Shares of Axiscades Technologies climbed over 6% on August 20 after its subsidiary, Epcogen, secured a long-term contract with Highview Power Limited, a UK-based energy storage technology company.
At 2 PM, the stock was 2.1 percent higher at Rs 554 on NSE against the previous close of the session. Epcogen has won another large deal, an extensive engineering services contract, to be executed for Highview Power at the Carrington Power Project in Manchester, UK. The facility in Manchester will house the world’s largest liquid air energy storage unit.
This will result in a 50-MW capacity, 300 MWh project that will be able to power over 1 million homes in the UK—an intelligent way to strategically decarbonise power to become sustainable. It’s envisaged to start commercial operations in 2026. Construction now formally goes into EPC execution after the successful completion of Front-End Engineering Design by Epcogen.
Axiscades did not disclose revenue figures from the project, but the announcement added to investor sentiments that were positive, with the stock’s performance the only upturn in a 4.5% fall over the last year against the 26% rise in the Nifty 50 index.
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Source: Moneycontrol
News Desk
