Synertec moves Powerhouse Project closer to commercialisation after hitting key early milestones
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With the launch of its Powerhouse Project, diversified engineering firm Synertec (ASX:SOP) is looking to bring renewable energy technology to a critical component of coal seam gas (CSG) projects.
In the first update since the Powerhouse Project was announced to market on August 4, Synertec said it has already hit two key development milestones with its CSG well dewatering technology, following a productive first month.
And following its recent successful $7.1m capital raise, SOP said it’s now “fully funded to fast-track development of the Powerhouse Project” along with its other technologies.
The Powerhouse Project centres around the design, construction and field testing of renewable energy systems for the purpose of “remote-site application to CSG well dewatering”, Synertec said.
Powered by solar energy and batteries, the systems also deploy Artificial Intelligence and predictive analytics to “optimise energy efficiency and power delivery.”
In its first month of development, Synertec was able to bring both the initial modelling phase and the Front-End Engineering Design phase through to completion and approval.
The company has already moved onto the detailed design phase. And with its fast start to development, the process has already commenced to bring forward the procurement timeframe for long-lead items such as solar panels, batteries and control systems.
For its next steps, Synertec will join forces with its project partner as part of the design, construction and field testing of a prototype solar energy power system.
Together with SOP’s technology, its project partner will contribute to the development by providing access to pilot field-sites and the technical information pertaining to those sites.
“If proved successful, the Powerhouse Project will be a novel approach to the dewatering of CSG wells in Australia,” Synertec said.
“Synertec will work with its business partners to develop a business plan and commercial arrangement for the roll out of a network of Powerhouse applications including supply, maintenance and operation by Synertec.”
With its new technology, Synertec is building a first-mover advantage, as demand quickly builds for ESG-friendly energy solutions that can be used in remote-site locations.
And along with other key updates in its multi-channel project delivery strategy, the company continues to position as a market-leader in advanced clean energy solutions.
This article was developed in collaboration with Synertec, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.