Windar Photonics PLC New WindEye order for the Chinese retro-fit market (7748A)
01 Octubre 2020 - 02:00AM
UK Regulatory
TIDMWPHO
RNS Number : 7748A
Windar Photonics PLC
01 October 2020
1 October 2020
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Windar Photonics plc
("Windar" or the "Company")
New WindEye order for the Chinese retro-fit market
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 it has signed a new distribution and exclusivity agreement
with a distributor in China (the "Agreement") and has received an
initial order under the Agreement for 50 WindEye(TM) systems to be
delivered in 2020.
The Agreement provides the distributor with exclusive rights to
market and sell the Company's 2019 and 2020 2-beam systems to
certain customers within the retro-fit IPP market in China for a
period of 12 months. This initial, committed order is the first
batch to be delivered under the Agreement, which includes
non-binding sales targets for a total of 400 WindEye(TM) systems
over the period.
The ongoing Covid-19 situation has resulted in disruptions and
delivery postponements as a result of end-user project delays and
substantial travel restrictions affecting commissioning of products
in the field. However, 2020 has also been encouraging in respect of
actual order intake, underlining the customer interest in the
Company's product offerings, with the value of total orders placed
for delivery in 2020 during the first 9 months of the year already
more than double the revenues realised in 2019. This includes a
small numbers of systems already delivered systems in North America
under the Company's distribution agreement with Vestas for projects
that the Company believes may result in future larger orders for
the WindEye/WindTimizer(TM) solution in these regions. In the
current, uncertain environment, the challenge for Windar is to
convert orders received to delivery and revenues to be recognised
in the current year.
Jørgen Korsgaard Jensen, Chief Executive Officer of the Company,
commented:
"I am delighted to see that, after almost 9 months of
negotiating this new distribution agreement, we now have this new
confirmed order for the first deliveries of our WindEye(TM) systems
in China. It illustrates to me that our WindEye/WindTimizer(TM)
solution is more cost efficient compared to just increasing the
overall nominal installed capacity by building new wind farms."
For further information:
Windar Photonics plc Tel: +45 21689476
Jørgen Korsgaard Jensen, CEO
Cenkos Securities plc (Nomad & Broker) Tel: 0131 220 6939
Neil McDonald / Pete Lynch
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
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