Enersize enters profit sharing agreement in China
Finnish company Enersize has, together with its Chinese partner Shanghai Venergy, signed a six-year profit-sharing agreement with Pangang Titanium.
Enersize will provide energy efficiency services for Pangang Titanium’s plant with an installed compressor capacity of around 2MW and an annual consumption of approximately 12 000MWh.
With Enersize’s solution, the total consumption savings are estimated at around 20 per cent, of which Enersize will be rewarded about 45 per cent over the six-year period.
“As one of China’s largest steel producers, Pangang Group is well-known throughout China, and we are very pleased to announce this contract with one of their business areas,” says Sami Mykkänen, CEO of Enersize. “The metal industry in China is a classic major consumer of compressed air with good optimization capabilities.”
The deal was closed by Enersize’s Shanghai-based partner Venergy and is structured as a framework agreement. The six-year profit-sharing period will commence when savings reach 10 per cent, and the agreement is conditional on savings of at least 15 per cent.