13 Oct 2011 07:00
Energiser Investments PLC ("Energiser" or "the Company")
Update
In its Interim Statement announced on 30 September 2011, Energiser stated that it had recently invested a small sum in a project in the leisure industry and further sums would only be invested subject to the outcome of the initial phase. The Company identified an opportunity within the Marine Leisure Market and is working with a small US based specialist engineering team who are developing a low profile, high powered motor technology particularly suited to the Personal Water Craft (PWC) and small watercraft markets worldwide.
The initial phase involved the production of a fully functional proof of concept prototype motor. Energiser is pleased to report that the initial phase has now been completed and that the technology has so far exceeded the original design goals set by the engineering team. The team has also identified a potentially significant new application in the marine leisure market which can utilize the low profile, high powered features of the motor.
As a result, the Company has agreed to fund the next phase of development and at the same time has secured the sole rights to the technology. This phase, under which the Company's financial commitment remains modest, includes a pre-production version of the motor for testing by the US Federal Emissions Agency ("EPA"). The motor must receive an EPA certificate for use within a marine environment in the US. The EU has a similar requirement and a US emission compliant technology would automatically gain access within the EU market. The team are targeting the receipt of the EPA certificate in the first quarter of 2012.
For further information contact:
Energiser Investments PLC
Nishith Malde +44 (0) 1494 762450
finnCap Limited
Matthew Robinson / Rose Herbert (Corporate finance) +44 (0) 20 7220 0500