Recon Technology announced that a mainland China variable interest entity’s subsidiary, Nanjing Recon Technology, has achieved preliminary progress on the research and development of a new energy-efficient electric pump that is being conducted at some oilfield sites in China. Through 18 months of on-site testing, the lab data shows the R&D work has achieved initial experimental results. Electric pumps in oilfield use a lot of energy, signifying great market potential for energy-efficient upgrading. Direct-drive permanent magnet synchronous motor are used as electric pumps in the oilfield water injection process, which are significantly more efficient than the conventional three-drive motors. Shenping Yin, Founder and CEO of Recon commented: "Each machine is expected to help save electricity expenses by RMB100,000 yuan per year. The oilfield company we launched the R&D project with has about 1,500 water pumps and is highly motivated to upgrade to more energy efficient pumps… We expect to set the price of our new electric pump at hundreds of thousands of RMB per unit and we are also in talks with some prospective clients and anticipate receiving about 20 to 30 orders in 2023."
Published first on TheFly
