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27/11/2013
13:40
firefox6: Wasabi Energy chairman: Rights issue required to realise potential By Jamie Nimmo November 27 2013, 1:23pm Wasabi is hoping to raise £8.7mln through the rights issueWasabi is hoping to raise £8.7mln through the rights issue Wasabi Energy's (LON:WAS, ASX:WAS) chairman John Byrne insists the discounted rights issue was necessary and will ensure the power specialist fulfils its potential. The company, whose Kalina Cycle technologyturns excess heat back into power, outlined plans to raise up to £8.7mln at 0.4 cents per share (0.225p), sparking a 20% fall from the share price, which now stands at 0.227p. The rights issue will be offered to shareholders on the basis of one new ordinary share for every one ordinary share held. Only investors based in Australia, New Zealand, Switzerland and the UK can take part in the offer. The funds will be used to complete the purchase of the Tuzla geothermal power project in Turkey, redeem the secured debt and for working capital. "The market's known we've been unfunded for a while and we wanted to put an end to it," chairman Byrne told Proactive Investors. "So rather than do a little one, we've said we're going forward full-on, one-for-one, all shareholders." As a major shareholder – he owns 11.1% of the company's issued share capital – Byrne says he understands the pain felt by shareholders on the receiving end of the discount. "I'm up there, I've bought more than anybody. I'll be taking up my entitlement and I think some of our biggest shareholders will as well." Byrne reckons it will be the last time it comes to the market for funding. Once the company becomes cash generative as its power plants come online, it will fund itself. "I think this gets us through," he continues. "We've tried to put it off in the hope that we'd get the other things done, but that has not occurred. "Everyone's an expert in hindsight. I was obviously holding off to do it higher and what's happened is that it's gone the other way. That's my responsibility, but I've got to say I'll be taking up my interests." He adds: "We need to be in a strong financial position and grow from here and that's the plan." Wasabi has an option to acquire up to 50% of the Turkish company which owns Tuzla. A recent financial draft of plans at Tuzla showed an indicative net present value (NPV) of A$142 million, an internal rate of return (IRR) of 57% and EBITDA (underlying earnings) of A$19.6mln. The potential of the Asian business, which is gearing up for an IPO, is thought to be even greater as demand for power soars in China. Management hopes the funds raised from the rights issue will help it deliver its goal of having 25MW of power generation under its watch by the end of 2015 and growing this by 25MW a year thereafter. "If we achieve this growth, every 25MWe of owned power generation (assuming 10c per kwh feed in tariff and 8% discount rate) represents an estimated increase of approximately $120 million NPV per annum," Byrne explains.
06/11/2013
09:47
moreforus: Wasabi Energy Limited Exercise of Options Print Alert TIDMWAS RNS Number : 3341S Wasabi Energy Limited 06 November 2013 6 November 2013 Wasabi Energy Limited ("Wasabi," "the Group" or "the Company") Exercise of Options Wasabi Energy Limited (ASX: WAS, AIM: WAS, OTCQX: WSBLY), advises that 293,402 options have been exercised at 0.8c each. Application has been made for the 293,402 Ordinary Shares issued to be admitted to trading on the AIM market and admission is expected to take place on 11 November 2013. Following admission of the above shares, the Company will have 3,718,761,160 Ordinary Shares of no par value in issue. The above figure 3,718,761,160 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules For further information, please contact
23/10/2013
07:34
illuminati1: Wasabi Energy: Hinkley Point C could make Kalina Cycle 'exceedingly attractive'By Jamie Nimmo October 23 2013, 7:45am Britain's first nuclear power station in a generation could benefit Wasabi Energy (LON:WAS, ASX:WAS), the AIM-listed company claimed on Wednesday.Hinkley Point C in Somerset is being launched in a joint effort by the government and France's EDF Energy and any subsequent rise in wholesale electricity tariffs for Wasabi's heat recycling projects will bode well for the company, it argued."If the proposed Hinkley Nuclear Power Plant strike price of £92.50 per megawatt hour is reflected in the wholesale cost of electricity within the UK, the Kalina Cycle® projects being promoted by Wasabi Energy will become exceedingly attractive," said chairman John Byrne."As the UK moves to de-carbonise the economy, large scale energy efficiency projects will become increasingly cost effective and attractive for investors and users, providing a clear platform for Wasabi Energy to expand its business in the UK."The company, whose Kalina Cycle technology turns heat produced from power plants back into electricity, is currently in advanced talks with a number of industrial and renewable companies to launch the technology in the UK.Wasabi's shares are up 50% in the past five days of trading to 0.49p each on the back of the Hinkley Point deal.It has also been boosted by a pre-feasibility study of a Turkish geothermal power project in which it owns a 50% stake. Wasabi's 15 megawatt share of the project could net it over US$70mln.
