24th Sep 2014 07:08
LONDON (Alliance News) - Flowgroup PLC Wednesday said its Flow Products subsidiary has signed a contract with an unnamed major international energy company for the testing and evaluation of its microCHP boiler.
Flowgroup said the European market is key for its business and said securing the deal with this European energy market company would support its objective to launch its products across Europe.
The deal comes after the Flow Products business earlier this month signed a memorandum of understanding with NRG Energy Inc to commence a trial for the testing and evaluation of Flow's microCHP products for the US heating market.
"I am delighted to announce that a major international energy company wishes to formally assess the potential of the Flow boiler. Every country faces challenges around growing energy consumption, the rising cost of energy and the need to reduce emissions," said Tony Stiff, Flowgroup's Chief Executive Officer.
"We believe that the Flow boiler can play an important role in meeting these challenges and that is why we believe many energy companies worldwide will be interested in what we have to offer," Stiff said.
Shares in Flowgroup were boosted on the back of the news in opening trade Wednesday, rising 6.2% to 40.75 pence to make it one of the best performers on the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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