Technology Update

RNS Number : 7095E

Elektron PLC

12 April 2011

 



Elektron plc

Technology Update

Elektron Plc ("the Group" or "Elektron") today announces further changes designed to increase its focus on new product development ("NPD").

The Group has signed a lease at the Broers Building, a new facility made available by the University of Cambridge for organisations engaged in the field of commercial research and development at its 165 acre West Cambridge site. The facility will become Elektron's Technology Centre from which all NPD activity will be undertaken and managed. Elektron expects to benefit from the deep pool of engineering talent that is located within the Cambridge area - the second largest venture capital market in the world, with over 1000 high tech companies located within the vicinity.

In addition to the above, Elektron intends to move its headquarters to Cambridge and as a result its Romford office will be closed at the end of 2011 when the lease expires. A further announcement will be made when this move is complete.

The Board is pleased to note some recent successes enjoyed by its technology based brands:

*Carnation Designs has secured a £1.2 million contract to supply its genisys electronic management systems for vehicles being supplied for prison escort and custody services into the Ministry of Justice. This system includes full power management tools, bespoke keypads and plug and play vehicle harnesses.

*Queensgate Instruments Ltd has led a successful application to the Technology Strategy Board in a recent competition for funding titled "Technology Inspired Collaborative Research and Development". Queensgate has been awarded £182,000 to support its development of high resolution, low noise floor nano-positioning systems. This success clearly illustrates the importance of nano-positioning technology for the future of UK and global high technology manufacturing and the funding will enable Queensgate to ensure its position as a key innovator in the marketplace.

*Bulgin continues to meet the required milestones in the development of a new range of connectors that will quadruple its addressable market to $1.3billion.

John Wilson, CEO, said "Elektron is very fortunate to have such a diversity of technologies. The opportunities now facing our Group are immense.  The centralisation of our Group Technology function underpins our commitment to providing our customers with innovative solutions."

Note:

The Technology Strategy Board is a business-led government body which works to create economic growth by ensuring that the UK is a global leader in innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.

For further information:

Elektron PLC	Tel. [phone]
Keith Daley - Chairman
finnCap	Tel. [phone]
Ed Frisby/ Rose Herbert - Corporate Finance
Simon Starr - Corporate Broking
Threadneedle Communications	Tel. [phone]
Josh Royston
Hilary Millar

 

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