Corac launches international development programme in low-carbon energy

RNS Number : 7672P
Corac Group Plc
30 October 2012

 

CORAC GROUP PLC

("Corac" or the "Group")

Corac launches international development programme in low-carbon energy

Corac is pleased to announce that its subsidiary, Corac Energy Technologies (CET) has signed a tripartite funded agreement with major corporate partners in the UK and United States to develop an electricity generation system using waste energy in the gas transmission network. This innovative application uses CET's core existing technology.

This partner funded project will produce a prototype system that generates electrical energy when high pressure gas in the main transmission network is let down to lower pressures for industrial and domestic supply.  Until now, the energy released by the reduction in pressure has been largely wasted.

The market opportunity for this development is significant as there are several thousand pressure let-down points in the mainland USA transmission network alone, each of which has the potential to generate a local electricity supply.

The system shares core patented technology with CET's gas compressor systems, and sits alongside Corac's other development activities in industrial turbomachines.

Phil Cartmell, Chairman of Corac commented on today's announcement:

"This partnership is further evidence of the tangible progress that CET is making towards delivering commercial products.  It takes us into a new technology development in significant new markets and applications.  Extending the use of our core technologies into low-carbon energy generation shows that our capabilities are transferable into uses that complement our traditional gas compression systems.

"It also demonstrates our ability to derive value through innovation in new commercial partnerships with major corporate partners."

Ends

For further information please contact:

Corac Group plc

www.corac.co.uk

Phil Cartmell, Executive Chairman

01753 285 800

Mark Crawford, Chief Financial Officer

 

Cenkos

 

Ivonne Cantú - Nomad

020 7397 8980

Jeremy Warner-Allen - Sales

 

MHP Communications

020 3128 8100

Reg Hoare / Vicky Watkins

 

NOTES TO EDITORS

Corac is a UK based group of advanced technology and engineering companies. The Group produce innovative, diverse and valuable solutions in compression systems, atmosphere control and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.