17/10/2013
18:46
peteark: UPDATE - Wasabi Energy to bag over US$70mln from Turkish geothermal project By Jamie Nimmo October 17 2013, 3:40pm Wasabi Energy (LON:WAS, ASX:WAS) shares powered up on Thursday as its Turkish expansion plans were validated by some impressive numbers from its pre-feasibility study. A financial draft of plans at the Tuzla Geothermal Power Project (TGPP) showed an indicative net present value (NPV) of A$142 million, an internal rate of return (IRR) of 57% and EBITDA (underlying earnings) of A$19.6mln. The study was based on the installation of one of its 30 megawatt (MW) Kalina cycle units, which turns excess heat back into energy. The PFS, which was put together by a number of third parties, including US-based Power Engineers, said power can be generated from Tuzla as early as the second half of 2016. Wasabi's wholly-owned Turkish subsidiary Imparator Enerji has an option to acquire up to 50% of the Turkish company which owns Tuzla. Its 15 MW share of the plant can net Wasabi more than A$70mln. It has invested around A$10mln on the acquisition and development of the project so far and plans to spend another A$3.7mln before the end of the year. The 57% IRR means the company will earn this money back in less than two years from the start of power generation. Wasabi, whose shares jumped over 20% to 0.38p, said the expansion project was underpinned by an updated resources estimate. This signalled that the most-likely size (P50) of the Tuzla geothermal resource is potentially greater than 80 MW, confirming the findings of past studies. Chairman John Byrne said: "The results of the pre-feasibility study underline the Wasabi Group's stated objective of having 25 MW of power production directly attributable to Wasabi either under construction or in operation by 2015 and maintaining that minimum growth at that rate thereafter. He added in the statement that the Tuzla project alone has the potential to deliver 18.5 MW towards its 25 MW objective and "indications are that our Asian subsidiary can more than provide the balance". In fact, Byrne believes China has the potential to generate as much as 100 MW alone for the company and "maybe even a lot more than that". "What we're looking at with Wasabi New Energy Asia is far bigger than Turkey," he told Proactive Investors. "This [Turkey] is a real project that puts real value behind the company, well over its current price. Our job now is to take this forward and deliver a couple more." The company hopes to complete a bankable feasibility study for the project next year, adding that it only needs to drill around four wells as part of the phase one build-out, which will give it the information required to make it bankable. Byrne said the company is open to a number of funding options to get the project up-and-running. "We don't think our equity requirements will be any more than US$10mln – pretty much typical of the type of projects we are looking at, certainly in China, certainly elsewhere. "We've always said that if we can get this going, the cash flow from the operation will quickly cover the equity requirements for continued expansion." As an existing power plant, Byrne does not see any risk in developing Tuzla with the Kalina cycle unit. He reckons there is a good chance all three of Wasabi's Kalina Cycle plants currently under construction can be operational by the end of the year. Two of them are currently being commissioned. Shares rose 11.11% to stand at 0.35p.
