China Distribution Agreement

RNS Number : 7315F

Windar Photonics PLC

09 November 2022

 

9 November 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Windar Photonics plc

("Windar" or the "Company")

China Distribution Agreement

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 a distribution agreement with a partner in China, which sells optimisation solutions to the wind turbine industry in China, for the sale and promotion of the Windar 4-beam WindVISION LiDAR system.

The distribution agreement grants the partner, until 31 December 2023, certain exclusive rights in China, subject to limited exceptions in respect of existing customers of Windar, over the sale and marketing of the 4-beam WindVISION LiDAR system. The system will be sold as a retrofit after-sales solution to the wind industry in China.

The Directors estimate that the agreement will, over its term, generate revenue in excess of €1.4 million, with 85 per cent payable ahead of delivery.

The person responsible for arranging the release of this announcement on behalf of the Company is Jørgen Korsgaard Jensen, Chief Executive Officer of the Company.

For further information:

Windar Photonics plc Jørgen Korsgaard Jensen, CEO	Tel:  [phone]
Cenkos Securities plc (Nomad & Broker) Neil McDonald / Pete Lynch	Tel:  [phone]

Notes to Editors:

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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