Gas Turbine Efficiency PLC
11 May 2006
11 May 2006
Gas Turbine Efficiency plc
GTE signs multi-year agreement with Siemens Industrial Turbines AB
Gas Turbine Efficiency plc ('GTE' or 'the Company'), a leading supplier of
advanced high pressure gas turbine cleaning systems, announces that it has
signed a multi-year agreement with Siemens Industrial Turbines AB (SIT), part of
Siemens AG, to supply its cleaning systems as a standard feature of SIT's
complete range of turbines.
The agreement covers an initial term effective until 31 December 2009 with an
automatic option to extend it by a further one year unless terminated by either
party.
The deal strengthens an existing partnership under which GTE's cleaning systems
have been incorporated as a standard product in SIT's turbines since 1995. GTE
will manufacture and supply gas turbine cleaning systems to SIT in Sweden for
inclusion in its entire range of industrial turbines, as well as other future
models, for shipments worldwide. Sweden is SIT's manufacturing base for its
industrial turbines designed to deliver an output of between 17 megawatts and 43
megawatts. These turbines are aimed primarily at the mid-range power generation
and the oil & gas industries.
GTE is an industrial partner of SIT, one of the world's leading manufacturers of
industrial turbines. Based on historical trends, the Company expects to deliver
between 35 and 60 systems per year for SIT's new units.
Steven Zwolinski, chief executive of GTE, said: 'We are delighted to cement our
relationship with Siemens, a key industrial partner, with this new contract.
This agreement provides a solid framework for our industrial turbines business
and is a further validation of GTE's proven technology. As power generators face
soaring fuel costs and tighter emission standards, it is becoming increasingly
important to run turbines efficiently by keeping them clean with GTE's advanced
solutions.'
Enquiries:
Gas Turbine Efficiency plc
Steven Zwolinski +46 8 546 10 500
Libertas Capital
Aamir Quraishi, Charles Goodfellow + 44 20 7569 9650
Corfin Communications
Neil Thapar, Harry Chathli + 44 20 7929 8989
About GTE
Gas Turbine Efficiency plc, whose shares are trading on London Stock Exchange's
AIM market (Ticker: GTE), develops, assembles and markets cleaning systems, as
well as other associated equipment, for the internal cleaning of gas turbine
compressors. The Company sells its products globally to international blue chip
customers in the aviation and industrial sectors and to date its products have
been used on over 1,000 gas turbines across 34 countries in Europe, the Middle
East, Asia and the Americas. Its operational centres are located in Stockholm,
Sweden and Houston, Texas, USA.
This information is provided by RNS
The company news service from the London Stock Exchange
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