Axiscades Technologies' subsidiary gets contract from British energy firm, shares up 6%

Over the past 12 months, Axiscades Technologies shares have fallen around 4.5 percent.

Shares of engineering solutions firm Axiscades Technologies jumped over six percent in trade on August 20. The firm's subsidiary Epcogen bagged a long-term contract from Highview Power Limited, a British energy storage technology producer.

At 2 pm, Axiscades Technologies shares were quoting Rs 554 on the NSE, higher by 2.1 percent from the previous session's closing price.

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In its exchange filing, Axiscades Tech said Highview Power, which specializes in liquid air energy storage (LAES), has raised capital to establish its first large-scale project, the Carrington Power Project in Manchester, UK.

This project will feature the world’s largest LAES facility, supporting a 50 MW, 300 MWh (six-hour) long-duration energy storage capacity to provide power to over 1 million homes in the UK. The EPC construction of the Carrington facility is set to commence immediately, with commercial operations planned to begin in 2026.

The firm's subsidiary Epcogen has been engaged by Highview Power to provide multi-discipline engineering activities, including Process Detailing, Technical Safety, Static, Rotary, Piping, Civil & Structural, Electrical, Instruments, and Telecom. Epcogen began Front-End Engineering Design (FEED) for the Carrington Power Project in mid-2022.

The pre-engineering activities continued until 2024, helping to build investor confidence towards the EPC execution. The project is now moving into the EPC execution stage.

Axiscades Technology has not shared any revenue details from the project.

Over the past 12 months, Axiscades Technologies shares have fallen around 4.5 percent as against a 26 percent rise in the Nifty 50 index during the same time period.

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