First commercial order in the Mining Sector

RNS Number : 7361S

Verditek PLC

13 July 2020

 

 13 July 2020

Verditek PLC

("Verditek" or the "Company")

First commercial order in the 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 South America, a new geographical location.

The creation of its new international sales team allows Verditek to be focussed on penetrating these sectors, where it believes the limitations of traditional solar products are already exposed, providing an enormous opportunity for the Company's innovative ultra-lightweight product.  

Verditek has secured an order, in excess of Euro200,000, from Black Tulip Minerals SA to provide solar power to a gold ore processing plant in Los Lomas, Peru and anticipates further orders from this client in due course. 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 being more environmentally friendly.  On the back of Verditek's first order in this industry vertical, Verditek expects to cement its footprint in the mining market with additional orders in the very near term, both in South America and in other geographical locations. 

The project will be shipped to Peru in September 2020, and represents a significant milestone towards achieving the stated ambition of making the Company cashflow positive by the year end.

Robert Richards - Verditek commented "I am extremely pleased that we are delivering on the strategy that we embarked on when I took the helm. We have restructured and expanded the sales teams, bringing onboard specialists in a number of key geographical locations and are now focussed on projects displacing liquid fuel.  This project, although modest in size, is only the first phase of a multi-phase project as Black Tulip increase the capacity of their processing plant, Verditek is confident of securing the additional phases in the coming months.  This order along with other recent successes, demonstrates that we are on the right track as we quickly expand our business and that we are on course to achieve my stated goal of being cash flow positive by end 2020."

Greg Pearson - Finance Director - Black Tulip Minerals SA, commented:   "We are absolutely delighted to have formed a partnership with Verditek.  It was always our intention to become more focused on green energy moving into future projects, however when this solution was presented to us it made perfect sense to integrate the latest technology in solar panels on our first gold processing plant in northern Peru. This means that during daylight hours our plant will run entirely on solar energy reducing our carbon footprint by around 50%, with a very short pay-back period compared to the associated diesel costs. We are on the verge of commencing operations at a starting capacity of 50 tonnes per day but we plan to steadily increase this to 300 tonnes  per day  adding  Verditek orders at each stage to power our plant during daylight hours." 

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 impossible. 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 make our customers business sustainable.

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

 

END

 

 

MSCBLLLFBDLBBBF