18 May 2010 07:00
Zenergy Power plc
('Zenergy Power' or the 'Group')
Directorate Change
Zenergy Power (AIM:ZEN.L), the superconductor energy technology company, is pleased to announce the appointment of Mr. John Poulter as Group Chairman. Michael Fitzgerald, Chairman since the Group's listing on AIM in August 2006, shall continue to provide his services and guidance through his new capacity as non-executive director.
As noted in the Group's Report and Accounts published in March of this year, Zenergy Power has now transitioned from a largely R&D driven organisation to one with a growing industrial base with new opportunities and challenges. The appointment of Mr. Poulter brings to the Group a wealth of firsthand experience of managing the expansion of high-growth electrical engineering companies and provides the executive management team with industry knowledge and substantial operations knowhow specifically relevant to this new stage of the Group's development. Mr. Poulter has held senior positions at a number of high-growth companies and from 1988 to 2008 led Spectris plc (firstly as its Chief Executive and then as non-executive Chairman) as it grew annual sales and market capitalisation from £75m and £50m (respectively) to over £700m and £1bn (respectively). Mr. Poulter also held a number of other non-executive roles in companies including, among others, Kidde plc, RAC plc, Macquarie European Infrastructure plc and Filtronic plc.
Michael Fitzgerald, Non-Executive Director, commented:
'It is with great pleasure and anticipation that I welcome John to the board of Zenergy Power and I very much look forward to working closely with him as the Group progresses into its next stage of commercial development and industrial growth. Since our listing in August 2006, we have grown significantly and, as a result of our technical accomplishments, have transitioned from a largely research and development based organisation to one with a rapidly growing industrial and commercial base. This has brought us to an exciting stage of our development and I have no doubt that the additional experience brought to us by the appointment of John will help ensure that we capitalise fully on our current market position.'
Mr. Poulter's role as the Chairman of the Group is effective from Wednesday 19 May 2010 and Mr. Fitzgerald will Chair the Group's Annual General Meeting to be held today at the offices of Sprecher Grier Halberstam LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG at 09.00hrs.
Information regarding Mr. John Poulter:
Full name: John Poulter
Age: 67
AIM Rules Schedule 2 Disclosure - for the purposes of paragraph (g) of schedule 2 of the
AIM rules Mr. John Poulter holds or has held the following directorships:
| Current Directorships | Past Directorships over last 5 years |
| 4imprint Group plc | Spectris plc |
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| Filtronic plc |
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| Smaller Companies Value Trust plc |
No further disclosures are required to be made in relation to Mr. John Poulter under schedule 2 (g) of the AIM rules.
-Ends-
Further information
| Andrew Tan | Zenergy Power plc | + 49 2226 9060 668 |
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| Andrew Godber/Adam Pollock | Panmure Gordon & Co | + 44 207 459 3600 |
About Zenergy Power plc
Zenergy Power is a superconductor energy technology company, quoted on the AIM market of the London Stock Exchange and comprising three operating subsidiaries located in Germany, USA and Australia. The Group's commercial focus is the innovation and manufacture of clean energy superconductor solutions that are capable of delivering huge efficiency and cost improvements to the generation, distribution and consumption of electrical energy.
Today, the Group's groundbreaking superconductive solutions are already delivering energy savings to industrial users of electrical energy and providing cutting-edge protection from electrical power surges to the United States electricity grid. Looking to the near future, the Group is currently developing a range of highly energy efficient superconductor components for a new class of electricity generator capable of delivering significant cost savings to the renewable energy industry. These cost savings will enable renewable energy to more effectively compete with traditional thermal power generation; leading to a greater reduction in carbon emissions and a more sustainable economic future.
In 2007, Zenergy Power became the first company in the world to complete a commercial sale of an industrial scale superconductor application and has subsequently developed products capable of addressing several multi-billion dollar global markets. Following this in the first quarter of 2009, the Group's FCL device which reduces the damaging effects of large-scale power surges on electrical grids became the first such superconductor smart grid device to be installed and operated into the United States electricity grid. In line with this leading industry position, Zenergy Power is also manufacturing core components for what is due to be the world's first superconductor electricity generator which is due for installation into E.ON AG's commercial hydro dam in 2010. It is anticipated that the installation of the superconductor generator will increase the electricity output of this generator by 36%.
About superconductivity
Superconductive materials are capable of conducting electricity without any resistance and were first discovered in 1911 in what was to prove to be one of the most significant scientific breakthroughs of the 20th century.
Superconductors enable:
(a) Induction Heaters to be twice as efficient for the metals industry
(b) Fault Current Limiters to protect power grids from blackouts
(c) Direct-drive wind generators to be significantly reduced in size and weight allowing the operation of wind generators in excess of 8 MW
(d) Existing hydro-power sites to increase energy efficiency and electrical power output