The agreement with Duynie constitutes a very strong confirmation of the unique capabilities of the patented Tocircle technology and its applicability to the growing industrial Waste Heat Recovery market, says Tocircle CEO Steinar Faanes.
Oslo, Norway (PRWEB UK) 5 May 2017
The parties have agreed to establish a joint venture for production and sales of industrial Heat Pump systems, with first deliveries starting in Q3, 2018. This will in time represent a yearly compressor sales turnover in the Food and Beverage segment of approximately 20 M€. Earnings from the joint venture will come in addition.
The Heat Pumps, patented by Duynie, include a two-stage compressor assembly, each consisting of four TC-C920 compressors delivered by Tocircle. The Heat Pumps will be used for Residual Heat Recovery, significantly reducing the energy consumption and the carbon footprint of heat intensive foodstuff manufacturing, and responding to the increasingly stringent energy efficiency requirements imposed on European industry. Substantial savings in fossil fuel cost will thus be achieved, while promoting the user’s Corporate Social Responsibility image.
The agreement with Duynie constitutes a strong confirmation of the unique capabilities of the patented Tocircle technology and its applicability to the growing industrial Waste Heat Recovery market, says Tocircle CEO Steinar Faanes.
Says Duynie CEO Richard Corsmit: Duynie’s core business is to upgrade co-products from the food industry and as such, upgrading residual heat from food processing neatly follows this strategy. We very much look forward to developing this new market segment together with Tocircle.
About Duynie: Dutch company Duynie Holding (http://www.duyniegroup.com) is a specialist in the utilization of co-products from different agricultural product industries throughout Europe. The company itself is owned by Royal Cosun BV (http://www.cosun.com), a co-operative of 8800 sugar beet farmers and the only sugar company in the Netherlands, with a turnover of 2000 M€.
About Tocircle: Tocircle Industries (http://www.tocircle.com) is a mechanical technology company dedicated to developing Controlled Rotary Vane Machines, a patented design for multiphase compressors, expanders, turbines and pumps. Tocircle Industries is located in Glomfjord, Nordland county, Norway, and has offices in Oslo.
For further inquiries, please refer to board chairman Eystein Aspesletten e.aspesletten(at)tocircle(dot)com, or to industries(at)tocircle(dot)com