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Windar Photonics PLC - Expansion of Retro-Fit Capabilities & Appointments

RNS Number : 7577U
Windar Photonics PLC
02 April 2019
 

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.

 

2 April 2019

Windar Photonics plc

("Windar" or the "Company")

 

Secures Exclusive Licence Agreement to Deliver Turbine Life Expansion and Extreme Load Reduction

 And Appointments of COO and Sales Manager

 

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 entered into an exclusive agreement with The Technical University of Denmark ("DTU") to expand the capabilities of Windar's retro-fit products. The Company is also pleased to announce the appointments of a Chief Operations Officer and a Sales Manager, with immediate effect.

 

Expansion of Retro-Fit Capabilities

 

DTU has begun the implementation of an innovative software solution into Windar's products. This software solution is expected to mitigate extreme loads on installed wind turbines without requiring changes to be made to the existing controller systems. This will be licensed to Windar on an exclusive basis and will complement Windar's existing Yaw alignment optimisation technologies featured in its wind turbine retro-fit product portfolio, including WindEyeTM and WindTimizerTM. These products are already recognised as leading solutions to the retro-fit market - supplying 10 of the top 25 global Independent Power Producers ("IPPs") in the market - due to their ability to increase annual energy production by 1-4%.

 

Based on work already conducted, DTU estimates that it can deliver extreme load reductions of between 5 per cent and 10 per cent. This can increase the expected operational lifetime of a wind turbine by a similar amount. 

 

The Company anticipates that the new software will be launched during 2020 and will feature as an optional software upgrade in new and existing WindEye™ installations.

 

Management Appointments

 

Ms. Hong Song De-Beer, who has extensive experience of managing global operations, has been appointed as Chief Operations Officer. Her main responsibilities will relate to operations, logistics and purchasing.

Before joining Windar, Hong was Director of Global Commodity and EMEA Account Management at Philips, the multi-national technology company. Prior to this she was General Manager, Global Category Management, at Maersk, which is the world's largest shipping company.

 

Hong completed a Bachelor of Science degree at UIBE in 1991. Following this she went on to study an MBA at the University of Oxford in Business Management, which she completed in 2001.

 

Mr. Jason Smith has been appointed as Sales Manager, with a primary focus on the Vestas Service. Jason, who is educated as an industrial engineer, has more than 23 years of experience in management and marketing. He joins Windar from ETEX Industry, where he was Country Manager for Scandinavia.

 

Hong and Jason will both be based in Windar's Copenhagen headquarters.

 

Jørgen Korsgaard Jensen, CEO of Windar, said:

 

"We are excited to add this load reduction capability to our technology in a way which respects our general "plugN'play" strategy and which will help our customers to increase the lifetime of their turbines without excessive cost. It also enables Windar to increase the growth potential and profit margins available from our existing WindEyeTM and WindTimizerTM products, which serve the retro-fit market segment of the wind turbine industry. Securing this exclusive licensing agreement accords with our strategy to maintain our market leading position and low-cost advantage through ongoing R&D and the costs associated with this initiative are in line with our anticipated spend on product evolution.

 

"We expect this new solution, together with our new hires, to solidify our market leading position as a developer of durable, high quality cost-effective LiDAR products which increase the efficiency and revenues of wind energy projects. We welcome Hong and Jason to the Company and believe that their skills and experience will strongly complement our focus on growth and ultimately reaching our ambition of building a strong, profitable company."   

 

Michael Stuer Lauridsen, Senior Executive Business Development Officer at DTU said:

 

"Since 2008 DTU and Windar Photonics have had a partnership related to development of new innovative Lidar technologies for the wind turbine industry. Today, I am delighted that yet another innovation created within DTU will potentially be brought to market through the partnership we have with Windar Photonics. We believe, the invention has great potential in creating new jobs and in benefiting the environment."  

 

**ENDS**

 

For further information:

 

Windar Photonics plc

Jørgen Korsgaard Jensen, CEO

+45-24234930
 

Cantor Fitzgerald Europe        

Nominated Adviser and Broker

 

 

David Foreman

Richard Salmond

+44 (0)20 7894 7000

 



Newgate Communications

Financial PR

Elisabeth Cowell

Adam Lloyd

Tom Carnegie

+44 (0)20 3757 6880

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 

 


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