Nocart wins break through contacts for 12,9 MEUR off-grid power plants in Africa

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Nocart Oy has won contracts for delivery of three distributed power plants, two in Malawi and one in Nigeria.

The plants in Malawi are a 2MW Solar–diesel hybrid off-grid solution with 1MWh energy storage and a 4MW Solar–diesel hybrid off-grid solution with 2MWh energy storage. The plant in Nigeria is a 1MW off-grid hybrid using solar and sawdust (multi-fuel CHP plant).

Total value of the deliveries is 12,9 MEUR. In 2015 Nocart revenue is estimated to be 3,9 MEUR. Cleantech Invest ownership is 20% of Nocart.

Nocart delivers distributed power plants combining solar, wind, bio and other energy sources as well as energy storage for utility grade electricity production. The heart of the delivery is Nocart’s proprietary software controlled PMU (Power Management Unit) that controls the production, storage and distribution of power. Other components of the power plant are subcontracted from selected vendors.

Nocart CEO Vesa Korhonen: “We have been working in Africa for two years and have identified a project pipeline of 400 MEUR worth of high quality potential projects where we aim to participate during the next five years. These three signed projects are our first megawatt class deals and we expect this rapid growth to continue over the coming years.”

Cleantech Invest CEO Alexander Lidgren: “Nocart has quickly established itself as a technology leader in power management for renewable distributed energy production and we have great expectations for Nocart to emerge as a market leader in this rapidly growing area. This fast growing market has recently come in widespread recognition as its true potential starts to unveil. US Secretary of State, John Kerry's speech at COP15 in Paris highlighted it well - building distributed energy generation in off-grid areas may very well be the most extraordinary market opportunity in the history of humankind.”

Cleantech Invest focuses on clean energy and efficient use of natural resources. The company has minority ownerships in a diversified portfolio of companies and is actively looking for new capital light and high impact businesses within the cleantech universe. Cleantech Invest invests in the most promising early-stage and growth cleantech companies in Finland, Sweden and in the Baltic Sea area. The company management team members are international pioneers in cleantech investing. Cleantech Invest is also a designated Accelerator in the Vigo Program initiated by the Ministry of Employment and the Economy. www.cleantechinvest.com.

Vesa Korhonen, CEO of Nocart Oy. Tel:+358 50 5700 952, vesa.korhonen@nocart.fi

Alexander Lidgren, Managing Director of Cleantech Invest Plc. Tel. 46 73 660 1007, alexander.lidgren@cleantechinvest.com

Access Partners Oy, Certified Advisor. Tel. 358 9 682 9500

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