25th Mar 2014 11:07
LONDON (Alliance News) - Auhua Clean Energy PLC said Tuesday it has entered into a five-year distribution agreement with Istidama LLC, for its split-unit solar water heater systems.
Auhua said the distribution deal with the United Arab Emirates-based business, which offers a range of services related to corporate social responsibility and sustainability, will see Istidama will sell split-unit solar water heater systems supplied by Auhua, with a minimum annual performance requirement of 10,000 units annually, increasing to 50,000 units over a five year period.
The company has also granted its new partner the non-exclusive right to distribute ACE's products solely in the Cooperation Council for the Arab States of the Gulf, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. The GCC contract has the potential to generate in excess of USD100 million revenues in the mid-term.
"This deal marks a significant milestone in Auhua's international expansion strategy as our first distribution deal outside of China with contracted revenues that we are confident will materialize over the next five years," said David Sumner, non-executive Chairman of Auhua,
Shares in Auhua last traded at 40.5 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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