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Nova Resources Ltd

  • BY: Andrew Hore |
  • POSTED: 27/01/2014 |

Nova Resources Ltd says that 23.7%-owned Enerstry Group has won a contract in South Korea. 

Styrofoam manufacturer Hansung Industries will purchase steam from a renewable energy plant to be built and operated by Enerstry Korea. This is a ten-year agreement. The plant will use wood pellets as fuel and it should be up and running by the end of August. The plant should generate annual revenues of $700,000.

This deal is on top of the Yonsei Milk deal, where revenues should be $1.2m a year. The two contracts should generate revenues of $19.5m over ten years.

There has been some profit-taking since the Enerstry deal was announced a week ago. Even though, the share price has fallen to 1.93p a share, this is still nearly four times the share price at the beginning of 2014. Nova is valued at 3.72m.

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