Wasabi Energy Subsidiary in Breakthrough Chinese Petrochemical Deal

Wasabi Energy's (LON:WAS, ASX:WAS) subsidiary SSNE has bagged a US$10mln engineering, procurement and construction (EPC) agreement with Sinopec for a 4.0 megawatt (MW) Kalina Cycle power plant.

Sinopec is one of the largest integrated petrochemical producers in China.

The deal, signed with Wasabi licensee Shanghai Shenge New Energy Resources Science & Technology (SSNE), will see the first application of the Kalina Cycle thermal power plant design in the Chinese petrochemical industry.

The award follows a design and technical services contract between Sinopec and SSNE announced on August 2 last year.

The Kalina Cycle power plant will take low temperature hot water from the paraxylene process in Sinopec's petrochemical plant at Hainan, and turn it into up to 4MW of emission free power.

"Wasabi Energy is now preparing for larger scale roll out and establishing engineering teams to cover a global expansion in geothermal and waste heat," said John Byrne, the chairman of Wasabi Energy.