Cogenpower PLC - Significant breakthrough with CHPDH plant
RNS Number : 0251R
Cogenpower PLC
06 December 2016
 

 

Cogenpower plc

("Cogenpower" or "the Company")

 

Significant breakthrough with Cogenpower's CHPDH plant

 

Cogenpower (LSE: CGP), the AIM-quoted low-carbon technology energy business, is pleased to announce that with effect from December 2016 its Combined Heat and Power District Heating (CHPDH) power plant will be a wholly unmanned CHPDH plant, which means that all its operations will be fully automated through the Anaconda technology, a sophisticated Artificial Intelligence system.  The positive financial impact resulting from cost savings will be reflected in the financial year ending 31 December 2017. At a divisional level, management anticipate savings in excess of €250,000 per annum.

 

Background to Anaconda technology

 

The Company's flagship plant in Borgaro Torinese, on the outskirts of Turin in the north of Italy, is a natural gas fuelled 3MWe (electrical output) / 15MWt (thermal output) CHPDH operation that serves approximately 4,600 end users in 63 separate buildings attached to a 13 kilometre pipe network. The operation is 92% energy efficient and consistently provides reduced CO2 emissions of about 3,000 tonnes per annum compared to traditional heating methods.

 

The energy efficiencies of the system are achieved through the Anaconda technology, an Artificial Intelligence system able to run a Combined Heat and Power Plant, a Heat Storage facility and a District Heating network all connected by a fibre optics infrastructure integrated within sophisticated algorithms and automation.  

 

Company breakthrough

 

For the first time the Company is able to operate the CHPDH system, manage its billing services and credit collection activities without any staff. The breakthrough has been made possible by the Company's ability to combine operations and accounting effectively on the same digital platform.

 

Dr Francesco Vallone, founder and CEO of Cogenpower, said:

"This breakthrough is a significant step for Cogenpower following an extensive R&D programme to advance our unique technology, which clearly differentiates us from other systems. It will generate important efficiencies in any traditional CHPDH systems in which it is implemented, creating long-term value and driving a low-carbon energy business that ultimately does not have to rely on incentives to fund its growth."

 

-ENDS-

Further enquiries:

 

Cogenpower plc

Dr. Francesco Vallone

Martin Groak

Ilaria Cannata

 

+44 (0)20 7930 0777

 

Allenby Capital

(Nominated Adviser and Broker)

 

Nick Athanas

Richard Short

 

+44 (0)20 3328 5656

Cardew Group

Shan Shan Willenbrock

Nadja Vetter

Emma Ruttle

 

+44 (0)20 7930 0777

cogenpower@cardewgroup.com

 

 

 

 

 


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