17/8/2013
18:00
freddie01: Wasabi Energy pays another chunk of SSNE purchase consideration Wasabi Energy (LON:WAS) confirmed it has paid another instalment on its purchase of a majority stake in Shanghai Shenghe New Energy Resources Science and Technology (SSNE). Wasabi agreed last year to purchase 50.5% of SSNE for around US$30mln through its subsidiary, Wasabi New Energy Asia (WNEA). With the payment of the latest instalment of US$2.85mln, WNEA has now stumped up US$22mln, of which US$8.2mln has been in cash, with the rest satisfied through the issue of 30mln WNEA shares. The rest of the purchase consideration is due by the end of November of this year. Wasabi says it has appointed an international brokerage house in Hong Kong to complete a fund raising before the payment deadline and ahead of a planned flotation of WNEA on the Singapore stock exchange in the first half of 2014. Wasabi owns 40mln shares in WNEA, equivalent to two-thirds of the share capital of the company. The vendors of SSNE have a 31.25% stake in WNEA after exercising an option to take some of the purchase consideration in WNEA shares. "Wasabi Energy intends to hold a significant shareholding in WNEA, which will raise its own capital with the value of WNEA being reflected back into the Wasabi Energy balance sheet," revealed Wasabi's chairman, John Byrne. "Wasabi is establishing WNEA as a significant power producer in the Asian region utilising its unique ownership of the Kalina Cycle and Enhanced Rankine cycle technologies," Byrne said, adding that the establishment of WNEA is advancing the Wasabi plan of using regional subsidiaries to expand into key global regions. "The Asian markets, and in particular China, offer an enormous opportunity for the Kalina Cycle. We are in advanced discussions with a number of significant leading industrial companies on the application of the Kalina Cycle to their operations," Byrne revealed. [...]
15/8/2013
10:51
freddie01: UPDATE ON WASABI NEW ENERGY ASIA AND ISSUE OF SHARES The Directors of Wasabi Energy Limited (ASX: WAS, AIM: WAS, OTCQX: WSBLY), advise that the next instalment of RMB18 million (US$2.85m) has been paid by its subsidiary, Wasabi New Energy Asia (WNEA), for the purchase of Shanghai Shenghe New Energy Resources Science and Technology Limited (SSNE). As previously announced in November 2012, Wasabi, through its subsidiary, Wasabi New Energy Asia Limited, agreed to purchase 50.5% of SSNE for approximately US$30 million. To date US$22 million has been paid (US$8.2 million in cash, and WNEA has issued 30 million shares at US50c each). The balance of RMB53 million (US$8.30m) is due before 30 November 2013. WNEA has appointed an international brokerage house in Hong Kong to complete a pre-IPO fundraising within this timeframe. It is planned to list WNEA on the Singapore stock exchange in the first half of 2014. Wasabi granted an option for the vendors to take 31.25% of their WNEA share consideration in Wasabi shares at A1.8c per share (WNEA Option). The vendors have exercised this option and as a result the vendors have been issued 288,001,844 new Wasabi shares at A1.8c per share. Following the exercise of the WNEA Option, Wasabi owns 40 million shares (66.67%) in the issued share capital in WNEA. In addition, Wasabi has provided loan funds of $5.6m to WNEA in order to facilitate a proportion of the above payments. This loan will be converted into additional shares in WNEA at the time of the IPO at US50c per share. Wasabi New Energy Asia is being established to address the energy efficiency and renewable power needs of the Asian market. SSNE has been operating within the market in China since 2007 and has already completed a number of projects including the successful powering of the Shanghai Corporate Pavilion at the World EXPO held in Shanghai in 2010 with a Kalina Cycle® power plant using a solar thermal array as the heat source. Comments from the Chairman, John Byrne: "Wasabi is establishing WNEA as a significant power producer in the Asian region utilising its unique ownership of the Kalina Cycle® and Enhanced Rankine cycle technologies. The establishment of WNEA is progressing the Wasabi plan of regional subsidiaries to expand into key global regions. WNEA is in the process of a pre-IPO funding round and our plan is to list WNEA on the Singapore market during 2014. Wasabi Energy intends to hold a significant shareholding in WNEA which will raise its own capital with the value of WNEA being reflected back into the Wasabi Energy balance sheet. The Asian markets, and in particular China offer an enormous opportunity for the Kalina Cycle®. We are in advanced discussions with a number of significant leading industrial companies on the application of the Kalina Cycle® to their operations." Wasabi New Energy Asia WNEA