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FireAngel Safety Technology Group PLC - Coventry-based home safety products maker - Announces the next stage of its agreement with Techem Energy Services GmbH, 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 with the FireAngel CO sensor to be incorporated into its new alarm.
This will be fully funded by Techem, through the certain fixed pricing of more than £2 million, as well as other external open-book pricing to Techem. In addition, funding would be in addition to the funds which had already been paid by Techem to the company, which amounted to just over £1 million in 2021.
Chair John Conoley says: ‘This transformational partnership with Techem is of long-term value and great significance for FireAngel. This opportunity has crystallised further with the formal signing of DP2. We are pleased that the financial opportunity from late 2024 onwards is more substantial, due to the inclusion of our own CO Sensors, than previously anticipated. 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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12-month change: down 17%
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