First Development Milestone

RNS Number : 6796K

FireAngel Safety Technology Group

09 May 2022

 

Reach

9 May 2022

FireAngel Safety Technology Group plc

 ("FireAngel", the "Company" or the "Group ")

First Development Milestone

Further to its announcement on 28 March 2022, FireAngel (AIM: FA.), a leading developer and supplier of home safety products, is pleased to announce that it has successfully delivered the first development milestone of its agreement with Techem Energy Services GmbH ("Techem") in connection with the new generation smoke alarm ("NGSA") being developed primarily for the German market.

The first contractual NGSA development milestone, which was delivered on time and within budget, is a Plug-Compatible Board for sensor control, and, as a result, development phase (DP2) of the Company's development agreement with Techem is already 18 per cent. complete (up from 10 per cent. as at 28 March 2022) on a planned man-days basis.

John Conoley, Executive Chairman of FireAngel, commented:

"This transformational partnership with Techem is of long-term value and has great significance for FireAngel and its stakeholders. This opportunity has crystallised further with the successful delivery of the first milestone following the formal signing of DP2.

Techem has proved to be a committed and reliable partner and we look forward to our shared success in the future."

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For further information, please contact:

FireAngel Safety Technology Group plc	024 7771 7700
John Conoley, Executive Chairman
Zoe Fox, Chief Finance Officer
Shore Capital (Nominated adviser and joint broker)	020 7408 4050
Tom Griffiths/David Coaten
Singer Capital Markets (Joint broker)	0207 496 3000
Rick Thompson/Alex Bond
Houston (Financial PR)	0204 529 0549
Kate Hoare/Joe Burgess

Notes to Editors

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect and save lives by making innovative home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.

FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories.  Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye. 

For further product information, please visit: www.fireangeltech.com

About Techem 

Techem Energy Services GmbH ("Techem"), one of the leading service providers for green and smart buildings, to develop a new generation alarm primarily for the German market. Techem's focus is on energy efficiency along the entire real estate value chain. It supports over 12 million properties in 20 countries with efficient ways of energy and water consumption and has been doing so for more than 70 years.

 

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