Swedish Stirling Signs $18m LOI With Richards Bay Alloys

STOCKHOLM, July 8, 2020 /PRNewswire/ -- Swedish Stirling and Richards Bay Alloys ("RBA") have entered into a letter of intent regarding sales and installation of 18 PWR BLOK units to generate 7.2MW. At completion, the value of the potential transaction is estimated at USD 18 million.

Clean tech company Swedish Stirling and RBA have signed a letter of intent and will now enter into detailed negotiations regarding sale and installation of 18 PWR BLOK's. The value of the potential transaction is estimated at USD 18 million.

RBA is a privately owned ferrochrome smelter facility in Richards Bay, South Africa. The company is currently finalizing financial close to secure funding for the recommissioning of their two 38MVA closed submerged arc furnaces. The modifications will ensure the facility's competitiveness. The installation of 18 PWR BLOKs would further reduce RBA's production costs as well as reduce RBA's carbon dioxide emissions by 63,000 tonnes/year and offset their carbon taxation. 

- Swedish Stirling's PWR BLOK technology is an important part in the process to make RBA a more modern, competitive and viable ferrochrome facility. It will have a considerable impact on reducing our future production costs as well as our carbon dioxide emissions. A modern technology for a modern ferrochrome facility, says Andries van Heerden CEO RBA.

- We are very pleased that RBA has made it clear at an early stage that they intend to buy and own the PWR BLOK's themselves. This will always be the most economical beneficial alternative for the customers and also grant them full ownership of any carbon tax reliefs, says Gunnar Larsson, CEO Swedish Stirling.

For further information please contact:
Sven Ljungberg
CCO
Swedish Stirling AB
+46-(0)31-385-88-30 
ir@swedishstirling.com

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