TechnologyOne wins major contract with alternative energy company
TechnologyOne (ASX: TNE) has won a $750,000 contract to supply Geodynamics Limited with a fully integrated suite of software solutions that will help the geothermal energy company manage its rapid growth and achieve its business objectives.
One cubic kilometre of hot granite at 250 degrees centigrade has the stored energy equivalent of 40 million barrels of oil, but does not produce greenhouse gases.
Achieving this Proof of Concept was a significant prerequisite for the Brisbane-based company's application for $90 million of funding from the Federal Government's Renewable Energy Demonstration Program.
The next step is to power Innamincka, a small town in the north-east of South Australia, using the geothermal energy, after which Geodynamics plans to build Australia's first commercial scale geothermal power plant.
The company's rapid expansion has necessitated a review of all systems. Geodynamics' workforce has quadrupled in one year and its physical assets are growing in number.
To cope with the developments, Geodynamics has signed a contract for TechnologyOne Financials, Works & Assets, Human Resource & Payroll and Project Management solutions. It will use the software to better manage its budgets, sites, staff and projects.
TechnologyOne also works with a number of mining companies, including coal companies Jellinbah Resources Pty Ltd in Queensland, Mitsui Coal Holdings Pty Ltd. and Felix Resources, oil company Magellan Petroleum, and distributors Reliance Petroleum, Westoil, Inland Petroleum (BP Lymna) and Dermody Petroleum.
Geodynamics cited the usability and the intuitiveness of the TechnologyOne's product as a big part of their decision but said the deciding factor was the Human Resources & Payroll, in particular pointing to its Occupational Health and Safety (OH&S) capabilities.
Utilities, resource and mining industries have strict OH&S responsibilities, requiring staff to have certain qualifications and undergo ongoing training. The TechnologyOne product can be configured to alert users to these requirements and monitor when they're due for renewal.
The Works & Assets product was another selling point for Geodynamics due to the customer's growing need to manage multiple projects and assets such as plant, warehouses and heavy equipment. In addition to a range of other features, the solution monitors the life cycles of equipment, and will enable Geodynamics to budget for maintenance and replacement costs.
TechnologyOne Executive Chairman, Adrian Di Marco, said even though the downturn had affected Australia's energy and resource industries as China's appetite for resources diminished, this was not affecting all suppliers.
"We are seeing traditional mining companies taking the opportunity to get processes in place now the pace has slowed slightly, while alternative energy companies like Geodynamics Limited are benefiting from the Federal Government's support and will only get bigger in the coming years," Mr Di Marco said.
"We have been working closely with a wide range of companies in this sector and have grown to understand what they need from their technology. Whether traditional or alternative, a fully integrated solution is necessary to enable them to keep track of their many projects and plan for the future."