REH.L Regulatory News (REH)

10 Apr 2008 07:01

Renewable Energy Holdings plc10 April 2008 Date: 10 April 2008On behalf of: Renewable Energy Holdings plc ("REH" or "the Company")Embargoed until: 0700hrs Renewable Energy Holdings plcTrading update Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operatorof proven and innovative renewable energy technologies, today provides a tradingupdate for the year ended 31 December 2007. The Board expects to report results ahead of market expectations. Revenue isexpected to be in the region of £4.6 million, with a loss of £1.5 million,compared to a market expectation of £4.5 million, with a loss of £2.3 million.The better than expected loss position is largely due to the Company's licensingagreement with Carnegie, announced in August 2007, in which Carnegie hascommitted to pay £4.75 million for the rights to use REH's CETO wave powertechnology in the Southern Hemisphere. Of this amount, £750,000 has beenrecognised in the reporting period year ended 31 December 2007. Carnegie will also pay to REH a 2% licence fee for each project developed and a2.5% annual royalty. The licence fee is based on total project investment andthe royalty is based on annual earnings. This agreement has resulted in REHincurring no further cash outlay on the development of the project, whilecontinuing to own all intellectual property relating to the technology. As previously announced on 27 July 2007, the Northern Hemisphere will bedeveloped through the Collaboration Agreement with EDF Energies Nouvelles SA. The Company expects to announce its preliminary results for the year ended 31December 2007 on 28 April 2008. For further information please contact: Mike Proffitt, Chief ExecutiveRenewable Energy Holdings plc Tel: 01624 641199 Richard SwindellsNabarro Wells - Nominated Adviser to REH Tel: 020 7710 7400 Katherine Roe / Ashton ClanfieldPanmure Gordon - Broker to REH Tel: 020 7459 3600 Samantha Robbins / Paul Dulieu / Clair Sharp reh@redleafpr.comRedleaf Communications Tel: 020 7822 0200 Notes to Editors About Renewable Energy Holdings Renewable Energy Holdings is an international company established to be anoperator of, and undertake active investment in, both proven and innovativerenewable energy technologies. REH owns two operational wind farm sites is Germany, Kesfeld (32.5MW) and Kirf(8MW). In addition, REH is at various stages of development of further wind farmsites in Poland and Wales. REH owns a 1MW methane Landfill Gas Project in Powys, Wales. CETO is REH's innovative wave power technology. It is the first wave powerconverter to sit on the seabed, where it is invisible, safe from storms andocean forces, and self contained. Unlike other wave energy technologies thatrequire undersea grids and costly marine qualified plant, CETO requires only asmall diameter pipe to carry high pressure seawater ashore to either a turbineto produce electricity, or to a reverse osmosis filter to produce fresh water. The Directors and executive team of REH have extensive experience in both theconventional and renewable energy sectors, both in the UK and overseas, andthrough their experience have built a broad international network ofrelationships with individuals, companies, governments and lobby groups. The Company was incorporated in the Isle of Man on 8 October 2004 and listed onthe London Stock Exchange's AIM Market in February 2005. Further information can be found at www.reh-plc.com This information is provided by RNS The company news service from the London Stock Exchange