Synertec has its Technology Ready to Meet Surging Demand in ESG

Published on: 26 February 2022
by KnowESG
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A Brief Summary

ESG technologies are in great demand due to the global focus on sustainability and reducing carbon emissions. Companies across the world have started using the opportunity to expand their businesses. For Synertech, an IT services firm in the automobile industry, the surging demand for ESG technology presents an opportunity for its innovative technology and engineering solutions.

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Synertech's FY22H1 results demonstrated its strength in the engineering business to generate cash flows, innovation and expertise to support changing ESG technologies, are increasing business attention toward the company.

The shift toward high-margin revenues by the company doubled its gross margin percentage on pre-covid levels. The engineering wing added around $6 million in new contract wins, plus an agreement with Metro Trains Melbourne worth up to $3 million.

The company's technical know-how and research and development are paying off now. It also signed an MOU with Santos for its Powerhouse AL-driven solar-battery power system.

“Some six months later, and with great credit to our team, we are now partway through the fabrication of our Powerhouse system,” MD Michael Carroll said.

Carroll said it’s an important achievement that offers Synertec and its partner GasLog significant exposure to the growing demand for LNG-fuelled shipping, with exposure to several local and international near-term opportunities, led by South Australia’s Outer Harbour LNG project.

“We also signed a perpetual, exclusive and royalty-free licence agreement with our partners, GreenTech, that provides us with the right to use Composite Dry Powder technology across a range of key global energy markets, including Australia, the Americas and Canada,” he said.