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Highlights
- Synertec Corporation reports a significant rise in Powerhouse revenue.
- Engineering services revenue shows steady growth, driven by strong contracts.
- Strategic capital restructuring positions the company for future expansion.
Synertec Corporation (ASX:SOP) has reported notable progress in advancing its innovative Powerhouse energy storage units. The company achieved a remarkable 68% year-on-year revenue increase for the product and recorded a substantial 187% growth from the third quarter of FY2024 to the first quarter of FY2025. This growth highlights the success of Synertec’s zero-emission industrial micro-grid system, which has delivered more than 99.9% reliability over the past two years without requiring maintenance callouts.
The Powerhouse system represents a key component of Synertec’s broader strategy to address the demand for sustainable and reliable energy solutions. The system’s proven performance in operational testing underscores its potential to serve as a dependable energy solution for remote and industrial applications.
Strength in Engineering Services
Synertec’s engineering division also contributed to the company’s overall success, recording an 11% year-on-year revenue increase, reaching $21.2 million. This growth has been underpinned by long-term contracts with major industrial clients and government utilities, ensuring a stable financial foundation for the group.
Synertec Chair Dennis Lin emphasized the importance of the engineering segment, stating that it provides both financial stability and a platform for innovation. The company has strategically targeted resilient industry sectors with strong margins, enabling it to deliver high-quality engineering and technology services across a diverse range of projects. Lin highlighted the company’s consistent ability to provide reliable solutions, which has solidified its reputation as a trusted partner in the market.
Strategic Leadership and Capital Restructuring
Synertec made key changes to its leadership team, with Johannes Risseeuw appointed as a non-executive director and chair-elect. Additionally, David Harris transitioned to focus on Powerhouse commercialisation as head of technology solutions, reflecting the company’s emphasis on this growth area.
In a move to support its strategic initiatives, Synertec restructured its capital in FY2024. The company secured a $15 million debt facility and raised $7 million through a share placement. These funds are earmarked for the continued rollout of Powerhouse technology, potential Grid Support applications, and working capital requirements.
Looking ahead, Synertec anticipates further growth opportunities, particularly in deploying its Powerhouse energy solutions. With an increasing need for sustainable baseload power in remote areas, Synertec aims to strengthen its market position and expand its impact in the energy and technology sectors.
