22nd Jun 2020 10:47
(Alliance News) - Verditek PLC on Monday said it has received its first order in the oil & gas industry for its ultra-lightweight solar product from SAF Group.
SAF is an engineering, construction, fabrication and project management company which operates in the field of oil & gas, oil refining, power generation and chemical process industries, Verditek explained.
Green technology investment firm Verditek said the solar panels will be used to provide power for the construction camp at Shikarpur Compressor Station where SAF is the local partner of Caterpillar Group subsidiary Solar Turbines Inc. SAF will evaluate the operating performance of Verditek's solar with the potential to wider-scale deployment on their projects.
Manufacturing of the panels is expected to start this week with delivery expected at the start of August.
"We are delighted to receive this order which represents our first from the oil & gas industry as well as our first order from Pakistan. This initial contract from SAF, a respected industry operator, marks an important first step on our commercialisation strategy of displacing liquid fuel in the off-grid electricity generation arena," said Verditek Chief Executive Robert Richards.
The stock was trading 10% higher at 7.34 pence each on Monday morning in London. Year-to-date the stock has risen over 100%.
By Ife Taiwo; [email protected].
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