Auhua Clean Energy Plc Auhua signs Distribution Agreement with Istidama (0851D)
25 March 2014 - 6:01PM
UK Regulatory
TIDMACE
RNS Number : 0851D
Auhua Clean Energy Plc
25 March 2014
AUHUA CLEAN ENERGY PLC
("Auhua" or "the Company")
Auhua signs Middle East distribution agreement with Istidama
LLC
25 March 2014:Auhua Clean Energy Plc (AIM: ACE) ("ACE"), the
environmental technology group, is pleased to announce today that
it has entered into a five-year distribution agreement
("Distribution Agreement") with Istidama LLC ("Istidama"), a United
Arab Emirates-based business offering a range of services related
to corporate social responsibility and sustainability. Istidama has
an extensive sales and distribution network in the UAE, helping
clients to match power generation requirements with clean-tech
solutions.
Under the terms of the Distribution Agreement, Istidama will
sell split-unit solar water heater systems supplied by ACE, with a
minimum annual performance requirement of 10,000 units annually,
increasing to 50,000 units over a five year period. ACE has also
granted Istidama the non-exclusive right to distribute ACE's
products solely in the Cooperation Council for the Arab States of
the Gulf ("GCC"), which comprises Bahrain, Kuwait, Oman, Qatar,
Saudi Arabia and the UAE. The GCC contract has the potential to
generate in excess of US$ 100 million revenues in the mid-term.
David Sumner, non-executive Chairman of Auhua, said: "This deal
marks a significant milestone in Auhua's international expansion
strategy as our first distribution deal outside of China with
contracted revenues that we are confident will materialize over the
next five years. We are delighted to work with Istidama which has
an extensive network across the GCC and is one of the UAE's leading
corporate social responsibility and sustainability consultancies.
Most countries in the GCC are actively diversifying away from their
dependence on hydro-carbon based fuels and are working towards
sustainable economies. Abu Dhabi alone has set itself a target of
achieving 7% renewable energy power generation capacity by the year
2020. We look forward to being part of this diversification
together with Istidama."
Sheikh Abdul Aziz bin Ali al Nuaimi, part of the Ruling Family
of the Emirate of Ajman and Board Director of Istidama, commented:
"In the UAE's energy intensive economy, increasing the role of
renewable energy to ensure the sustainable development of the
country is a priority. Investment in solar power solutions will
reap huge long-term benefits to the economy, both environmentally
as well as financially, which is why we welcome collaborations
between local businesses and international solar energy specialists
like ACE."
---ends---
Media Enquiries
Brunswick Tasha Young auhua@brunswickgroup.com
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Further information
Auhua Clean Energy David Sumner, non-executive +971 555 923198
plc Chairman davidjsumner@auhuacleanenergy.com
------------------------- ---------------------------- -------------------------------------
Grant Thornton UK Philip Secrett / Maureen +44 (0)20 7383 5100
LLP (Nominated Adviser) Tai / Philip.j.secrett@uk.gt.com
Jamie Barklem
------------------------- ---------------------------- -------------------------------------
Peat & Co Charlie Peat +44 (0)203 540 1721
(co-broker) Charlie.peat@peatandco.com
------------------------- ---------------------------- -------------------------------------
Cornhill Capital Nick Bealer +44 (0)20 7710 9610
Limited (co-broker) nickb@cornhillcapital.com
------------------------- ---------------------------- -------------------------------------
Beaufort Securities Guy Wheatley +44(0)20 7832 8300
(co-broker) Guy.Wheatley@beaufortsecurities.com
------------------------- ---------------------------- -------------------------------------
About Auhua:
Auhua Clean Energy (www.auhuacleanenergy.com) is a global
environmental technology group based in the Shandong Province of
Eastern China specialising in the development and application of
green energy and energy efficient solar water heating solutions. In
particular, the Group is focused on the manufacture and sale of
split-unit solar water heating systems. Auhua Clean Energy operates
through its wholly owned subsidiaries Shandong Auhua New Energy
Co., Ltd and Weihua Auhua New Energy Co., Ltd., of which Auhua
Holdings Pte Ltd is the intermediate holding company.
About Istidama:
Istidama LLC (http://www.istidama.com) is a privately-owned
corporate social responsibility (CSR) management consultancy
company, based in Dubai, United Arab Emirates. Istidama offers a
broad range of advisory, technical and consultancy services in
sustainability. Istidama means "Sustainability" in Arabic and the
company's vision is to support firms in achieving their expansion
plans whilst simultaneously reducing their impact on the
environment. This is achieved by helping clients to match power
generation requirements with clean-tech solutions, implementing
carbon abatement schemes, and sourcing access to private equity to
fund environmentally-friendly projects.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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