Final Results
Embargoed Release: 07:00hrs Friday 1 May 2009
Zenergy Power plc
(`Zenergy' or the `Group')
Preliminary Results for the Year Ended 31 December 2008
(`the Period')
2008 Highlights
* Commercial upgrade order for superconducting hydro-generator received from
E.On AG;
* Installation of world's first superconductor induction heater into
commercial premises;
* Establishment of Honeywell joint development program for superconducting
wires;
* Successful testing of superconducting electromagnetic coils for renewable
energy; and
* Successful testing and delivery of Smart Grid device.
2008 Awards
* Winner 2008 Hermes Award;
* Winner 2008 AIM Award for Best Technology; and
* Winner 2008 Monaco CleanEquity Award.
2009 Momentum
* Successful installation of smart grid device into U.S. electricity grid;
* Commercial contract for development of further smart grid device from The
Consolidated Edison Company of New York;
* Commercial contract for superconductor hydro power evaluation from RWE AG;
and
* Institutional fundraising of £9.5 million to support commercial expansion
in the United States.
Analyst Presentation
Zenergy today also announces that it will hold an analyst presentation at
09:00hrs on Monday 18 May 2009. Interested parties should email Andrew Tan at
andrew.tan@zenergypower.com for further details and to register for attendance.
Further information
Andrew Tan Zenergy Power plc + 49 2226 9060 668
Vikki Krause/Kirsty Corcoran Hansard Group + 44 207 245 1100
Adam Pollock/Katherine Roe Panmure Gordon & Co + 44 207 459 3600
Kam Bansil/Rory Scott Mirabaud Securities LLP + 44 207 866 0244
Chairman's Statement
It is with great pleasure that I present my report on a year that has been
shaped by some of the Group's most significant technical achievements to date.
Looking over the year the cumulative impact of these achievements has been to
establish a growing recognition of the substantial improvements in energy
efficiency and electrical performance that can be gained through the adoption
of our superconductor technology. This recognition is testament to our world
class in-house engineering capabilities that we continue to focus on the
practical and commercial needs of our end-customers. Moreover, our strategy of
focussing on the development of high-value superconductor components, employed
at the heart of a number of industrial applications, has enabled us through the
year to remain on track with our commercialisation objectives. Accordingly, we
have continued to work closely with our collaborative partners to rapidly
commercialise and bring to market a range of highly competitive energy
efficient products that are capable of delivering measurable, proven and
value-enhancing energy performances to our customers.
Perhaps most significantly, we saw in the Period the first installation of one
of our superconductor products into a customer's commercial premises. The
installation of our superconductor induction heater also marked a first for our
industry, as never before had an industrial-scale device employing
superconductor technology been adopted into an existing large-scale
manufacturing operation. Subsequent to this landmark achievement, we were
further encouraged by the machine's operating performance which exceeded all
expectations of the customer and ourselves by delivering not only dramatic
energy savings, but also significant productivity increases.
Elsewhere, the Group made significant progress in the development of both its
Smart Grid Technology products and its Renewable Energy Technology products. In
relation to both of these product areas, I was delighted to see us achieve the
all important third party validation of our technology. Building on these
success we have now progressed to delivering what will be the first full scale
units of both these products. In relation to our Smart Grid Technology we
successfully tested our first full-scale Fault Current Limiter (`FCL') under
the observation of a number of the largest U.S. utility companies and were
subsequently invited to deliver the device for installation into the
Californian electricity grid. Within our Renewable Energy Technology activities
we had our first full-scale superconductor coil tested and validated by our
development partner, Converteam SAS, and we are now on course to deliver the
remaining coils that will be used to construct a hydro-generator for
installation by E.On AG into a commercial hydro site located in Bavaria,
Germany.
But in reviewing the year it is equally important, and encouraging, to note the
fundamental and profound shift that has occurred within our target markets as a
result of a worldwide ubiquitous government-led push for renewable and clean
energy solutions. The routes of this shift are perhaps embedded in the events
of 2007 that saw the world's financial markets begin to unravel amid a well
publicised global credit crunch. As we progressed through 2008, we witnessed
these events begin to impact on the real economy as economic growth quickly
receded into recession and productivity contracted. This rapid and severe
contraction in the private sector has brought the world's governments to the
forefront of our economies and they in turn have focussed on developing the
renewable and clean energy industries. As we progress, there is little doubt
that government intervention and government spending will play the defining
role in driving the economy through the current financial turmoil and even less
doubt about the new enlarged role that clean energy will play within our
economy as it emerges from this recession.
