Share Name Share Symbol Market Type Share ISIN Share Description
Windar Photonics Plc LSE:WPHO London Ordinary Share GB00BTFR4F17 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 27.50 25.00 30.00 27.50 27.50 27.50 1,500 07:47:36
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 3.1 -0.8 -1.6 - 15

Windar Photonics PLC Development funding from EUDP for LiDAR project

19/12/2019 7:00am

RNS Non-Regulatory


TIDMWPHO

Windar Photonics PLC

19 December 2019

19 December 2019

Windar Photonics plc

("Windar" or the "Company")

Development funding from EUDP for LiDAR project

Windar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to announce it has been granted EUR0.5 million in development funding from the Danish Energy Technology Development and Demonstration department ("EUDP"). The total project grants amount to EUR1.4 million and includes the Technical University of Denmark and a leading European wind turbine manufacturer.

The aim of the granted project is to demonstrate LiDAR-assisted wind turbine control strategies for robust and reliable improvements on both currently operating and new build wind turbines (the "Project"). The Project will use Windar's LiDAR technology to detect strong wind gusts and, if possible, rain events that induce high loads and blade leading edge erosion respectively and then adapt turbine control behavior and mitigate the impacts of those events.

The Project will potentially expand the existing portfolio of LiDAR-assisted control-related offerings by Windar for the retro-fit market for both onshore and offshore applications. In addition, the Project will also set the basis for the wind turbine manufacturer in the Project to include LiDAR-assisted control for new wind turbine designs with an emphasis on the next generation of large-scale offshore machines.

Jørgen Korsgaard Jensen, Chief Executive Officer of the Company, commented: "I am very pleased that Windar's participation in this development Project is alongside very strong partners within the industry. In particular, I am excited about the potential add-on this might bring to our retrofit strategy. Our initial value proposition to the retrofit market segment was focused on yaw optimisation and higher energy extraction through our plug-and-play WindTimizer solution. More recently we introduced our load optimisation software upgrades for certain wake scenarios and this Project has the potential to further enhance our plug-and-play value propositions within the retrofit market for additional load reductions in relation to wind gust events - all with the aim of not only selling hardware equipment but additional software solutions/options for further optimisation purposes."

For further information:

 
 Windar Photonics plc             Jørgen Korsgaard Jensen, CEO    +45 24234930 
 
 Cantor Fitzgerald Europe         David Foreman (Corporate Finance) 
  Nominated Adviser and Broker     Keith Dowsing (Sales)               +44 (0)20 7894 7000 
 

About Windar:

Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimization systems for use on electricity generating wind turbines. LiDAR wind sensors in general are designed to remotely measure wind speed and direction.

http://investor.windarphotonics.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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December 19, 2019 02:00 ET (07:00 GMT)

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