Opcon signs MOU with Shanghai Baosteel Energy for JV

Shanghai Baosteel Energy Tech Co. Ltd. and Opcon AB has signed a memorandum of understanding (MOU) to work together in a joint venture to bring the Opcon Powerbox to the Chinese market. The MOU covers land-based sales, the installation and assembly of Opcon Powerbox on the Chinese market. The Opcon Powerbox is a proprietary product which produces carbon-free electricity using waste and surplus heat. When it is installed at plants in the process industry, power plants or large diesel engines, the product can produce up to 6,000 MWh per year. Rolf Hasselstrom, president and CEO of Opcon AB, states, “We have been assessing different ways of getting Opcon Powerbox into the Chinese market for some time now. Energy consumption in the Chinese industry today accounts for more than one quarter of global industrial energy consumption. Baosteel is a strong partner for us, both industrially and financially. They can contribute to our introduction and expansion in the Chinese market.” (April 6, 2011)