has been established as a regional subsidiary and covers the Asian region. In addition to owning 50.5% of SSNE, WNEA also own the revenue stream from the SSNE Kalina Cycle® license which covers China, Taiwan, Hong Kong and Macau. It also has a Kalina Cycle® license for the rest of Asia, namely Japan, South Korea, Indonesia, Philippines, Thailand, Vietnam, Malaysia, Singapore, Myanmar, Cambodia, Laos, Brunei, North Korea and Mongolia. Under the current 12th Five Year Plan the Chinese Government is mandating energy efficiency across a range of industries and renewable power. The transformational phase in China presents a unique opportunity for SSNE to pursue opportunities for power generation within China and Taiwan and to use this base and engineering capability to launch into other parts of Asia. SSNE is in the final stages of commissioning of a 7.5 MWe Enhanced Rankine power plant at China Building Materials Group's Guizhou cement plant. The Enhanced Rankine process offers significant percentage gains over the traditional Rankine steam cycles. In addition the 4 MWe Kalina Cycle® power plant at the Sinopec Hainan Petrochemical Facility is under construction with the civil works completed. SSNE is in advanced stages of discussions for a number of projects, including Chinese authorities on the development of an oilfield in China that has potential for geothermal power using the hot water within the field. The estimated power from this heat source is in excess of 1000MWe using Kalina Cycle® technology. WNEA, through Recurrent Engineering, expects to be awarded shortly an engineering contract by the Geothermal Energy Research & Development organisation (GERD) as a follow up to the EcoGen Kalina Cycle® unit that is installed at the Matsunoyama onsen in Japan. This plant was installed in December 2011 and has undergone significant testing to refine the design for the micro power geothermal market. The Ecogen Kalina Cycle® 50 kWe power plant has been specifically designed for use on hot springs. The geothermal power potential in the hot spring market within Asia is vast with over 27,000 occurrences in Japan alone. The enhanced thermodynamics of the Kalina Cycle® presents an opportunity for the establishment of micro power Ecogen Kalina Cycle® plants in Asia. Based on estimates by GERD and Wasabi Energy the existing Japanese hot spring market could potentially sustain approximately 718 MW of power generation potential which represents more than 14,000 EcoGen Kalina Cycle® units. Japan will be a key focus area for WNEA given the high feed in tariffs that are in excess of US$0.50 per Kilowatt hour for geothermal power generation. Following admission of the above shares, expected to be on 21 August 2013, the Company will have 3,718,173,710 Ordinary Shares of no par value in issue. The figure of 3,718,173,710 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
02/8/2013
15:59
freddie01: WHR in the cement industry – Part 1: Conventional Rankine Cycle Introduction The trend towards increasing costs of primary energy sources such as fossil fuels, and the need to reduce harmful emissions – particularly of carbon dioxide – is driving a worldwide effort to improve the efficiency of energy usage in industrial processes. Estimates suggest that roughly 66% of all the energy input is lost as waste heat and in the cement industry specifically the loss is estimated as 40%. With the tendency towards ever more stringent environmental constraints and the need to reduce the carbon footprint for individual organisations, the potential to generate electrical energy from waste heat will continue to be an attractive option. The first major waste heat recovery (WHR) system in a cement plant was the 15 MW unit installed by Kawasaki Heavy Industries for Taiheiyo Cement in 1982. This was a conventional Rankine Cycle using heat from both the kiln and the clinker cooler. As the benefits became generally recognised within the industry, WHR units, the vast majority of which involved the conventional Rankine Cycle, were installed to provide up to about 30% of the power requirements of the plant. The main sources of waste heat were the exhaust from both the preheater and the clinker cooler and, in some of the developing countries where power outages are not unusual, the WHR system may be the only source of reliable power available to the plant operator. Improvement in the overall efficiency of cement manufacture has resulted in lower exhaust gas temperatures and this development has provided opportunities for alternative technologies, notably the Organic Rankine Cycle (ORC) and the Kalina Cycle, which are more effective in recovering waste heat from lower temperature gases. Conventional Rankine Cycle By far the most widely used technology for the generation of power from waste