Fourth Development Milestone with Techem Agreement

RNS Number : 4294T

FireAngel Safety Technology Group

20 March 2023

 

RNS

20 March 2023

FireAngel Safety Technology Group plc

('FireAngel' or the 'Company')

Fourth Development Milestone with Techem Agreement

Further to its announcement on 2 November 2022, FireAngel (AIM: FA.), a leading developer and supplier of home safety products, is pleased to announce that it has delivered the fourth 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 fourth contractual NGSA development milestone, which was delivered on time, sees the delivery of a fully featured product board, which supports all working functions of the alarm. This completes the highest risk element of the design development process and provides a stable base for the final product platform. This deliverable also allows the Company's R&D team to commence pre-certification testing of a representative final product.

As a result, development phase two (DP2) of the Company's development agreement with Techem is over 40 per cent. complete (up from over 37 per cent. as at 24 January 2023), on a planned man-days basis. In addition, the electronics development of the agreement is now 81 per cent. complete and on schedule.

John Conoley, Executive Chairman of FireAngel, commented:

"The transformational partnership with Techem is of significant long-term strategic value for FireAngel and its stakeholders. Our future milestones will be focused on the manufacturing of the alarm. We are in advanced discussions regarding a three-way manufacturing contract and expect to make an announcement in due course."

In addition, the Company announces the appointment of Shore Capital Stockbrokers Limited as its sole broker with immediate effect.

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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 broker)	020 7408 4050
Tom Griffiths/David Coaten/Tom Knibbs
Houston (Financial PR)	0204 529 0549
Kate Hoare/Ben Robinson

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, one of the leading service providers for green and smart buildings, has signed an agreement with FireAngel 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 19 countries with efficient ways of energy and water consumption and has been doing so for more than 70 years.

 

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