As we look to 2009 we can only do so with confidence and anticipation. It has
now been two-and-a-half years since the Group listed on the London Stock
Exchange and very few could have predicted the huge shifts that have taken
place within the world's economies since that time. These have placed the
renewable energy industry in the centred and formidable position that it finds
itself today. 2008 can be defined as the year in which a paradigm shift
occurred in the perception of the renewable and clean energy industries which
in turn led to a fundamental increase in the importance now being conferred
upon them to provide the means of sustainable economic and social development.
This move from the periphery to mainstream consciousness and commercial
industry is today manifesting itself in the type of capital investment, public
policy commitment and regulatory change that will lay the foundations from
which our target industries can flourish.
Institutional Fundraising
Following the close of the Period we approached a number of new and existing
institutional investors to raise further capital in response to the commercial
opportunities we can see arising as a consequence of the U.S. and other
government spending on stimulus packages aimed at the clean energy sectors.
Accordingly, I am pleased to report that we were successful in raising an
additional £9.5 million for the Group by way of a Placing. As reported at the
time, the main rationale behind this Placing was to enable the Group to take
full advantage of two particular stimulus proposals within the American
Recovery and Reinvestment Act of 2009 that we anticipate will have a direct
impact on the Group's sales efforts.
1) The U.S. Government's commitment to provide a 50 per cent. funding programme
for electricity utility companies investing in smart grid technology; and
2) The U.S. Government's commitment to provide a 50 per cent. funding programme
for industrial businesses making investments in energy efficient technology
capable of reducing energy consumption by 25 per cent..
It is the belief of Zenergy's Director's that these two U.S. Government funded
schemes will have clear implications for commercial prospects of the FCL and
the induction heater. Our engagement by The Consolidated Edison Company of New
York shortly after the close of the Period also highlights the commercial
opportunities we have in the United States and our ability to raise these funds
at this time clearly demonstrates the wider support that exists for the
exciting work that we are doing in the field of superconductivity.
I would like to thank everyone who has contributed to the progress that we have
made in these past two-and-a-half years which has placed us in the advantageous
position we find ourselves today, from where we can fully benefit from the huge
growth occurring within the global clean energy markets. I have no doubt that
we are, with the additional funds now available to us, better placed than ever
to realise our great potential as we begin to deliver superconductor based
energy solutions to our target markets.
Michael Fitzgerald
Chairman
30 April 2009
Core expertise, key focus and commercial strategy
At Zenergy we focus on engineering and patenting clean energy solutions centred
on the exploitation of the incredible electrical properties of superconductive
materials. The Group's key value proposition is to develop a range of patented
technology solutions and engineering know-how that define the means with which
to enable quantum leaps in the efficiency and performance of industrial scale
electrical equipment. By focussing on the design and creation of core
superconductive components, Zenergy's commercial strategy is to enter into
collaborative partnerships with established industry participants with whom it
can rapidly develop and deploy highly competitive energy efficient products
into multi-billion dollar global markets.
Chief Executive's Report 2008
Summary
Overall, 2008 can be considered to be the year in which our technology left our
research and development facilities and entered into the real commercial world.
As I go into more detail below we will see that this was achieved through both
commercial sales and rigorous third party testing and validation. In both
instances, the outcome underlines the same significant fact; that our
technology has proven itself capable of living up to, and beyond, our
expectations in both laboratory and real-world conditions. The importance of
this 'real-world' operation cannot be overstated and already we have been able
to progress a number of commercial discussions as a direct result of the
technical achievements of 2008.
Our corporate drive and motivation is based around our technology's capability
to lead a revolution in the electrical performance of industrial scale
equipment and throughout 2008 we continuously demonstrated and documented the
impact that superconductors can have on the economic viability of a clean
energy economy. To this end, it is highly encouraging to see that in every
instance in which we have subjected our technology to third party validation it
has performed at least as well as we had anticipated and proven in real terms
the significant implications of its electrical properties.
