Synertec Executes Contracts With Santos for Two Additional Powerhouse Systems; Shares Hit 52-Week High
Synertec (ASX:SOP) executed contracts with Santos (ASX:STO) for the delivery of two more Powerhouse systems for the latter's Gladstone liquefied natural gas joint venture operations, taking the total number of contracted units with Santos to six, according to a Tuesday Australian bourse filing.Gladstone is a joint venture among Santos, TotalEnergies, Petronas, and Kogas.One of the new units will deploy 250 kilowatts of solar energy and 1 megawatt-hour of storage to power three coal seam gas wells, per the filing. The second new unit will provide 300 kilowatts of solar energy and 1.5 megawatt-hours of storage, and is expected to power five coal seam gas wells.Both units are scheduled for installation in the first half of fiscal 2027, the company said. The second unit also remains subject to Santos' final investment sanction, which is currently expected around the end of the first quarter of fiscal 2027.All six units are contracted under a build, own, operate, and maintain commercial arrangement, which provides Synertec a flat monthly rental fee.Synertec's shares surged past 19% in recent Tuesday trade and earlier hit a 52-week high. Santos' shares gained 2%.
