Shares in the Group are up 5% as it announces it has been chosen by The Carbon Trust to supply €2.3m worth of sensors.
Companies: Windar Photonics Plc
Windar Photonics (LON: WPHO) has been chosen as the LiDAR (Light Detection and Ranging) supplier to a new project run by The Carbon Trust as part of its Offshore Wind Accelerator programme in the UK.
Eight of Windar's WindEYE sensors will be installed on offshore electricity-generating wind turbines as part of the Trust's project to "demonstrate how effective implementation of control strategies can reduce the cost of offshore wind".
Shares in the Group jumped 5% after news of the supply of its technology to a project backed by corporations such as Statoil and Vattenfall.
The project, whose findings are expected in 2019 will...
"Investigate the impact of focusing on strategies that aim to improve energy generation across an entire wind farm, rather than individual turbines and help to lower the levelised cost of energy ("LCoE")."
Jørgen Korsgaard Jensen, Chief Executive Officer of Windar, commented:
"I am delighted that Windar has been selected to supply WindEYE™ sensors to such a significant project backed by major industry players. We are confident the project will focus industry attention on the multiple benefits of our WindEYE™ systems, from increasing wind energy yield, reducing turbine fatigue, lowering operational and maintenance costs and ultimately reducing the levelised cost of energy for energy producers."
WIndar reported a Net Loss of £3m from Revenues of £1.2m in FY16. Consensus expects the Group to report significant growth in FY17, with forecasts predicting a Net Profit £4.7m from Revenues of £17m.