heat involves the Rankine Cycle. As the name suggests, the conventional Rankine Cycle involves the transfer of heat from the waste heat source to convert water from the condenser to steam, which is then superheated – i.e. heated to a temperature above the saturation temperature at the given plant operating pressure. Subsequently, the steam is expanded through a steam turbine driving the generator to produce power. This is the process used in conventional fossil fuel-fired power plants, but in the case of WHR in cement plants the maximum temperatures are much lower – usually in the range of 300 to 350 °C – and consequently the plant operating pressure is also significantly lower, i.e. around 2.5 MPa (25 bara). In order to maximise the efficiency of the cycle, the pressure in the condenser is minimised, which will affect the steam quality, thereby increasing the content of water droplets that can cause erosion of the turbine blades. In a cement plant there can also be significant variations in the temperature of the hot air emerging from the clinker cooler, resulting in variability in the steam temperatures in the system, potentially exacerbating the erosion problem. A key point is that if waste heat from both the preheater and the clinker cooler is used to generate power it is necessary to provide two boilers, i.e. one for each heat source, and this adds to the cost and complexity of the system. A good example of the current trend towards larger WHR plants is provided by Najran Cement Company of Saudi Arabia, which commissioned the Chinese company, Sinoma Energy Conservation Limited, to install a turnkey unit at the Sultana cement plant. The WHR unit is designed to provide 27 MW of power at a projected cost of just less than US$45 million and will be the largest WHR unit in the global cement industry in terms of generating capacity. The system consists of a total of eight boilers plus associated equipment using waste heat from the cement plant along with ten boilers taking waste heat from diesel generators. It is estimated that CO2 emissions will be reduced by 145 000 tpa when the plant is fully operational.
10/6/2013
07:35
freddie01: Wasabi Energy chairman: More joint ventures to follow Emerging power producer Wasabi Energy (LON:WAS, ASX:WAS) is eyeing more joint ventures (JV) elsewhere in its bid to fund its global growth prospects. On Friday, the company unveiled an alliance with privately-owned Australian energy specialist Augut Clean Energy, which will accelerate its Asian expansion. It also gives Wasabi the opportunity to push forward in the coal sector, having previously focused on cement, steel and petrochemicals. In exchange for US$3.59mln, Augut will get its hands on convertible bonds that will automatically turn into Wasabi New Energy Asia (WNEA) shares when it becomes a separately listed company at a 20% discount to the IPO price. It hopes to float its Asian business by the end of 2013 on an Asian stock exchange – ideally, Singapore's market. Wasabi, which now owns 67% of WNEA, is at the forefront of green energy though its major innovation, the super-efficient Kalina Cycle power technology. The group plans to create a portfolio of these units and has targeted owning an initial 25 megawatts by 2015, while growing by 25 megawatts a year thereafter. The Kalina Cycle technology will be launched across the global coal industry as part of the tie-up. The clean energy drive from China alone makes Asia a lucrative market for Wasabi to crack. The plan is to complete a number of these deals around the globe this year, including in Turkey, North America and Africa, to get projects up and running there. "We're doing exactly the same with Turkey – and therein lies the answer to Wasabi's funding going forward," said executive chairman John Byrne. "I wouldn't rule out the possibility of us having a number of these joint ventures over the next year. We're certainly looking at sub-Saharan Africa, North America and a number of countries in Europe. "In each case, the joint venture revolves around projects, which will require funding, and our aim is to bring in partners that provide the funding for those build-outs without recourse to Wasabi shareholders." He explains that the deal means Wasabi's burn rate will drop, while the fundraising and options attached will be sufficient to take it through the next 12 months. "Our aim is to have 25MW production a year from our own plants. If we are successful in doing that – and we are in a power price environment of 10 cents a kilowatt hour – then we're going to be growing the business at close to US$200mln a year," added Byrne, pointing out that this is about 10 times the current market valuation. It comes after Wasabi completed the purchase of Newmont Assets, the owner of just over half of Shanghai