13th Oct 2008 07:00
|
Press Release |
13 October 2008 |
VPhase plc
('VPhase' or 'the Company')
VPhase and British Gas Services sign MOU for energy saving product
VPhase plc (VPHA.L), a leading developer of energy saving products for residential and commercial properties, has signed a Memorandum of Understanding with British Gas Services Ltd (part of Centrica plc), which may lead to a supply and distribution agreement to offer VPhase products to all British Gas customers. The agreement will be non-exclusive.
British Gas Services is acquiring several VPhase devices for independent testing with a view, upon successful trials, to negotiating a supply and distribution agreement for its electrical and heating installation and maintenance markets within the UK.
British Gas is the UK's largest installer of domestic energy efficiency measures under the government's Carbon Emissions Reduction Target (CERT) programme and expects to spend up to £1 billion on such work over the next three years. In 2007 British Gas indicated that it installed 17.3 million energy efficient products, helping more than 6.4 million households save money.
VPhase and Centrica will also collaborate on how the products may be introduced to the North American home and business services market through Direct Energy, another Centrica-owned business.
The first commercial VPhase energy saving product, the VX1, is a low-cost voltage reduction and regulation system. The Company's tests have shown that the fitting of a VPhase device to a consumer unit in an average UK home could potentially result in a substantial reduction in electricity usage and a corresponding 10 per cent reduction in electricity bills. VPhase's in-house testing has indicated that fitting the device to individual household appliances can reduce consumption by up to 18 per cent.
Based on average domestic UK electricity usage, and a 10 per cent reduction in electricity bills, VPhase estimates that using the VPhase VX1 product could see a saving of up to £50 per annum for UK consumers, achieving payback within approximately two to three years along with corresponding environmental benefits via reduced CO2 emissions.
Lee Juby, CEO of VPhase, says: "This arrangement with British Gas Services is further endorsement for VPhase's voltage reduction and regulation technology. Consumers are facing ever higher utility bills, so energy efficiency is becoming increasingly important. Products like the VX1 can cut bills and carbon emissions, so customers can save money whilst doing their bit for the environment".
Gearoid Lane, Managing Director of British Gas New Energy, leading the product trials on behalf of British Gas Services, said: "This MoU is another step in British Gas putting in place a range of low carbon energy technologies and products for our residential, business and public sector customers. These technologies will become increasingly important as UK consumers seek to become more energy efficient."
- Ends -
For further information:
|
VPhase plc |
|
|
Dr Lee Juby, Chief Executive Officer |
Tel: +44 (0) 151 348 2139 |
|
Richard Smith, Chief Financial Officer |
+44 (0) 151 348 2116 |
|
www.vphase.com |
|
British Gas Services |
|
|
Media relations |
Tel: +44 (0) 845 072 8002 |
|
Novum Securities Limited |
+44 (0) 20 7562 4700 |
|
Michael Brennan |
+44 (0) 20 7562 4712 |
|
Henry Turcan |
+44 (0) 20 7562 4713 |
|
www.novumsecurities.com |
|
Zimmerman Adams |
+44 (0) 207 060 1760 |
|
Graeme Thom |
|
|
Charity Walmsley |
www.zimmint.com |
Media enquiries (VPhase plc):
|
Abchurch Communications Limited |
+44 (0) 20 7398 7700 |
|
Justin Heath |
+44 (0) 20 7398 7781 |
|
Monique Tsang |
+44 (0) 20 7398 7712 |
|
www.abchurch-group.com |
About VPhase plc
VPhase plc is developer of a voltage control product that reduces the energy consumption of many domestic electrical appliances.
The company has developed a product designed to be attached to the consumer unit (fuse box) in order to control the incoming voltage for selected circuits to a target set point of 220 volts. This is slightly higher than the minimum design point for electrical items in Europe, thereby ensuring that electrical appliances in the home operate closer to the voltage condition for which they were designed.
Tests by VPhase have demonstrated that the product can save on average 10% of the electricity across a range of domestic products including fridges, freezers, central heating pumps, televisions and other items, even 'energy-saving' lightbulbs. This should equate to savings for the homeowner of £50 per annum, or potentially even greater as energy costs continue to increase.
In addition, there is evidence that the life of electrical appliances can be extended by the use of this product; light bulbs, in particular, have demonstrated at least two times longer life when on a circuit managed by the voltage control product as compared to those without the voltage control product.
VPhase is a subsidiary of Energetix Group plc and was quoted on AIM in September 2007. It is based near Chester, NW England.
About British Gas Services
British Gas Services is part of the Centrica group of companies. Centrica is a FTSE top 30 business. In the UK, under its British Gas brand name, it is the biggest gas and electricity provider and has an extensive upstream gas production, storage and power operation. In the US it operates under the Direct Energy brand.
Related Shares:
365.LFlowgroup