Wasabi Energy to build 4-MW heat recovery system for China's Sinopec

(SeeNews) - Jan 29, 2013 - Australian clean energy investor Wasabi Energy Ltd (ASX:WAS, LON:WAS) today said it had won a contract to install a 4-MW waste heat-to-power plant for China Petroleum & Chemical Corp (HKG:0386), or Sinopec.

Following a design and technical services agreement from August, Wasabi New Energy Asia's unit and its licensee in China, Shanghai Shenghe New Energy Resources Science & Technology, have now grabbed an engineering, procurement and construction (EPC) deal for a Kalina Cycle power plant, worth over USD 10 million (EUR 7.4m). The facility will be developed at Sinopec's Hainan petrochemical plant, capturing waste heat from the paraxylene process stream. It is expected to be completed by end-2013.

The Kalina Cycle power plants can use waste heat from industrial processes or from geothermal and solar thermal installations to produce clean power. The technology also allows the use of hot fluids from oil wells, Wasabi Energy said.

Wasabi Energy has set a goal of developing 25 MW of high-margin power facilities by 2015, and subsequently add 25 MW a year, its chairman John Byrne said.

(USD 1.0 = EUR 0.743)

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