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Cleantech specialist Wasabi Energy said momentum built in all of its main markets as half-year revenues rose nine-fold.
Sales rose from $378,000 to $3.7 million in the 6 months to December. Losses rose to $5.24 million from $2.56 million and were largely the result of a big write-down on its investment in Australian Renewable Fuels.
Wasabi said the additional revenues were mostly generated by subsidiary Global Geothermal’s contract at the DG Khan cement plant in Pakistan run by FLSmidth.
Global Geothermal has a licence agreement with FLSmidth for the global deployment of Wasabi’s Kalina Cycle power plants in the cement and lime industries.
In November, Wasabi signed a deal with ArcelorMittal South Africa for two build-own-operate Kalina Cycle power plants of 6 MW and 24 MW at the Vanderbejlpark steel plant.
The project is currently in its feasibility stage, which Wasabi today said was progressing well.
Under the term sheet agreement ArcelorMittal South Africa will supply waste heat from its hot strip mills at no cost.
Wasabi Energy will then sell back to ArcelorMittal South Africa the electricity produced by the Kalina Cycle power plants under a long term power purchase agreement.
Kalina Cycle power plants take waste heat from industrial processes or geothermal hot water and turn it into useable electricity.
Wasabi Energy added it is currently looking at the corporate structure and funding for the Kalina Cycle power plants and this may include a public listing of a subsidiary company for Sub-Saharan Africa.
John Byrne, executive chairman of Wasabi Energy, said: "We made steady progress across all of our key technologies, and we were delighted to deliver several significant business developments, including a landmark agreement with ArcelorMittal for our Kalina Cycle technology."