18 May 2010 09:32
Immediate Release: Tuesday 18 May 2010
Zenergy Power plc
('The Company')
Result of Annual General Meeting
Zenergy Power plc (AIM:ZEN.L), the superconductor energy technology company, announces that all resolutions placed before the Annual General Meeting ('AGM') of shareholders of the Company, held earlier today at 09:00hrs, were duly passed.
Details of the resolutions tabled and the voting results can be found on the Company's website, www.zenergypower.com (under Investor Relations/Shareholder Communications), in the 'Notice of AGM' and the 'Result of AGM' respectfully.
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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