Shenghe New Energy Resources Science and Technology Limited (SSNE), the Kalina Cycle licensee for China, Taiwan, Hong Kong and Macau. The acquisition cost is US$16.5mln in cash and 50% of the initial capital as shares in WNEA. So far Wasabi has paid US$5.6mln in cash. The new funding from Augut will cover the next instalment, as well as working capital. Newmont will snap up 31.25% of its WNEA share consideration in Wasabi shares at 1.8 cents each, giving it 288mln new Wasabi shares. Augut has also subscribed for A$1.5mln new Wasabi shares at 1 cent each with an accompanying option at 1 cent per share, which will go towards its working capital. Augut's investment demonstrates confidence in Wasabi's strategy of setting up regional subsidiaries and rolling out the Kalina cycle technology globally. Wasabi stressed that Augut has strong relationships with manufacturing partners on top of the financial support provided. hxxp://www.proactiveinvestors.com.au/companies/news/44077/wasabi-energy-chairman-more-joint-ventures-to-follow-44077.html
17/5/2013
10:02
freddie01: February 13, 2013, Oil barrel Poweralternatives: Wasabi Energy Embarks On A Global Expansion, After Signing Up Sinopec As A Customer For Its Kalina Power Generating Technology By Alastair Ford Power generation, and delivering significant cost savings to mining companies and others is now the name of the game at Wasabi Energy, but it hasn't always been that way. Kalina Cycle power plant In the most recent chapters of its long and varied history, the company has also successfully marketed and deployed - to the Tropicana mine and elsewhere - a technology which prevents water evaporation from dams and reservoirs. There's also been a serious involvement with renewable fuels, and various strategic stakes in junior mining companies. If it seems like an odd mix, the pedigree of executive chairman John Byrne provides ample explanation. John was the prime mover behind Cambrian Mining and Western Canadian Coal, both of which grew large from modest beginnings before merging to form a multi-billion dollar company that was eventually sold to Canadian behemoth Walter Energy. Cambrian was in many ways a classic mining finance house. It seeded and grew several small projects, most notoriously the Phulbari coal project in Bangladesh. Phulbari was famously spun out into Asia Energy, allowing Cambrian to bank huge gains before the government pulled the plug on development. But if the ride was occasionally wild, the billions of dollars that were ultimately generated by the sale of Western spoke for themselves. Audley Capital was reported to have banked US$400 million on the sale of Western, and other big players in the mining investment world made big bucks too. That's why some of the big names in mining, like Blackrock, Artemis and JP Morgan sit on the share register of Wasabi Energy, a company that would normally be considered slightly off their graze. Having said that, Wasabi has long been a familiar name in London and Australia, and over the years investors have had plenty of time to get acquainted in it. Partly, that's because Cambrian took a stake in it via a subsidiary called Xtract Energy back in the day, and partly it's simply just because it's been around a long time. In fact, says chief operating officer Diane Bettess, "it's been a listed entity since 1972". John's association with it doesn't go that far back, but he's been involved one way or another for quite a while. He's been the executive chairman since 2009, and has busily built it up on the model of Cambrian to the point where it can now feel confident about going it alone with a single specific focus. "Wasabi, like Cambrian, has been funded by buying and selling assets", says Diana. The latest such transaction was the sale in August 2013 of an 11 per cent stake in a company called Australian Renewable Fuels to Lignol Energy. The price: C$4.3 million in cash shares and debt. There are other deals in the pipeline. For one thing, Wasabi now holds a major stake in Lignol, not to mention a sizeable seven per cent convertible debenture. But AquaArmour, the business which tackles water evaporation, is also now described by Diane as "non-core" Because now that Wasabi has now reached a market capitalisation of around £40 million on Aim and A$60 million on the ASX, the feeling is that the company has now reached a turning point. Looking ahead, the focus will now turn to the company's proprietary Kalina power generation technology. According to the Wasabi literature: "the Kalina Cycle is a power cycle technology based on the superior thermodynamic properties of mixtures". What that means in layman's terms is more power, at lower cost, and with fewer emissions. A 10 Megawatt (MW) Kalina plant will cost between US$15 million and US$20 million