Peerless lands $6.9M order to reduce Qatar plant emissions

Shares of Peerless Mfg. (NASDAQ: PMFG) continued their meteoric rise today on latest news that the company has landed another significant contract.

Today Peerless said it's been awarded a sale valued at approximately $6.9 million for the design and supply of Selective Catalytic Reduction (SCR) systems for the reduction of nitrogen oxide (NOx) emissions from 6 combine cycle gas turbines.

The turbines are expected to produce 2,000 megawatts of electric power generation for an independent power producer at a new power and desalination complex in Mesaieed, Qatar.

Peerless received the order from a large HRSG boiler manufacturer in Europe. The equipment is scheduled for delivery throughout calendar year 2008.

"Peerless has been the leader in providing environmental solutions for new natural gas fired power generation sources with SCR systems installed in over 55 gigawatts of power generation. This order is a major accomplishment for Peerless and it signifies our ability to expand our environmental business into new geographic regions throughout the world," said Peter J. Burlage, CEO.

Peerless Mfg. designs, engineers, manufactures and sells products used for the abatement of air pollution and products for the separation and filtration of contaminants from gases and liquids. The company headquartered in Dallas, Texas.

Its shares are currently trading at $40.91, up from $23.83 six months ago.