Wasabi Energy Limited Half Yearly Report -2-

24 February 2012

Power Engineering - February 23, 2012

Wasabi Energy is working with ArcelorMittal South Africa to implement two Kalina Cycle(R) power plants using the heat from its hot strip mills. The Kalina Cycle(R) power plants will have a combined generation capacity of 30 MW or approximately 249,660,000 kW hours of electricity which will be used by the Vanderbijlpark steel works providing significant improvements in its energy usage. Using CO(2) reductions already achieved at the plant as a guide, the implementation of the Kalina Cycle(R) power plants is expected to reduce its CO(2) emissions by a further 258,000 tonnes per annum.

The project is a build, own, operate by Wasabi Energy and is currently in its feasibility stage which is progressing well. Under the term sheet agreement ArcelorMittal South Africa will supply waste heat from its hot strip mills at no cost. Wasabi Energy will then sell back to ArcelorMittal South Africa the electricity produced by the Kalina Cycle(R) power plants under a long term power purchase agreement. After a successful feasibility study and relevant permitting the first 6 MW Kalina Cycle(R) power plant is expected to be operational in the second half of 2013.

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