Last checked at 28 Jun 2018 10:45
28 June 2018
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")
Global Distribution Agreement with Vestas
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 Windar and Vestas Wind Systems A/S ("Vestas"), the wind turbine manufacturer, have signed a global distribution agreement for the sale and promotion of Windar's 2-beam LiDAR system. The system will be sold as a retrofit after-sales solution to the wind industry.
With more than 78 GW under service, Vestas is the largest maintenance provider in the wind industry. As part of its service portfolio, Vestas services close to 9 GW of non-Vestas turbines. Vestas' service network consists of more than 10,000 people across 63 countries worldwide.
The global distribution agreement grants Vestas certain exclusive rights over the sale and marketing of the Windar 2-beam LiDAR products for specific wind turbine platforms in each individual regional market and is primarily directed towards Vestas' multibrand fleet under service.
The 2-beam LiDAR system is a yaw-optimisation solution that can increase annual energy production by 1-4% for the asset owner by ensuring that the wind turbine is always facing the optimal direction for harnessing the wind. The LiDAR optimisation solution will be offered to a wide range of turbine platforms within the retro-fit market segments, thus providing a means for improving the performance of existing wind turbines.
Mariel Garrido, Head of Fleet Optimization at Vestas, commented: "We are committed to year on year provide our service customers with new technology options for optimising the energy production from their existing assets. We have chosen to work with Windar Photonics' LiDAR technology primarily to cover our serviced multibrand fleet due to its ability to deliver a combination of value for money, proven performance, ease of installation and service and limited interference with the turbine."
Jørgen Korsgaard Jensen, Chief Executive Officer of the Company, commented: "Following our strategic change in 2016 to utilise external distribution partners for the sale and promotion of our LiDAR products in retrofit markets, I am very pleased that Windar is now entering into this global agreement with Vestas. Our 2-beam nacelle-based LiDAR systems will now be made available to the global marketplace as part of Vestas' portfolio of service products.
Over the last year Windar has experienced a continually increasing market interest for our products and coupled with Vestas' global distribution capabilities, I am confident this agreement with Vestas can materially boost our global market presence within the retro-fit markets."
For further information:
Windar Photonics plc | Jørgen Korsgaard Jensen, CEO | +45 2423 4930 |
Cantor Fitzgerald Europe Nominated Adviser and Broker
| David Foreman Richard Salmond | +44 (0)20 7894 7000
|
About Windar:
Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimisation 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