09/11/2007
Hydrodec has achieved a major breakthrough for its SuperFine transformer oil in the Turkish market – one of the major centres for transformer manufacture. It has done a deal with a leading Turkish trading house to supply a minimum of 2.4 million litres of transformer oil in the first year of the agreement. That takes its Australian plant up to full capacity some way ahead of schedule.
The news is heartening at a time when Hydrodec is accelerating its plans for the US market. One plant is close to completion and a second is planned to open there in the first half of 2009. Hydrodec recently raised £13.8 million by way of a convertible loan note to fund its US development plans.
The shares have come down from the 33.75p at which I tipped them here in March last year to 19.25p now. That values the business at £49 million, allowing for the conversion of the loan. We may still be a couple of years away from seeing the full fruits of Hydrodec’s technology in transformer oils, but patience should be rewarded. Hold.
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