- The stock price of GSE Systems, Inc. (NASDAQ: GVP) increased by 27.8% yesterday. This is why it happened.
The stock price of GSE Systems, Inc. (NASDAQ: GVP) – a leader in advanced engineering and workforce solutions that support, optimize and decarbonize operations for the power industry – increased by 27.8% yesterday. Investors responded positively to the company announcing that their strategic collaboration with ABB Bailey Japan has resulted in a significant project to provide process simulation for NIHONKAI LNG Niigata terminal located in Niigata, Japan.
And with a total capacity of 720,000 m3, the terminal — which has facilities for receiving, storing and supplying LNG (liquefied natural gas) to the Niigata and Tohoku area, serves as an important energy source for power generation and city gas.
This is the first project win resulting from the partnership between GSE and ABB Bailey Japan, established in March of 2020. And the project covers software and services scope which will include modelling processes using JPro Tools, a simulation software from GSE and will then be integrated with ABB’s industry-leading automation system.
The collaboration combines GSE’s highly specialized control room simulators, plant simulators, and operator procedures with ABB’s capability in control systems, computer-based procedures, and decision support to create high-fidelity training simulator for the Japanese energy sector. And the simulation improves safety and efficiency in operations, and allows verification and validation of engineering modifications for a holistic view of integrated plant operation. Plus operators can use GSE’s simulation technology to evaluate control strategies, procedure effectiveness, data integrity, and control system implementation.
As more organizations are embarking on their digital transformation journey, this project paths the way to more opportunities which the two companies have been developing together.
KEY QUOTES:
“Simulation improves safety and efficiency in operations. Working with GSE, we can support our customers on their digital journey, creating a virtual environment to test and validate operational processes using a real-time dynamic simulated environment. In a greenfield plant such as this it can only serve to increase plant efficiency, reduce capital and operational expenditure, lower risk and increase operational safety.”
— Joerg Theis, President and Chief Executive Officer of ABB Bailey Japan
“LNG is a strategic, clean and reliable form of energy for Japan. We are excited to work with ABB Bailey Japan on projects like this that leverage the best of both companies serving the Japanese market. Together we are using simulation solutions to drive efficiency for clean, reliable, safe, and inexpensive energy across Japan.”
— Kyle Loudermilk, President and CEO of GSE Solutions
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
