Ener-Core Receives $2.1 Million Purchase Order and Initial License Payment from Dresser-Rand
Purchase Order Is for Two Units of Ener-Core’s Next-Generation Power Oxidizers, to Be Integrated with Dresser-Rand’s KG2-3G Gas Turbine
License Payment Related to Ener-Core’s Commercial License Agreement Signed with Dresser-Rand in Q4 2014
IRVINE, Calif.–On August 5, 2015, Ener-Core, Inc. (OTCQB:ENCR) received a purchase order, valued at $2.1 million, for two of Ener-Core’s next-generation Power Oxidizers, in the larger 1.5-2MW power capacity. The purchase order calls for the delivery of the Power Oxidizers to Dresser-Rand for subsequent integration into Dresser-Rand’s KG2-3G/PO Power-station, and represents the first commercial order of the system.
Further, Ener-Core also received the initial license payment from Dresser-Rand, a Siemens Business, as part of the license amount previously announced, within the Commercial License Agreement executed between both parties in November 2014.
Separately, on August 3, Ener-Core publicly announced the success of the Sub Scale Acceptance Test (“SSAT”), which was recently conducted by the Company, approved by Dresser-Rand, and is considered a vital technical step in the scale-up effort, enabling Ener-Core’s license partner Dresser-Rand to begin quoting and closing additional purchase orders.
“This has been an exciting time at Ener-Core as we begin the commercial phase of our agreement with Dresser-Rand. Receiving the initial purchase order for our first two next-generation Power Oxidizers as well as the first license fee payment are truly significant steps for Ener-Core and are a powerful validation by a well-established partner of the commercial viability of our technology and our ability to scale up our solution from 250KW to 1.5-2MW,” said Alain Castro, CEO of Ener-Core. “We are now able to fully engage with Dresser-Rand’s global sales and marketing team and begin the full commercial efforts for our 1.5-2MW systems. Our commercial team looks forward to this new phase of our commercial deployment with Dresser-Rand’s sales teams all over the world.”
Pierre Dumas, Dresser-Rand’s Vice President Strategic Business Development and Commercialization, said, “We look forward to presenting our global customer base with Ener-Core’s Power Oxidation technology, securing new project opportunities and expanding our relationship.”