great25 Jun 2010 09:56
07:05 Cinpart PLC - Memorandum of Understanding RNS
RNS Number : 2255O Cinpart PLC 25 June 2010
25 June 2010
AIM:CINP
CINPART PLC
('Cinpart' or the 'Company')
Memorandum of Understanding
with
County Executives of America
Cinpart plc (AIM:CINP), is delighted to announce that Active Energy Limited ("Active Energy"), its subsidiary company, has signed a Memorandum of Understanding ("MoU") with County Executives of America ("County Executives"), which represents county leaders across 700 counties in the USA, acting on behalf of 48 per cent. of the US population.
Significantly, the MoU sets out terms for County Executives to support the development of Active Energy's presence in the USA. This includes promoting Active Energy both at a senior level in Washington DC, from Congress up to the White House, and to county authorities nationwide.
Active Energy provides voltage optimisation technology which can reduce the energy consumption and CO* emissions of commercial buildings by up to 20 per cent., with average savings of 12 per cent. Under the terms of the MoU, County Executives will work with Active Energy in order to secure sales with county authority owned public facilities such as prisons, schools and hospitals which could benefit from the technology. In addition, the MoU includes the facilitation of potential partnerships with specific utility companies.
In order to support its expansion in the USA, the Company is also considering establishing a US based assembly facility. This would provide the necessary additional capacity to service demand in a cost effective location. Active Energy has already worked with County Executives to identify a suitable location and in accordance with the MoU, County Executives would offer further assistance in setting up a facility, in particular with accessing grants and financial incentives.
Kevin Baker, Chief Executive of Cinpart, commented:
"The MoU with County Executives of America represents significant progress in our ambition to establish Active Energy's technology in the USA. We have been working with the organisation to build awareness of our technology amongst both commercial and governmental bodies. With the support of County Executives, we now look forward to expanding on the initial interest generated in order to take advantage of the considerable opportunities available in the US."
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