Axiscades Technologies added 2.33% to Rs 555.90 after the company announced that its subsidiary, Epcogen, has been awarded a long-term contract by Highview Power, a British energy storage technology producer.
Highview Power is globally renowned for developing long duration energy storage technology from renewable sources.
Highview Power, which specializes in liquid air energy storage (LAES), has raised capital to establish its first large-scale project, the Carrington Power Project in Manchester, UK. This project will feature the worlds largest LAES facility, supporting a 50 MW, 300 MWh (six-hour) long-duration energy storage capacity to provide power to over 1 million homes in the UK.
The EPC construction of the Carrington facility is set to commence immediately, with commercial operations planned to begin in 2026.
Epcogen has been engaged by Highview Power to provide multi-discipline engineering activities, including process detailing, technical safety, static, rotary, piping, civil & structural, electrical, instruments, and telecom.
Epcogen began front-end engineering design (FEED) for the Carrington Power Project in mid-2022. The pre-engineering activities continued until 2024, helping to build investor confidence towards the EPC execution. The project is now moving into the EPC execution stage.
In addition to the Carrington facility, Epcogen is also involved in the FEED activities for Highview Power’s larger scale facilities. As Highview Power plans its next larger scale facilities with a total capacity of 2.5 GWh, AXISCADES and Epcogen are all set to play a key role in these larger-scale projects.
Arun Krishnamurthi, the CEO and MD of AXISCADES, said “We are excited to partner with Highview Power on this transformative and pioneering project. This contract represents a significant opportunity to enhance our engineering proficiency and strengthen our commitment to supporting innovative energy solutions that drive sustainability and efficiency.
This collaboration is an example of Epcogen and AXISCADES combined capabilities in delivering complex engineering solutions. We look forward to contributing to the success of the Carrington Power Project and other future initiatives with Highview Power.”
AXISCADES Technologies provides engineering design services and has been serving various verticals, viz. aerospace, defense, heavy engineering, automobile and industrial products.
The company reported a net profit of Rs 17 crore in Q1 FY25, which is nearly three times as compared with the PAT of Rs 6 crore recorded in Q1 FY24. Revenue from operations amounted to Rs 223 crore for the quarter, up 4.5% YoY. In dollar terms, the companys revenue stood at $26.9 million, up 2.5% YoY.
Powered by Capital Market – Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
First Published: Aug 20 2024 | 1:59 PM IST