At Zenergy we focus on the development of core high-value superconducting
components designed and engineered to be adopted into multiple product
applications for commercial exploitation in a number of different energy
markets. There are numerous advantages to this focussed approach and in 2008 we
achieved significant progress across all of our commercialisation activities as
a result of them:
Assessing this focussed approach from a technology development perspective we
see the main advantage as being the emergence of a growing overlap of know-how
and expertise between different products as we focus on the core components
common to those products. This focus on core superconducting component
engineering has enabled us to develop a number of different clean energy
applications without overstretching our internal resources. In fact, what we
have experienced in 2008 is that the technical progress achieved over a number
of years during the development of one application can often mean de facto
progress on other applications in the future. Accordingly, we achieved some of
our most significant technical breakthroughs during the year that led to not
only the launch of our second commercial product, but also the technical
validation of our third. Both of these achievements were especially important
to the Group as they involved a substantial level of third party evaluation of
our technical abilities by not only by our commercial partners and end
customers, but also by industry regulators, analysts and standard bearers. The
cumulative impact of this progress has been to position us as one of the most
accomplished experts in the field of developing and commercialising
superconductor energy technology whilst at the same time also conferring a
substantial level of credibility upon our commercial products.
Moving on to assess our focussed approached from the perspective of an overall
commercial product development strategy we note the main advantage as being our
ability to enter into several different global product markets in quick
succession. 2008 witnessed a deepening recession in which we immediately began
to reap the benefits of our ability to address multiple markets. Looking to our
first commercial product, the induction heater, we can expect a slower than
hoped for uptake in the short-term as industrial businesses assess their
capital expenditure plans. However, looking to our second commercial product,
the Fault Current Limiter, we can now expect a much faster than expected uptake
in the short-term as a result of the substantial proposed stimulus packages in
the United States and their specific focus on clean energy and electrical grid
expenditure. In this respect, our focus on developing the core superconducting
components has led to the mitigation of the slow down in the metals industry by
our ability to capture the significantly enlarged opportunity within the Smart
Grid industry in the United States. Looking to our third product, the
superconductor hydro-generator (due for initial installation into E.On AG's
commercial hydro-power dam in Bavaria December 2009) we can also expect the
growing regulatory pressure on renewable energy production levels to benefit us
in the short- to medium-term.
Looking from a corporate development perspective we see the advantage of our
focussed approached manifesting itself in a growing level of recognition, trust
and faith that we and our technology receive from industry participants,
regulators and government bodies. It is worth noting that in this respect it is
not just the fact that we focus on superconducting components that is
important; but more that these components govern the fundamental performance
characteristics of the products that they are used in. For instance, it is our
patented superconducting coils used in the induction heater (developed in
conjunction with our manufacturing partner, Bültmann GmbH) that enable the 50%
reduction in electricity consumption and the 25% increase in productivity; it
is our patented superconducting coils used in the FCL's (developed in
conjunction with our manufacturing subcontractor T&R Electric Inc) that enable
the handling of huge power surges multiple times a second; it is our patented
superconducting coils used in the hydro generators (built in conjunction with
our collaborative partner, Converteam SAS) that enable the significant
increases in electrical efficiency and power output of hydro-dams; and, it is
our patented superconducting coils used at the heart of wind generators (also
being developed in conjunction with our collaborative partner Converteam SAS)
that will enable the cost reduction of offshore wind power production by 25%.
It is the fact that our patented components have the ability to bring about
these substantial improvements in electrical performance of industrial
equipment that has led to us being able to establish numerous valuable
collaborations and partnerships with some of the world's most established and
revered global companies.
Overall, as we review 2008 we can see that our strategy of focussing on core
superconducting components is bringing about the rapid emergence of our first
set of industrial products employing superconductive technology. Below I focus
on our 3 main product areas and briefly summarise the main points of progress
made through the year.
Smart Grid Technology
During the course of the year we saw the launch of our second commercial
product, the Fault Current Limiter. This was a particularly important milestone
for the Group because of the tremendous commercial potential that is currently
emerging in the United States as a result of the huge amounts of investment and
government funding that grid technology is now receiving.
Our superconductor FCL represents one of the few technology solutions that can
directly protect electricity grids from damaging power surges and during the
year was approved for installation into the United States electricity grid.
