6 Jan 2012 07:00
6 January 2012
Zenergy Power PLC
("Zenergy" or "the Company")
Trading update and settlement of German subsidiary
As previously announced last year, the Company is now focused on the market for non-superconductive magnetic Fault Current Limiters (mFCL). The Board continues to believe that there is a commercial opportunity for mFCLs and potential sales are being pursued with a number of companies.
The Company is also pleased to report that it has come to a full and final settlement with the Administrator of its German subsidiary, Zenergy Power GmbH. The Company has paid €150,000 in return for certain assets, settlement of all inter-company accounts and confirmation of full title to the necessary intellectual property rights to manufacture non- superconducting mFCLs. In addition, the Company will also receive a royalty on all sales of 2G wire for the next 10 years if the major industrial corporation that has acquired the technology are successful in completing the development and commercialising the Zenergy Power GmbH 2G wire program.
The Company will be announcing its preliminary results for the year ended 31 December 2011 on Friday, 10 February 2012 and shareholders will be more fully updated at that time.
Ends
For further information please contact:
Simon Cleaver Zenergy Power plc. +44 1344 667 347
Adam Pollock/Katherine Roe Panmure Gordon +44 207 459 3600
David Bick/Mark Longson Square1 Consulting +44 207 929 5599