Floating Solutions

Gigajoule Floating Solutions is an electricity generation company. It creates fully operational, gas-based power plants, floating on barges. It uses proven technologies together with Internet of Things (IoT) and blockchain technologies to ensure the highest standards of quality and efficiency.  This takes a fraction of the time required for traditional land-based plants, yet rivals or surpasses them in efficiency, reliability and cost.

STO will be going live soon

Presale in Progress
46days
14hours
41mins
59secs

1 GIGJ = ~ US$ 1

STO Starts on Jan '20
Reserved
4,000,000
Available
20,000,000

Electricity is a cornerstone to any country’s
growth and potential

An estimated 2 billion people worldwide do not have access to electrical power, and this figure is increasing. In countries like Nigeria, despite the abundance of natural gas as feedstock, less than half of the population has access to stable electricity supply.

Even where electrical transmission systems do exist, many developing countries rely on costly and inefficient substitute power generation systems. These have negative impact both on the environment and on sovereign finances and budgets as governments often need to apply subsidies to make them affordable.

About Us

The Gigajoule Solution

Floating Power Plants (FPPs)

  • Natural gas-based power generation
  • Gas turbines mounted on barges
  • Can be deployed wherever there is access to the sea
  • Positioned in lagoons, rivers or harbours
  • Coupled to natural gas supply and the national transmission system

Natural Gas as Feedstock

  • Cleanest of all carbon-based energy sources
  • Gas associated with oil production (as in Nigeria) or LNG (Liquid Natural Gas)

Siemens SGT-A65 Gas Turbines

  • State-of-the-art turbine technology
  • Aeroderivative engines
  • Modularized with generators and mounted in pairs on barges

AIRCRAFT-ENGINE POWER GENERATION

Gigajoule uses the Siemens Trent turbine as its primary power unit. At its core is the same Rolls-Royce engine that is found on the Boeing 777 and Airbus A380 aircraft, providing enhanced reliability for long-range flights and maximum passenger capacity. The Siemens Trent gas turbine is assembled in a modularised package with a Brush generator, to form the SGT-A65 generator set.

The use of Rolls-Royce engines for electrical power plants represents successful technology transfer and benefits from more than 30 years of development and billions of dollars of research.

The SGT-A65 also benefits from a long operating life of 50,000 hours (approx. 6 years). Turbines can then be switched out for a replacement in under 72 hours. The cost of this “as new” recurring operational capacity is incorporated in O&M costs.

The Siemens technology package includes comprehensive O&M and performance guarantees, resulting in maximum reliability and efficiency.

FLOATING POWER PLANT

An FPP has unique economic, social and environmental features that make it an optimal source of electric energy.

Floating power plants that use SGT-A65 engines have several important advantages:

  • Location flexibility
    • Two SGT-A65s are mounted on a floating barge, thus creating a complete movable power plant
    • Significantly less footprint is required than for land-based power plants. This provides many options of where to site the FPP units, as close as possible to gas supply and the local electrical evacuation infrastructure.
    • Ownership of the FPP units is always retained. These assets can therefore be deployed to other sites if necessary
  • Speed of manufacture, installation and commissioning
    • Quicker and easier than land-based counterparts
    • Gigajoule’s floating power plants will be assembled in the Appledore Shipyard UK with its covered dry dock allowing for manufacture throughout the year
    • Once the floating power plant arrives at the place of deployment by heavy lift vessel, connection to gas supply and the electrical grid is done in a relatively short time
  • Simultaneous establishment of the land-based infrastructure for the FPP units
    • Dry dock, gas pipelines, substations and transmission lines
  • Economies of scale
    • FPP units are deployed in groups of four per site though this can be increased or decreased as requirements dictate
    • In a typical deployment configuration, eight modularised SGT-A65 generator sets in operation means that maximum operating availability can be maintained at all times for the typical twenty-year operational term.

 

SIEMENS SGT-A65 SYSTEM

The Siemens Trent gas turbine is assembled in a modularised package with a Brush generator, to form the SGT-A65 generator set, complete with intake duct and exhaust stack. The system is fully automated. Each SGT-A65 has a generating capacity of 66 MW.

Siemens Operating, Maintenance and Performance warranties ensure a twenty-year average of operational ability of not less than 95%.

The SGT-A65 is an aeroderivative gas-powered turbine. Its start-up time is very fast, at less than 10 minutes, and it can tolerate frequent stops and starts. This stop-and-go capability is particularly effective in balancing out energy load fluctuations.

The SGT-A65 can provide base-load power both to electrical grids and to industrial applications.

Applications

Immediate

Gigajoule is ready to implement three projects of 528MW each at various sites in Southern Nigeria, in close proximity to gas supply and electricity evacuation infrastructure.

