Sinopec Signs $10 Mln Contract With Wasabi New Energy Asia Subsidiary, SSNE

Wasabi New Energy Asia's subsidiary, together with Shanghai Shenghe New Energy Resources Science and Technology, or SSNE, Monday announced a contract with the Sinopec Hainan Refining & Chemical Co., Ltd. (SNP) for a 4.0 MegaWatt Kalina Cycle power plant.

Wasabi energy is the licensee of the Kalina Cycle, a technology that offers increased power output against other power generation technologies, especially at low temperatures.

The contract, worth in excess of $10 million, will allow Wasabi to utilize the Kalina Cycle in China, to generate emission free power from waste heat. The contract is expected to be completed by the end of 2013.

The Kalina Cycle power plant takes low temperature hot water from the paraxylene process in the polyester materials plant and convert it into a4.0 MW of usable emission free power thereby reducing the greenhouse emissions on the site.

Sinopec Hainan Refining & Chemical Co is a wholly owned subsidiary of Sinopec Corp., formerly known as China Petroleum & Chemical Corp.

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