Advanced Energy Systems Signs US$3.7 M Contract

Advanced Energy Systems has signed a contract with the Northern Territory Power and Water Authority involves the design and installation of two, solar photovoltaic energy supply systems in remote areas including one of Australia’s most popular outback tourist attractions, Kings Canyon.

Perth, Australia – July 31, 2002 [] Installation will take approximately eight months and will involve the AES project team working with NT contractors to undertake the work. AES will develop a control system providing key operating data to the operational team and provide training in operational and maintenance procedures. The power will be used to supply electricity-saving diesel fuel and water pumping facilities to two sites, including the tourist amenities and Information Centre at Kings Canyon National Park. Combined Renewable Energy capacity will be 280 kilowatts. “AES will provide patented technology for the operating systems which is presently being commercialized in the USA by our American subsidiary,” said Managing Director of AES, Stephen Phillips. “The new power supply systems will provide substantial fuel and maintenance savings. At present, power is being supplied by labor-intensive and high-maintenance diesel generators. Without our Renewable Energy systems, the costs of electricity will continue to escalate in the future as fuel and maintenance costs increase.” AES has negotiated payment terms providing for advance cash progress payments of approximately $1.5 million subject to provision of bank bonds. “The contract is one of several major new Renewable Energy ventures which will see AES achieve a June 2002 quarterly revenue of approximately $5 million. It provides the impetus for AES to develop a long-term sound and profitable operation in the Australian remote area power sector and opens the possibility of our providing power systems to hundreds of tourist attractions in remote areas around the country,” Phillips said.
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