  • Significant work has been completed at each of these sites to secure power generation licenses, confirmation of gas supply and electricity evacuation transmission studies.
  • Additional work includes preliminary environmental approvals, floating plant and infrastructure design work, economic viability confirmation and the necessary precursor negotiations to secure the Power Purchase Agreement with the Federal Government.

Project funding is achieved by utilizing the following credit enhancements:

  • World Bank Partial Risk Guarantee
  • Siemens full Operating, Maintenance and Performance Warranty
  • Lloyds of London Insurance

This amounts to over 1500MW installed capacity at a project cost of US$1.4bn (net) which is externally financed.

Future

  • In Nigeria alone there is immediate demand for another 10 000MW
  • In the rest of Africa, immediate demand is 20 000MW
  • Globally, excluding Africa, demand is estimated at another 30 000MW

Potential

  • Desalination plants for fresh water supply
  • Mini-refineries to produce diesel and petroleum products from traditionally uneconomic oil fields

ADVANTAGES

MOBILITY

Easily transported by sea and river to locations in need of electrical power

SUSTAINABILITY

Powered by resource abundant natural gas or Liquid Natural Gas if needed

RELIABILITY

Aircraft engine technology, developed under highest  standards for reliability and efficiency

ECO-FRIENDLY

Natural gas is the cleanest carbon based fuel.

LONGEVITY

20 year performance guarantee with over 95% availability provided by Siemens

EFFICIENCY

Can be supplied in both open or closed cycle to maximize operating efficiency

The Gigajoule Token

An security token offering (STO) will be conducted to finance the implementation of the Gigajoule project. A digital token named the Gigajoule (GIGJ) will be issued on the Polymath network.

In contrast with most ICOs and IEOs, the GIGJ token will not be a simple utility token, exchangeable for goods or services to be produced in the future. Rather, the GIGJ token is structured as a security: token holders will benefit from the success of the project.

GIGJ token holders will be entitled to receive an annual dividend of 15% of the profits generated by the Gigajoule project, in proportion to their number of tokens.

STO Specifications

 

Name Gigajoule Token
Tech Standard ERC-1400
Symbol GIGJ
Standard Price USD 1.00
Total Supply 20,000,000
STO Sale 16,000,000
Soft Cap $6,000,000
Hard Cap $14,400,000

STO Schedule

The initial coin offering shall be divided into two general stages: a private pre-sale and an STO public sale.  Discount incentives shall be applicable  according to the following table:

 

  Tokens Available Discount Price
Private Pre-sale 3,000,000 30% $0.70
STO (Round 1) 3,000,000 20% $0.80
STO (Round 2) 3,000,000 15% $0.85
STO (Round 3) 3,000,000 5% $0.95
Listing 4,000,000 0% $1.00

Token Distribution

Use of Funds

Roadmap

Implementation

1

Sep 2019

2

Jan 2020

3

Mar 2020

4

Sep 2020

5

Nov 2020

6

Mar 2021

  • Incorporation and setup of Malta-based holding company
  • IEO private Pre-sale

IEO Public Sale - Jan 2020.

Engagement with Siemens and  Appledore Shipyard for the final design and construction commencement of first 2 floating power plants.

Secure funding underwritten by the Multilateral Investment Guarantee Agency (MIGA) and Siemens performance warranty.

Finalize Power Purchase Agreement with Federal Government of Nigeria plus all other construction and operating agreements for the implementation of the first project.

Lenders ready to advance first funds for project constructions.

Construction

1

Apr 2021

2

Jul 2021

3

Aug 2022

4

Nov 2022

Implement the construction disbursement, administration and control procedures.

Appledore shipyard and Siemens start the manufacture and construction of the floating power plants within 15 months.

Floating power platforms to be loaded onto heavy lift ships and, within a month, shipped to the closest deep-water position offshore the lagoon or river from which the move to final installation will take place in Nigeria.

Commissioning and handover.

Operation

1

Jan 2023

2

Dec 2042

Electrical power supply commences and continues for the next 20 years, under Power Purchase Agreement with the government of Nigeria.

Power Purchase Agreement finalizes. Potential extension of the Agreement for another twenty year term with the same assets, would be negotiated with Nigerian Government.

FAQs

Frequently Asked Questions

What is Gigajoule?

Gigajoule is a project that applies state of the art technology in the form of floating power electricity plants. Each floating power plant is mounted on a barge, and it is composed of two SGT-A65 aeroderivative gas powered turbines. The floating power plant has an electricity generation capacity of 132 MW. The technology behind Gigajoule floating power plants is provided by Siemens, and each project is made up of 4 barges with a total output of 528 MW.

What problem is Gigajoule trying to solve?

Gigajoule was born as an answer to the problem of electricity access, which affects millions of people worldwide, but its more acute in African countries. The current model of electrical generation in these countries makes use of a variety of power plants, many of which are economically and environmentally unsustainable however notwithstanding unsuitability, their aggregation is nowhere near able to meet the burgeoning demand for electricity. Gigajoule, is a fast track construction and deployment power generation system able to expand existing power generation capacities in developing and developed countries.

