Synertec’s Groundbreaking Powerhouse Technology Praised by Santos for Positive Environmental Impact

Synertec Corporation Ltd (ASX:SOP) has been diligently working on advancing and introducing its innovative microgrid technology, the Powerhouse continuous electrical energy system, over the past year. This groundbreaking technology, which was launched in April last year, has been featured in the recent Sustainability and Climate Report 2023 of mining giant Santos Ltd. The report has praised the Powerhouse technology for its significant contribution to Santos’ Climate Transition Plan, highlighting its ability to improve operational efficiency, reduce fuel gas usage, and decrease emissions by an impressive 800 tonnes of CO2e per year. After a successful trial, Santos intends to implement three additional Powerhouse solar and battery systems in 2024.

Michael Carroll, the managing director of Synertec, has expressed his satisfaction at the acknowledgment of Powerhouse by Santos, underscoring the technology’s role in aiding the company in achieving a substantial reduction in carbon emissions. He also underscored the extensive market potential for Powerhouse, both domestically and internationally, as a reliable, continuous, affordable, and sustainable power solution. This presents a significant growth opportunity for Synertec, positioning the company for a promising financial outlook in the years to come.

Aside from the recognition received for Powerhouse, Synertec has experienced a 25% increase in revenue and income for the half year, reflecting six years of consistent growth and an impressive overall growth rate of 160%. The company also maintains a substantial net cash position of approximately $5.3 million as of the end of 2023, providing ample resources to pursue its commercial objectives in light of the recent revenue growth.

Looking to the future in 2024, Synertec’s primary focus will be on delivering the next two Powerhouse units to Santos, as well as exploring deployment opportunities with other clients and collaborating with potential investors to secure funding for the rollout of additional Powerhouse assets. With a near-term goal of building on its engineering business growth to achieve annual profitability and positive operating cash flow, the company is poised for further success in the sustainable energy sector.

In conclusion, Synertec’s Powerhouse technology has not only earned recognition for its positive environmental impact but has also positioned the company for substantial growth and success in the years ahead. With its dedication to innovation and sustainability, Synertec is on track to make a significant impact in the global energy market.