Third Development Milestone

RNS Number : 9812E

FireAngel Safety Technology Group

02 November 2022

 

REACH

2^nd November 2022

FireAngel Safety Technology Group plc

('FireAngel' or the 'Company')

Third 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 third 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 third contractual NGSA development milestone, which was delivered on time and within budget, sees the delivery of a fully featured product development board, which allows for design verification and testing to be conducted on all product functions prior to committing to the first, product representative build. This forms a critical element of the design process of the NGSA and allows Techem and the Company's Research and Development team to verify fully the electronics design at an early stage, thereby de-risking future technical delivery.

As a result, development phase two (DP2) of the Company's development agreement with Techem is already over 34 per cent. complete (up from over 27 per cent. as at 27 July 2022) on a planned man-days basis.

John Conoley, Executive Chairman of FireAngel, commented:

"The transformational partnership with Techem continues to be of long-term value and of significance for FireAngel and its stakeholders. We are pleased to announce the successful delivery of the third milestone following the formal signing of DP2."

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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/Tom Knibbs
Singer Capital Markets (Joint broker)	0207 496 3000
Rick Thompson/Alex Bond
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 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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