites having capacity for multiple Opcon Powerboxes in the near term.
Enerji CEO Greg Pennefather said "We are very pleased to enter into this MoU with EDL providing a framework for entering into future binding supply agreements should further studies prove the viability of our waste heat recovery system using the Opcon Powerbox". "This MoU represents a great opportunity for Enerji to work with an industry leader and specialist in remote energy. It presents the scope for the Company to scale its business in its target market sector. This is the culmination of more than a years work and clearly demonstrates our ability to build the necessary relationships in this business" Mr Pennefather added.
The Company has ordered 6 Opcon Powerboxes. This MoU with EDL and the recently announced MoU with Poseidon Nickel, together with the other sales prospects Enerji is pursuing, have the potential to use the ordered units. The Company is targeting to be operationally cash flow positive from when the fourth Opcon Powerbox is installed and commissioned.
ASX:ERJ) is pleased to advise that it has entered into a memorandum of understanding ("MoU") with Energy Developments Ltd ("EDL"), Australia's largest independent remote energy business in the 1 to 100 MW field.EDL's remote energy business has more than 275MW of installed capacity at 32 remote sites.
Under the MoU, Enerji will work with EDL to assess the viability of its waste heat recovery system, with the Opcon Powerbox, at existing viable EDL nominated sites and selected new sites for which EDL is submitting tenders or proposals. Assessment will be undertaken on a site by site basis. If a site is found to be commercially viable for both parties then bona fide negotiations for a binding supply agreement can commence. Enerji's preliminary estimate shows the potential for in excess of 10 Opcon Powerboxes over the next 2-3 years, with some sites having capacity for multiple Opcon Powerboxes in the near term.
Enerji CEO Greg Pennefather said "We are very pleased to enter into this MoU with EDL providing a framework for entering into future binding supply agreements should further studies prove the viability of our waste heat recovery system using the Opcon Powerbox". "This MoU represents a great opportunity for Enerji to work with an industry leader and specialist in remote energy. It presents the scope for the Company to scale its business in its target market sector. This is the culmination of more than a years work and clearly demonstrates our ability to build the necessary relationships in this business" Mr Pennefather added.
The Company has ordered 6 Opcon Powerboxes. This MoU with EDL and the recently announced MoU with Poseidon Nickel, together with the other sales prospects Enerji is pursuing, have the potential to use the ordered units. The Company is targeting to be operationally cash flow positive from when the fourth Opcon Powerbox is installed and commissioned.
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About Enerji Limited
Enerji Limited (ASX:ERJ) is an emerging Perth-based green power utility focussed on commercialising the Opcon Powerbox in Australia.
The Opcon Powerbox cogeneration technology transforms waste heat into electricity and therefore creates significant energy cost and CO2 emissions savings for its customers.
Enerji has exclusive sales and distribution rights for the Opcon Powerbox in Australia and options for Malaysia, Thailand, Singapore and Sub-Saharan Africa.
The Opcon Powerbox, manufactured in Sweden by Opcon, represents a significant commercial opportunity through application to industrial, mining and power generation operations.
Enerji plans to maximise this opportunity and generate shareholder returns through long-term power purchase agreements.
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