Last checked at 27 Apr 2020 07:00
27 April 2020
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Windar Photonics plc
("Windar" or the "Company")
New Chinese order and Covid-19 update
Windar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to announce that the Company has received another order for 30 WindVision™ systems to be delivered in 2020.
30 WindVision™ will be delivered and installed on new DongFang turbines in China, integrated into their control system and used as part of their control strategy to optimise loads and power gains.
Also, the first 50 WindVision™, as part of the order for 100 WindVision™ to be installed on CNR wind turbines (as previously announced on 21 January 2020), is scheduled for delivery in May 2020 as originally planned.
Throughout the Covid-19 period, Windar has maintained production and its delivery schedule to customers without any delays to date. However, due to the high degree of uncertainty relating to Covid-19 across both Europe and also China the Company has initiated a series of cost savings including that all employees of the Company have accepted a salary reduction of 20% on monthly salaries in excess of EUR 2,700.
Martin Rambusch, General Manager, commented: "I am very pleased that Windar is still obtaining orders in China despite the Covid-19 situation, and we are pleased to have been able to organise our production, during the Covid-19 period, in a way that has enabled us to meet delivery schedules previously agreed with our customers. Many of our staff are successfully working from home and servicing our customers online to complement our production teams. Despite this I am very proud of the unified acceptance shown by all employees to the voluntary salary reduction in this uncertain period. This act will further strengthen the Company's working capital position and better enable it to address Covid-19 caused issues affecting Windar."
For further information:
Windar Photonics | Martin Rambusch, General Manager | +45 21689476 |
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Cantor Fitzgerald Europe Nominated Adviser and Broker | David Foreman (Corporate Finance) Keith Dowsing (Sales) | +44 (0)20 7894 7000
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The person responsible for arranging the release of this announcement on behalf of Windar is Martin Rambusch.
About Windar:
Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimization systems for use on electricity generating wind turbines. LiDAR wind sensors in general are designed to remotely measure wind speed and direction.
http://investor.windarphotonics.com