Accordingly we delivered the first unit to Southern California Edison ('SCE')
who, following rigorous rounds of pre-installation tests, cleared the unit for
installation in the first quarter of 2009. This unit has now been successfully
installed into the Avanti distribution circuit of SCE's electricity grid and is
the first such superconductor FCL device to ever be installed and operated in
the United States grid. Since this landmark installation we have now been
contracted under commercial terms by Consolidated Edison of New York (the
Unites States' largest investor owned utility company) to build and test a
demonstration device specifically for the needs of their New York City grid
system.
Renewable Energy Generators
Our business proposition within renewable energy production is a simple one; as
is our technology's value add. In summary, we are using our core high
performance superconducting coils to replace the bulky and inefficient copper
coils found in existing generator designs. In doing so we enable a new class of
electricity generator capable of significantly reducing the cost of producing
renewable energy. We are able to achieve this by exploiting the incredible
current carrying capability of superconductive materials - which can carry over
100X the amount of electricity as compared to copper - to produce generators
that are substantially smaller and lighter than those produced today. The
significance of this is substantial when it is considered that a conventional
6MW direct-drive copper generator used in offshore wind turbines weighs over
400 tonnes and is approximately 9 metres in diameter. In contrast, generators
developed using superconducting coils will be just one sixth of the weight of
and one third of the size. Particularly important when considering the
logistical challenges of constructing and maintaining offshore wind turbines.
Collaboration
In 2007 we entered into an exclusive co-operation agreement with Converteam SAS
(formerly Alstom Power Conversion) to jointly develop superconductor generators
for the hydro-power and wind power markets. Since that time we have enjoyed
numerous development, engineering and design success as a result of our
collaborative efforts and are due to install the world's first superconductor
hydro-generator into E.On's commercial hydro-dam during December 2009. Of
particular significance to our development efforts, was E.On's decision during
the year to upgrade the generator to be the pole position generator in its
commercial dam; thus it will be responsible for the base-load generation of
electricity for over 3,000 of E.On's customers. E.On's willingness to entrust
its reputation in our technology is taken as a significant endorsement not just
of our superconducting technology but also of our design and engineering
capabilities.
2G Wire Development
With regard to the massive growth in demand we expect for renewable power
generation, Zenergy has been committed to the development of proprietary
lower-cost production techniques for a second generation of superconducting
wire know as 2G wire. Unlike existing 1G wire, 2G wire will not use silver, and
in the case of Zenergy's proprietary `all chemical' process, will be mass
manufactured using continuous thin film production techniques. 2008 was another
progressive year for our research programme during which we achieved
significant improvements in wire quality and consistency. Most significantly
during the year, we entered into an exclusive joint development agreement with
Honeywell Specialty Materials (`Honeywell'). Under the agreement, Honeywell
will now work with us to develop a number of the chemical precursors that we
will be required in the volume production of our 2G wire.
This agreement is particularly important to our 2G strategy as, when combined
with our existing exclusive arrangement with ThyssenKrupp VDM, it secures us
the volume supply of all the highly specialised chemical and raw materials
required for our intended mass manufacturing of 2G wire.
Induction Heaters
The third and most mature of our current commercial products is the
superconductor induction heater which is used within the metals industry to
heat (and therefore soften) metal billets prior to extrusion. Our
superconductor induction heater continues to represent a substantial commercial
opportunity to the Group despite the current downturn in the metals industry.
But of equal importance to the Group is the role that the induction heater has
played in demonstrating the commercial viability of industrial scale devices
based upon superconductor technology. The order for our first induction heater
in the third quarter of 2007 represented the first ever sale of a commercial
industrial scale device based upon superconductor technology. The significance
of this cannot be overstated as the single most important validation for any
emerging technology is to achieve initial commercial traction and deployment
into real world operating environments. In both of these respects 2008 has, in
spite the tough economic environment, been our most progressive year to date
for the induction heater.
The momentum for our induction heater in 2008 began in March when we were
successful in securing our second commercial sale to a prominent multi-billion
Euro global copper producer. This sale was then followed by the completion of
the installation of the first ever superconductor induction heater into our
first customer's industrial premises. The result of this is that as of July
2008, we have been able to show potential customers our ground-breaking machine
in operation in commercial premises. This is a significant factor in de-risking
our technology in the minds of those customers. To date, we have received
requests from over 25 major metals producers to visit the machine in Weseralu's
facilities and have entered into a number of commercial discussions as a
consequence. These are ongoing and I expect them to make a positive impact
during the course of 2009.
