ÅMÅL, Sweden--(BUSINESS WIRE)--Regulatory News:
Opcon AB (STO:OPCO)
Agreement worth minimum of SEK 60 million, including initial development phase worth SEK 45 million
Svenska Rotor Maskiner (SRM), the centre of excellence for compressor technology within Opcon, the energy and environmental technology Group, has signed an agreement with a Chinese refrigeration manufacturer concerning development of a modern industrial series of refrigeration compressors based on SRM’s leading compressor technology.
The agreement is a breakthrough in China for SRM’s world-leading compressor technology and means that a modern series of compressors adapted for energy-efficient and eco-friendly industrial cooling for the future will be developed for production in China. The compressor series, which integrates the last 30 years of compressor development, will be adapted so that it can be optimised for energy-saving part-load operation and natural refrigerants.
According to the agreement, revenues will reach a minimum of SEK 60 million and will include development worth around SEK 45 million in the first phase during 2011 to 2014.
“This means that Opcon is now taking a further step forward on the strategically important Chinese market. This time it is with our classical and leading technology for compressors. We have established a valuable relationship for the long term. Our customer in China will gain access to the latest development in compressor technology as well as receiving a state-of-the-art cooling compressor series,” says Rolf Hasselström, President and CEO of Opcon AB.
Svenska Rotor Maskiner AB (SRM) is a part of Opcon's Renewable Energy business area. In 2008, SRM celebrated 100 years of industrialization and development of technology for effective and resource-efficient energy usage. SRM was founded in 1908 as AB Ljungströms Ångturbin, in order to develop the double rotation steam turbine which was invented by Birger Ljungström and that was later sold to what today is the turbine manufacturer, Siemens Industrial Turbomachinery AB. For over 100 years, SRM has developed a number of products for the world market and since the 1930's has developed compressor technologies, with major licensees such as Atlas Copco, Hitachi, IR, Carrier, York, Trane, Kobelco, among others. This technological basis today forms an important part of the Renewable Energy business area's efforts in Waste Heat Recovery and production of electricity from waste heat, including Opcon Powerbox.
The Opcon Group
Opcon is an energy and environmental technology Group that develops, produces and markets systems and products for eco-friendly, efficient and resource-effective use of energy.
Opcon has activities in Sweden, China, Germany and the UK. There are around 400 employees. The company’s shares are listed on Nasdaq OMX Stockholm. The Group comprises two business areas:
Renewable Energy focuses on the following areas: electricity generation based on waste heat, bioenergy-powered heating and CHP plants, pellets plants, drying of biomass, handling systems for biomass, sludge and natural gas, industrial cooling, flue gas condensation, treatment of flue gases and air systems for fuel cells.
Engine Efficiency focuses on energy-efficient solenoid technology and ignition systems for combustion engines including ethanol, natural gas and biogas engines.
Opcon AB (publ) is obliged to disclose the information in this press release in accordance with the Swedish law governing the securities markets and/or trading in financial instruments. The information was submitted for publication at 10.30 p.m. (CET) on Wednesday 27 July 2011.
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