4th Apr 2016 08:24
LONDON (Alliance News) - Flowgroup PLC on Monday said it has been awarded microgeneration certification scheme accreditation for the Flow mCHP boiler, for which it expects first commercial installations to take place this week.
The Flow mCHP boiler was launched for customers in January. The MCS accreditation means the electricity the boiler generates will qualify for the feed-in tariff scheme, a UK government scheme which provides payments for the use of small-scale renewable or low-carbon electricity technologies in the home.
First commercial installations of the Flow boiler are planned this week, and Flowgroup plans to ramp-up installations over the next six months, aiming for higher volume sales in winter.
Flowgroup added that it is encouraged by statements from the UK Treasury which indicate that the 5% reduced VAT rate should continue to apply to the Flow boiler, although it said it still awaits publication of the European Commission's VAT Action Plan and final confirmation.
"Receipt of MCS accreditation and the first commercial installs of our Flow boiler this week are an extremely important step in starting the process of establishing our ground-breaking technology in the marketplace. We are also excited about our plans for further Flow boiler product and performance enhancements that we are working on in the development pipeline as well as continued cost-down improvements," Chief Executive Tony Stiff said in a statement.
Shares in Flowgroup were trading up 7.6% at 20.85 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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