Where are the floating power plants going to be established?

The Gigajoule team has spent years making preparations of the implementation of the first three floating power plants in Nigeria. The selection of Nigeria as the first priority for the Gigajoule FPP solution was driven by an abundance of natural gas, an existing national transmission system and the support of the World Bank to underwrite the payment obligations of the Government to purchase the electricity produced under the Power Purchase Agreement. The first 3 projects will be executed in 3 different locations: Cross River State, Anambra State and Delta State. More projects are planned for Nigeria and other African, Middle Eastern, South East Asia and Central American countries as demand will remain unsatisfied for decades to come.

How long will the Gigajoule project last?

The deployment of the floating power plants are planned for an average life of between 20 -40 years. This is driven by the tenure of the power purchase agreements of different countries

How is the Gigajoule project financed?

The implementation of the first three projects will be financed through mainly debt packages underwritten by the Partial Risk Guarantee (PRG), provided by the Multilateral Investment Guarantee Agency (MIGA) of the World Bank and the production performance guarantee offered by Siemens. The implementation costs of the first three projects and the proper capitalization of the Gigajoule FPP Company will be financed through an initial exchange offering (IEO).

What is an STO?

A security token offering (STO) is a digital token based fundraising method, similar to an initial coin offering (ICO). The key difference between an STO and an ICO, is that in a STO regulatory and legal compliance is hard coded into the contract. KYC is carried out and linked to whitelisted addresses in accordance with the holder’s jurisdiction.

When will the STO/Listing take place?

The STO will take place in January 2020. It will be preceded by a private pre-sale. Discounts will be applicable both during the pre-sale and the STO sale. We expect to start listing the token on regular exchanges around Q2 2020.

Which legal entity is conducting the STO?

The STO is to be conducted by a corporation registered in Belize called Gigajoule Company Ltd. This organization is ring fenced and will transfer all funds raised to our Matese company called Floating Power Company Malta Limited.

Which platfrom is going to manage the STO?

The STO shall be managed by on the Polymath Platform. Polymath is the leader in Security Token issuance.

What is a Gigajoule token?

The Gigajoule token (symbol: GIGJ) is the digital token that shall be issued in the STO, using the Ethereum standard ERC, for the conduction of the fundraising. GIGJ tokens shall be available for purchase throughout the Presale and STO and will be delivered to investors’ wallets as they purchase tokens and once they have completed basic KYC and our SAFT (Simple Agreement for Future Tokens).

Are GIGJ utility tokens or security tokens?

GIGJ tokens will be security tokens, not utility tokens. Utility tokens, the most common method in ICO/IEO fundraising, give token holders the right to exchange them for goods and services to be produced by the project which is financed through the ICO/IEO. Token holders do not participate in any way in the profits of the project. In contrast, security tokens provide investors with profit earning rights, among other potential rights.

What rights do GIGJ token holders have?

GIGJ token holders shall have a right to earn 15% of the annual profits generated by all Gigajoule projects, according to the percentage of tokens they hold. For instance, if in year 2025 a total of $20,000,000 in net profits is generated, a token holder who owns 5% of the GIGJs in circulation, will earn the sum of $150,000 in annual profits ($20M x 15% x 5%).

Which cryptocurrencies can I use to purchase GIGJ tokens?

GIGJ tokens can be purchased during the Presale and STO with BTC, ETH & over 50 other altcoins. Purchase of GIGJ tokens after the STO will depend on the specifications of the digital exchanges where GIGJ shall be listed.

What will happen to unsold GIGJ tokens?

GIGJ tokens that are not sold during the STO shall be burnt. “Burning” a token means sending it to an ETH address where the token can not be traded further.

Will GIGJ tokens be listed in digital exchanges?

GIGJ tokens shall be listed in the Coineal digital exchange, after the completion of the STO. However, it is foreseen that in the near future they shall be also listed in other digital exchanges with significant trading volume, in order to facilitate further their trading.

Will a bank be able to fund more than US$600 million to build one of the projects?

With the investment grade financial guarantees from an organisation like the World Bank, and the performance guarantees from the Siemens group together with the support of the export credit agencies of the UK and Germany, any number of the large commercial banks in the UK and Europe (either individually or in consortium) will fund the projects. These guarantees are earned by ensuring that the bankable study work is properly done in order to comply with all the necessary permits and authorisations required by the host government. This is what much of the funding raised through our STO will be applied to. It is also comfortably within the specific skills set of the founders of the project.

Executive team

Gardner, David

Founder & Senior Engineer

Potter, Chris

Founder & Maritime Engineer

Schwartz, Russel

Founder & Chief Executive Officer

Schwartz, Warren

Founder & Software Engineer

Advisors