SGOCO Group (SGOC) Signs BocaPCM-TES Contract

November 11, 2016 3:06 PM EST
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SGOCO Group, Ltd. (Nasdaq: SGOC) today announced that BOCA International Limited ("BOCA"), a wholly owned subsidiary of the Company, has signed a BocaPCM-TES Contract (the "Contract") with Differ Commercial Management Ltd. ("Differ"). Pursuant to the Contract, BOCA will supply and install a set of BocaPCM-TES to Differ in Xiamen City, China, for RMB 23.6 million (approximately $3.4 million).

BocaPCM-TES uses a salt based aqueous solution that is environmentally friendly, which allows the freezing point and solidification point of the eutectic salts to be manipulated to desired temperature. The system have similar characteristics as ice or water thermal energy storage systems, however it allows a wider range of temperature for the solidification process. BocaPCM-TES allows an even and controllable energy usage, drawing energy from the storage directly during peak hour, which ultimately reduces the operating costs.

As a company committed to environmentally friendly energy-saving products, Boca will install BocaPCM-TES for Differ real estate projects by using optimal control methods that most likely will cut the power usage in half, which will also reduce power facilities investment and construction costs for Differ as well as benefit the community with lower energy consumption and costs.

BOCA has successfully installed and operated BocaPCM-TES for a number of real estate projects worldwide, including the United Kingdom, Italy, Australia, Malaysia and Hong Kong. Regarding this new project of BOCA which the Company acquired at the end of last year, Mr. Shi-Bin Xie, Chief Executive Officer of SGOCO, commented, "We are pleased to see the initial results of the integration of Boca and transformation of the Company to the energy saving and environmental protection business. The company will continue its efforts to further develop such new business and achieve our goals. And now, we are happy to enter into the energy saving market in mainland China through this Contract."

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