(Alliance News) - Sabien Technology Group PLC on Friday said is working with City Energy Network Ltd and EDF PLC to obtain Standard Assessment Procedure approval for its M2G Cloud gas reduction technology.
Shares in the London-based boiler efficiency products company were up 4.8% to 12.31 pence each in London on Friday morning.
Sabien said it installed that first residential M2GCloud solution through a contract with the UK government on Tuesday. It installed its second on Wednesday.
However, it explained that SAP approval remains significant to the company as it will expand the reach of the M2G product line into the residential/domestic market via district heating schemes. The company expects approval to increase its current addressable market by three times.
Also Sabien's engineering team will be enhanced by City Energy's engineers "to deliver the energy saving installations at pace."
The company added that the savings delivered through its technology will "instantly" address the energy crisis in the UK, by reducing fossil fuel use at point of consumption.
In July, its real time reporting system showed an average 17% daily savings in gas consumption and carbon dioxide emissions, across a mixed customer base of 109 newly installed cloud enabled M2G installations.
Chair Richard Parris said: "While further work is required to complete SAP certification and the supply of silicon chips remains challenging, I am confident this announcement represents a step-change in Sabien's go-to-market firepower.
"This bodes well for future sales, especially as the demonstrated average immediate saving of 17% gas heating bills is nationally significant to businesses and consumers alike."
By Sophie Rose; sophierose@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Sabien Tech. (SNT)