FireAngel SafetyTech - Fourth Development Milestone with Techem Agreement

Fireangel Safety Technology

20/03/2023 07:00

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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.

 

- Ends -

 

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
(http://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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