First commercial order in Australian mining sector

RNS Number : 9384Z

Verditek PLC

24 September 2020

 

 24 September 2020

Verditek plc

("Verditek" or the "Company")

First commercial order in the Australian mining sector

Verditek plc, (AIM:VDTK) the clean technology company is pleased to announce, in line with its stated strategy to target verticals in the Oil & Gas, Marine and Mining industries, that it has won its first order in the mining sector in Australia, this represents an important new territory for the Company.

Verditek has secured an order for its PowerMat solution from InterGroup Mining Limited ("InterGroup") to provide solar power to its exploration operations based in Queensland. InterGroup, which has already made a number of major gold discoveries is in the process of ramping up its operations significantly. The first order is for 75kW at their exploration camp but they anticipate a large increase in their power requirements over the coming 12-months, which provides the opportunity to the Company for further larger orders. The lightweight durable solar panels will be used as part of a diesel-solar hybrid system, with the solar panels significantly reducing the consumption of liquid fuel and hence offering financial savings to the operator as well as achieving a key objective for InterGroup, in wanting to make their mining operations as green as possible. InterGroup have chosen Verditek's rapidly deployable PowerMat solution that can be easily moved to any of their sites. The unit is expected to be shipped to Australia in December 2020 and first stage payment has been received.

Steve White - MD of InterGroup commented , "As we expand our operations significantly, we have been looking for a cost-effective way to adopt green technology, that will move us towards our aim of being a leader in ecologically friendly gold production. Given our projected power demands as we ramp up our mine development, we believe there is scope to increase our take-up for Verditek PowerMat to between 1.5-2MW over the next 12-months."

Robert Richards - Verditek CEO commented "I am extremely pleased that we continue to deliver on the strategy of delivering solar solutions to off grid installations and converting wet fuel users to dry.  This first sale of our mobile power solution to the Australian mining sector, through InterGroup marks a significant achievement. Although the starting order is relatively modest in size we are confident of the potential for much larger repeat orders.  This contract win demonstrates that we are on the right track as we expand our business.

Enquiries:

Verditek plc

RH Lord David Willetts FRS (Non-Executive Chairman)                                                  [phone]

Robert Richards (Chief Executive Officer)      [e-mail]

WH Ireland Limited (NOMAD and Broker)

Chris Hardie (D irector, Corporate Finance)                                                                       [phone] 

Matt Chan                                                                                                                               [e-mail]

About Verditek plc

AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously unachievable. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf, and have created the worlds' first Graphene Integrated Photo Voltaic cell. We are working together to engineer the technology for commercialization.

Verditek provides compelling commercial solutions that help to make our customer's businesses sustainable.

For more information please visit or contact the following:   https://verditek.com/

 

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