(Sharecast News) - Fire safety business Zenova revealed on Monday that its range of six and nine-litre extinguishers had been approved for the marine industry.
Zenova stated the "coveted MED approval" confirmed that its extinguishers met the standards set forth by the Marine Equipment Directive to ensure that extinguishers were specifically designed and approved for use on marine vessels to ensure safety at sea.
The AIM-listed group stated this opened up a $2.4bn new market for its fire extinguishers, a market that was expected to grow by 8% per year to reach $4.1bn by 2029.
Chief executive Thomas Melchior said: "The MED certification further enhances the attractiveness of the Zenova FX extinguisher range. Our sales team is already in contact with the marine industry, and we are expecting to announce first orders form this promising sector soon."
As of 1125 GMT, Zenova shares had surged 23.26% to 2.65p.
Reporting by Iain Gilbert at Sharecast.com
Zenova Grp (ZED)