To round off another great year for the induction heater, we were delighted in
October of 2008 to receive from our first customer a summary of the installed
machine's operational performance that showed it had reduced its energy
consumption by 50% and also increased the productivity of its extrusion line by
25%. These results from Weseralu GmbH exceeded our expectations and spell out
clearly the economic and environmental benefits of our superconductor induction
heater.
2009 Outlook
As summarised at the beginning of my report, 2008 can be seen as the year in
which our technology commercialised and gained widespread third party
validation. Looking to 2009 I expect the proven capability of our
ground-breaking superconductor energy technology to gain growing commercial
traction within all of our target markets. Looking at the levels of activity
within our target markets, and especially in relation to the clean energy
markets, I expect this commercial traction to lead to further commercial sales,
further collaborative partnerships and possible new ventures for the Group.
Dr. Jens Mueller
Chief Executive Officer
30 April 2009
Preliminary Results for the year to 31 December 2008
Consolidated income statement
for year ended 31 December 2008
Year ended 31 December Year ended 31 December
2008 2007
€000 €000
Revenue 2,028 268
Cost of sales (1,580) (221)
Gross profit 448 47
Other operating income 842 578
Distribution expenses (876) (519)
Administrative expenses (3,934) (2,703)
Strategic marketing (691) -
project
Research & development (3,028) (2,644)
expenses
Loss before one off (2,478) (1,586)
expenditure, research &
development,
depreciation &
amortisation & equity
settled share based
payments
Strategic marketing (691) -
project
Research & development (3,028) (2,644)
expenses
Depreciation & (699) (603)
amortisation
Equity settled (343) (408)
share-based payment
expenses
Operating loss (7,239) (5,241)
Financial income 1,974 295
Financial expenses (47) (554)
Net financing costs 1,927 (259)
Loss before tax (5,312) (5,500)
Taxation 40 263
Loss for the period (5,272) (5,237)
attributable to equity
holders of the Parent
Earnings/(loss) per
share (Euros)
Basic and fully diluted (0.12) (0.13)
loss per share
Consolidated statement of recognised income and expense
for year ended 31 December 2008
Year ended 31 Year ended 31
December 2008 December 2007
€000 €000
Foreign exchange translation (2,407) (338)
differences
Net expense recognised directly (2,407) (338)
in equity
Loss for the period (5,272) (5,237)
Total recognised income and (7,679) (5,575)
expense
Total recognised income and (7,679) (5,575)
expense for the period
attributable to the equity
holders of the parent
Consolidated balance sheet
at 31 December
2008 2007
€000 €000
Non-current assets
Investment in subsidiaries - -
Property, plant and equipment 2,685 1,671
Goodwill 1,341 1,303
Other intangible assets 5,174 3,176
Total non-current assets 9,200 6,150
Current assets
Inventories 508 543
Trade and other receivables 1,902 753
Research & development tax credit receivable - 150
Cash and cash equivalents 6,797 17,746
Total current assets 9,207 19,192
Total assets 18,407 25,342
Current liabilities
Trade and other payables (1,978) (1,966)
Non current liabilities
Deferred tax liabilities (660) (653)
Total liabilities (2,638) (2,619)
Net assets 15,769 22,723
Equity attributable to equity holders of the parent
Share capital 649 645
Share premium 32,050 31,672
Translation reserve (2,792) (385)
Warrant reserve 200 200
Retained loss (14,338) (9,409)
Total equity attributable to shareholders 15,769 22,723
Consolidated cash flow statement
for year ended 31 December 2008
Year ended 31 December Year ended 31
2008 December 2007
€000 €000
Cash flows from operating
activities
Loss for the period (5,272) (5,237)
Adjustments for:
Depreciation and amortisation 699 603
Foreign exchange gains/(losses) 2,128 12
Gain on sale of fixed assets - (39)
Financial income (1,974) (295)
Financial expenses 47 554
Equity settled share-based payment 343 408
expenses
Taxation (40) (263)
Operating loss before changes in (4,069) (4,257)
working capital and provisions
Increase in trade and other (392) (167)
receivables
(Decrease)/increase in stock 35 (420)
Increase in trade and other 4 801
payables
Cash absorbed by operations (4,422) (4,043)
Tax received 133 86
Net cash (outflow)/inflow from (4,289) (3,957)
operating activities
Cash flows from investing
activities
Interest received 614 237
Investment in subsidiaries - -
