Engineering firm wins Australian frigate and energy storage contracts
Pressure Technologies has confirmed two major contract wins for its subsidiary Chesterfield Special Cylinders (CSC).
The firm will supply air pressure valves for the Royal Australian Navy’s first batch of three Hunter class frigates to BAE Systems Australia. The ship is based on BAE Systems’ established Type 26 Global Combat Ship platform, currently under construction for the UK’s Royal Navy.
Pressure Technologies said the order will underpin its expected global defence order book development in the second half of FY24. Initial manufacturing milestones will begin later this year and pressure vessels are expected to be delivered to the program over the next three years. Pressure vessels manufactured by CSC will form an integral part of safety-critical onboard systems.
CSC has also been awarded a major contract to supply 48 high-pressure steel cylinder packages to Cheesecake Energy Limited (“CEL”), a UK developer of sustainable thermal and compressed air energy storage systems, for a pilot project funded by the Department for Energy Security & Net Zero.
Using cylinder packages supplied by CSC, CEL systems will store surplus energy generated by a dedicated solar power plant for use in periods of high energy demand, reducing reliance on fossil fuels and the grid, and lowering carbon emissions. Initial manufacturing milestones will begin later this year.
Pressure Technologies said the two orders had been expected, and it maintains its outlook for FY24.
Pressure Technologies also said it had received a number of non-binding indicative offers for its precision machined components (PMC) division since announcing its sale in December. The firm’s board intends to provide selected potential buyers with additional access to PMC and invite final offers, targeting sale completion in Q3.
Chief executive Chris Walters said the BAE Systems contract “demonstrates the continued close collaboration with BAE Systems globally and recognises the specialised engineering and manufacturing capabilities of Chesterfield Special Cylinders.”
He added, “We are also looking forward to collaborating with Cheesecake Energy on their pilot UK project, contributing our knowledge and experience in the design and manufacture of safety-critical pressure vessels to the delivery of a scalable, cost-effective green energy storage solution.”
Paul Harris, chief executive of Cheesecake Energy, said, “Energy storage will play a critical role in the energy transition and in meeting Net Zero targets in the UK and worldwide. We are excited to be working with Chesterfield Special Cylinders, an established and highly experienced UK supplier, on this pilot project.
“With funding from the UK Government, this pilot will help CEL to establish a supplier and partner network that will help accelerate progress towards our vision of becoming the leading global provider of sustainable energy storage.”
