Smallcap IT Company Bags Major Engineering Contract for World’s Largest Liquid Air Energy Storage Project in the UK!
The company’s shares have delivered an impressive return of around 300 per cent to its shareholders in the past 2 years.
AXISCADES Technologies Ltd, a leader in technology and engineering solutions, has announced that its subsidiary, Epcogen, has secured a long-term contract with Highview Power Limited, a British company renowned for its innovative energy storage technology. Highview Power specializes in liquid air energy storage (LAES) and has raised capital to develop its first large-scale project, the Carrington Power Project in Manchester, UK.
This project will feature the world’s largest LAES facility, designed to provide 50 MW of power with a 300 MWh (six-hour) long-duration energy storage capacity, serving over 1 million homes in the UK. Construction of the Carrington facility is set to begin immediately, with commercial operations expected to start in 2026.
Epcogen has been tasked with delivering multi-discipline engineering services for the project, including process detailing, technical safety, static and rotary equipment, piping, civil and structural engineering, electrical systems, instruments, and telecom. Epcogen began Front-End Engineering Design (FEED) for the Carrington Power Project in mid-2022, with pre-engineering activities continuing until 2024, bolstering investor confidence for the EPC execution phase, which is now underway.
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On Tuesday, the shares of AXISCADES Technologies Ltd closed at around Rs 555.20 per share on the BSE. The company’s current market capitalization stands at Rs 2328.96 crore. Additionally, the shares have delivered a multibagger return of over 685 per cent in the past 2 years.
As per the Quarterly Results, in the Q1 FY25, AXISCADES Technologies Ltd recorded a revenue of Rs 224 crore compared to Rs 215 crore. The operating profit stood at Rs 31 crore. The net profit stood at Rs 17 crore compared to a profit of Rs 6 crore. Looking at the annual performance, the company generated a revenue of Rs 955 crore in FY24. The operating profit for FY24 was Rs 133 crore with a net profit of Rs 33 crore compared to a net loss of Rs 5 crore in FY23.
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Disclaimer: The article is for informational purposes only and not investment advice.