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news release: Zenergy Power
HTS Induction Heater Reaches Key Development Milestone
London, UK, 22 May 2007:
Zenergy Power plc (AIM:ZEN.L), the specialist manufacturer and developer of commercial
applications for high-temperature superconductive (`HTS') materials, is pleased
to announce that its research and development team has completed the
construction and successful testing of the Group's ground breaking HTS induction
heater ahead of its Q3 schedule. As anticipated, the HTS induction heater
operated with energy efficiency levels of over 90% as compared to conventional
induction heaters that operate at efficiency levels of between 35% and 45%. This
effective halving of electricity requirement is of particular significance when
it is considered that, dependent on the country, between 1% and 5% of the total
annual electricity consumed in industrialised countries is directly attributable
to the operation of heating equipment.
Following this achievement, the Group's commercial product is now available for
sale and management expectation is that initial HTS induction heater sales will
be made to customers from whom the Group has already received clear expressions
of interest.
The current addressable market for the Group's induction heaters is estimated at
c. Euro2 billion per annum.
The Group's HTS induction heater was developed in conjunction with Bültmann GmbH
(`Bültmann'), one of the world's leading suppliers of industrial machinery to
the metal processing industry. In addition to its engineering expertise,
Bültmann will also provide the Group with an initial channel to market for the
HTS induction heater through its existing commercial activities, as well as
relationships within the global metals industry.
Induction heaters are used globally and ubiquitously by producers and
manufacturers in the metals industry to heat large quantities of metal bulk
prior to carrying out processes of manipulation and shaping that require the
metal material to be softened. The softened metal is used for products including
installation pipes, heat exchangers, window frames, computer components and
profiles for the automotive, aerospace and machine building industries.
Further validation of the environmental significance of the Group's machine has
been provided by the German Environmental Fund, who contributed significant
development funds to the Group following extensive due diligence. This funding
was provided in recognition of the potential environmental improvements which
the HTS induction heater could deliver. It is the firm belief of the Board that
the increased energy efficiency will also deliver substantial cost savings
whilst simultaneously playing a significant role in greatly reducing the metal
industry's annual carbon footprint. From a cost savings perspective, it is
anticipated, that when run at full capacity, the Group's induction heater is
capable of yielding ongoing cost savings equivalent to its total initial
purchase price in as little as 5 years.
Ongoing testing has demonstrated that the Group's HTS induction heater renders
greatly improved heating performances with reduced heating times. These
attributes further demonstrate the superiority of the Group's HTS solution over
conventional copper-based machines.
Dirk Schötz, Technical Officer Climate Protection and Energy Technology, of
German Environmental Fund, commented, `It is our belief that the HTS products
being developed by Zenergy are capable of having far reaching impacts on current
endeavours to reduce global carbon emissions. The exceptional efficiency levels
of HTS products represent a fundamental step change in the energy requirements
of a number of global industrial processes, and we are very proud to have
supported the development of one of the world's first truly commercial HTS
products.'
Michael Fitzgerald, Chairman, added: `At the end of last year we set out a
number of definable milestones to mark our progression to commercialised
products based around our core HTS intellectual property. To have a fully
developed induction heater, capable of delivering so many benefits to our end
users, ahead of schedule, is testament to our research and development team and
I look forward to reporting on the commercial progress that we achieve within
our target markets.
Our induction heaters deliver not only huge reductions in energy consumption but
also superior and faster performance. These combine to make a commercially
compelling product that can further assist companies in their efforts to meet
carbon emission targets and save significant costs.'
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