ENECO SIGNS MULTI MILLION US DOLLAR CONTRACT & RECEIVES MAJOR INVESTMENT

ENECO and PROTERRA to pursue multi-billion dollar power markets


The ENECO/Proterra contract is estimated by Proterra to be worth not less than US$2 billion over the next 7 years; ENECO’s share of the contract would be worth not less than $200 million over the same period. ENECO will use its Thermal Chip Technology and Proterra will use its Thermal Management Systems to reduce carbon emissions and cut energy consumption and costs. ENECO will supply Proterra’s current district power projects and both parties will work together on new projects in the US, the UK and elsewhere.

As part of the Contract Proterra will invest US$20 million in ENECO at $5.50 per share. This gives Proterra a stake in ENECO’s future on attractive terms and provides ENECO with capital for expansion.

Dr Lew Brown, CEO of ENECO, said:

“We are delighted to team up with Proterra to supply this important industrial market with energy saving technology, and to benefit from their knowledge and experience in the district power market”.

Mark Hodges, CEO of Proterra, added:

“The involvement of ENECO greatly strengthens our competitive edge in this enormous market, where the potential for supplying greener, more efficient and less costly power is almost without limit. We believe that our investment in ENECO at this price will pay off handsomely over time”.

ENDS

For further information:

Catalyst Investment Group – Tim Roberts or Andrew Wilkins:  +44 (0) 20 7929 9122
MJ2 – Christopher Joll or Alice Proctor: +44 (0)20 7491 7776
ENECO - Lew Brown: +1 801 583 2000
Proterra – Mark Hodges: +1 651 330 1618