New WindEye order for the Chinese retro-fit market

RNS Number : 7748A

Windar Photonics PLC

01 October 2020

 

1 October 2020

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Windar Photonics plc

("Windar" or the "Company")

New WindEye order for the Chinese retro-fit market

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 signed a new distribution and exclusivity agreement with a distributor in China (the "Agreement") and has received an initial order under the Agreement for 50 WindEye™ systems to be delivered in 2020.

The Agreement provides the distributor with exclusive rights to market and sell the Company's 2019 and 2020 2-beam systems to certain customers within the retro-fit IPP market in China for a period of 12 months. This initial, committed order is the first batch to be delivered under the Agreement, which includes non-binding sales targets for a total of 400 WindEye™ systems over the period.

The ongoing Covid-19 situation has resulted in disruptions and delivery postponements as a result of end-user project delays and substantial travel restrictions affecting commissioning of products in the field. However, 2020 has also been encouraging in respect of actual order intake, underlining the customer interest in the Company's product offerings, with the value of total orders placed for delivery in 2020 during the first 9 months of the year already more than double the revenues realised in 2019. This includes a small numbers of systems already delivered systems in North America under the Company's distribution agreement with Vestas for projects that the Company believes may result in future larger orders for the WindEye/WindTimizer™ solution in these regions. In the current, uncertain environment, the challenge for Windar is to convert orders received to delivery and revenues to be recognised  in the current year.

Jørgen Korsgaard Jensen, Chief Executive Officer of the Company, commented:  

"I am delighted to see that, after almost 9 months of negotiating this new distribution agreement, we now have this new confirmed order for the first deliveries of our WindEye™ systems in China. It illustrates to me that our WindEye/WindTimizer™ solution is more cost efficient compared to just increasing the overall nominal installed capacity by building new wind farms."

For further information:

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

About Windar:

Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimization 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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