Proceeds from the sale of fixed - 307
assets
Acquisition of property, plant and (1,539) (1,275)
equipment
Development expenditure (2,196) (1,426)
capitalised and acquisition of
other intangible assets
Net cash outflow from investing (3,121) (2,157)
activities
Cash flows from financing
activities
Proceeds from the issue of share 30 21,739
capital
Equity settled share based 352 -
payments
Net cash inflow from financing 382 21,739
activities
Net (decrease)/increase in cash (7,028) 15,625
and cash equivalents
Cash and cash equivalents at 1 17,746 2,722
January
Effect of exchange rate (3,921) (601)
fluctuations on cash held
Cash and cash equivalents at 31 6,797 17,746
December
Notes
Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 31 December 2008 was based on
the loss attributable to ordinary shareholders of €5,272,000 (Year ended 31
December 2007: €5,237,000) and a weighted average number of Ordinary Shares
outstanding during the period of 44,042,000 (Year ended 31 December 2007:
39,198,000), calculated as follows:
Year ended 31 Year ended 31
Thousands of shares December 2008 December 2007
Issued ordinary shares at start of period 39,198 36,091
Placing - May 2007 1,432 2,853
Placing - December 2007 3,317 254
Options exercised 79 -
Shares issued in settlement of fees 16 -
Weighted average number of ordinary 44,042 39,198
shares at 31 December
On 29th April 2009 the Company announced a placing raising £9.5m (€10.6m) (£
9.1m (€10.2m) net of expenses) by way of placing 7,916,667 new Ordinary Shares
at a price of 120p with a number of new and existing institutional investors.
Diluted earnings per share
Share options and warrants have not been included in the calculation of fully
diluted earnings per share since these are anti-dilutive. The instruments that
could potentially dilute the basic earnings per share in the future, but were
not included because they were anti-dilutive for the periods presented are:
Year ended 31 Year ended 31
December 2008 December 2007
Thousand of shares
Warrants 160 160
Share options 1,858 1,346
Total potential dilutive instruments 2,018 1,506
Basis of preparation
The statutory accounts for the year ended 31 December 2008 have not been
finalised but the financial information set out in this preliminary results
announcement has been prepared by the directors based upon the results and
position which they expect will be reflected in the statutory accounts.
This announcement was approved by a Committee of the Board of Directors on 30
April 2009.
-Ends-
About Zenergy Group plc
Zenergy Power plc is a superconductor energy technology company, listed on the
AIM market of the London Stock Exchange and comprising three operating
subsidiaries located in Germany, USA and Australia. By innovating
superconductor based technology solutions, the Group provides patented clean
energy devices that greatly improve the efficiency with which customers
generate, distribute and use electrical energy.
To date, the incredibly energy efficient superconductive components at the
heart of Zenergy's products have successfully delivered industrial customers
significant reductions in energy consumption and provided utility companies
with cutting-edge smart gird solutions. Looking to the near future, the Group
is also developing a range of highly-energy efficient superconductor components
for electricity generators capable of greatly reducing the cost of producing
offshore wind power. All of which leads to the production of fewer carbon
emissions in the world and a more sustainable economic growth path. In 2007
Zenergy achieved the world's first sale of an industrial scale commercial
application incorporating superconductor technology and has subsequently
developed products capable of addressing multi-billion dollar global markets.
About superconductivity
Superconductive materials are capable of conducting electricity without any
resistance and were first discovered in 1911 in what was to prove to be one of
the most significant scientific breakthroughs of the 20th century.
Superconductors enable:
(a) Induction Heaters to be twice as efficient for the metals industry
(b) Fault Current Limiters to protect power grids from blackouts
(c) Direct-drive wind generators to be significantly reduced in size and weight
allowing the operation of wind generators in excess of 8 MW
(d) Existing hydro-power sites to increase energy efficiency and electrical
power output
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