to build, and generate electricity at a cost of around US$0.01 per kilowatt hour. Assuming a market price of US$0.11 per kilowatt hour, it will then deliver a gross profit of US$7.9 per year, and payback within two and a half years. Nice looking numbers, but how is it done? Kalina takes the exhaust heat from an existing power generating operation and recycles it. But that's not the clever bit. It then applies that heat to a mixture of ammonia and water, rather than just water, to create the steam that drives the turbines. That allows companies to vary the boiling point of the mixture itself, which is a highly useful tool for miners in particular, who can be operating in extremely low temperatures or at altitude. "Ammonia", says Diane, "boils at 33 degrees. Water boils at 100." Between those two boiling points there's a fair bit of range. Not surprisingly, there's been a fair bit of interest in Kalina, and existing customers include Sumitomo, International Ferro Metals, Sinopec and FLSmidth. "We're so overworked", says Diane, "it's outrageous". Even so, Wasabi wants more. The company is now looking to go properly global. It's set up several subsidiary companies which it hopes in due course to list on regional markets in Canada, Africa and Asia. Chinese investors have been lined up for the Asian operations, encouraged by the presence of Sinopec on the customer roll. The Sinopec contract was converted from a design and technical services contract into an engineering, procurement and construction contract at the end of January, and relates specifically to a polyester materials plant. But tantalisingly, Sinopec have 45 other refineries at which Kalina might effectively be deployed. And that's just in China. Clearly the signing of that deal represents something of a watershed moment. "Wasabi Energy is now preparing for a larger scale roll out", said John in the press release that announced the news, "and establishing engineering teams to cover a global expansion in geothermal and waste heat". The target, as laid out in the marketing literature Diane has been carrying around London recently, is for Wasabi to have a market capitalisation of US$1 billion by 2018. Big talk, but then John Byrne's done it before. It'll be interesting to watch.
03/1/2013
16:59
freddie01: Wasabi Energy shares power up as it starts Asian revolution Wasabi Energy (LON:WAS, ASX:WAS) revealed it has paid around US$5.6mln for the first instalment to buy 50.5% of Shanghai Shenghe New Energy Resources Science & Technology (SSNE). The specialist power company, whose Kalina Cycle technology recycles heat from industrial processes to generate electricity, put up the cash on behalf of its new subsidiary Wasabi New Energy Asia (WNEA). The payment was partly settled by the issue of just under 40mln Wasabi shares at 1.8 cents each. SSNE, which is the Kalina Cycle licensee for China, Macau, Taiwan and Hong Kong, has been operating within the market in China since 2007. WNEA is being set up to take advantage of the Asian power market and to advance the use of the Kalina Cycle and SSNE's patented Enhanced Rankine Cycle power technology throughout in Asia. Once it is established Wasabi will hold over 50% of WNEA and will have the right to appoint the majority of the board. WNEA looks set to take Lions Bay Capital's place on Toronto's junior market after signing a letter of intent with the firm for it to become WNEA. The company said the process is expected to be completed in the first quarter of 2013, adding that it also plans to list WNEA on an Asian exchange. John Byrne, Wasabi's executive chairman, said: "Wasabi Energy is entering into a new phase of its evolution as a leading power producer utilising our proprietary Kalina Cycle technology with the establishment of Wasabi New Energy Asia (WNEA). The Asian market offers significant opportunities especially within China. "WNEA commences operations with a strong, capable proven management team at SSNE and will be enhanced by an experienced management team in Asia. "For the shareholders of Wasabi Energy, WNEA offers an opportunity for leveraging our proprietary Kalina Cycle technology into an Asian based company that will be separately listed on the TSX-V and subsequently on an Asian stock exchange," he added. "By having a separate listing WNEA will be responsible for its own fund raisings and not be dilutive to Wasabi Energy. The value created within WNEA should be reflected back into Wasabi Energy. "We are very excited by the commencement of WNEA and look forward to its growth as a power company within Asia." Shares shot up 7.7% to 1.26p on the news. http://www.proactiveinvestors.co.uk/companies/news/51977/wasabi-energy-shares-power-up-as-it-starts-asian-revolution-51977.html
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