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30 March 2015
Windar Photonics plc
Admission to trading on AIM and first day of dealings
Windar Photonics plc ("Windar" or "the Company"), a technology group that has
developed a cost efficient and innovative Light Detection and Ranging ("LIDAR")
wind sensor for use on electricity generating wind turbines, is pleased to
announce that its admission to trading on the AIM market of the London Stock
Exchange ("AIM") and dealings in its ordinary shares commence at 08:00am (BST)
today ("Admission") under the ticker "WPHO".
Windar's key product is the WindEye™ Sensor which measures wind direction and
wind speed by scanning a laser beam ahead of the wind turbine. The WindEye™
Sensor was designed for the general optimisation of wind turbines.
Martin Rambusch, Windar's CEO, commented: "Windar's admission to trading on AIM
is another milestone in the Company's journey. Admission to AIM raises the
profile of the Company and its cost effective and innovative WindEye™ Sensor
product, which both improves efficiency and prolongs the life of wind turbines,
and provides a great platform for the future growth of the business. The Windar
team is looking forward to continuing the success story and to building our
presence on AIM."
Prior to Admission, Windar raised funds from institutional and other investors.
On 29 August 2014, the Company closed an initial private offering which raised
approximately £2 million. On 2 October 2014, Windar subsequently closed a
further private offering which raised approximately £1 million. Between 28
November 2014 and 12 December 2014, institutional and other investors invested
approximately a further £2.88 million.
The market capitalisation of Windar on Admission is £38.2 million, based on the
introduction price of 100p per ordinary share and 38,166,377 ordinary shares in
issue.
The Company is led by an experienced Board, chaired by John Weston CBE,
previously chief executive of BAE Systems plc and a former member of the Prime
Minister's council for science and technology. He is joined by executive
directors Martin Rambusch (CEO) and Jørgen Korsgaard Jensen (COO and founder),
as well as non-executive directors Simon Barrell, Johan Blach Petersen and
Niels Vejrup Carlsen.
Sanlam Securities, which is authorised and regulated in the United Kingdom by
the FCA, is acting as nominated adviser and broker to the Company in connection
with the Introduction and Admission.
The Admission Document published by the Company on 24 March 2015 in connection
with the Admission can be found at www.investor.windarphotonics.com.
Defined terms used in this announcement have the same meaning as set out in the
Admission Document published on 24 March 2015.
For further information visit http://investor.windarphotonics.com
Enquiries
Windar Photonics Martin Rambusch, CEO +45 2168 9476
Jørgen Korsgaard www.windarphotonics.com
Jensen, COO
Haggie Partners LLP Peter Rigby, +44 (0)20 7562 4444
James Fearnley peter.rigby@haggie.co.uk
james.fearnley@haggie.co.uk
Sanlam Securities UK David Worlidge, +44 (0)20 7628 2200
Limited Andrew Wagstaff
Ends
About Windar Photonics
The origin of the WindEye™ Sensor lies in the development of a LIDAR wind
sensor which accurately measures wind speed and direction at a lower cost than
competing LIDAR wind sensors. In 2002, Jørgen Korsgaard Jensen, the present
Chief Operating Officer, founded OPDI Technologies to work in conjunction with
the Technical University of Denmark ("DTU") to commercially exploit certain
optical technologies. This progressed in 2006 with the start of a LIDAR wind
sensor development project, the technology of which is now owned by the Group.
LIDAR wind sensors in general are designed to remotely measure wind speed and
direction. The Group's key product is the WindEye™ Sensor which measures wind
direction and wind speed by scanning a laser beam ahead of the wind turbine.
The light emitted by the WindEye™ Sensor identifies the movement of tiny
particles in the air and can transmit data every second to the wind turbine
control. Software algorithms can then calculate the oncoming wind speed and
direction relative to the turbine direction, enabling the turbine control to
respond and optimise the performance of the wind turbine.
The WindEye™ Sensor is designed to be both safe and robust and has been purpose
built to be installed on most commercial wind turbines. It has been further
designed to have a multi-year lifecycle with limited maintenance other than the
replacement of the light source every two years. Due to the use of a
semi-conductor laser, the Directors believe that the Company is able to offer
the WindEye™ Sensor at a lower cost compared to competing products whilst still
retaining an attractive margin. The Directors believe the WindEye™ Sensor can
be differentiated from comparable products currently available on the market by
its lower price and durability, which typically enables the Company to provide
its customers with a return on investment within one to four years.
Windar Photonics A/S has been actively marketing to potential customers over
the past two years and has secured orders from both OEMs and Wind Park
Operators. There are on-going discussions with several potential customers for
large scale new installations within both the OEM market and the Retrofit
Market.
The sale process typically involves a product trial/demonstration over a two to
three month period.
Upon completion of the trial period, Windar Photonics performs analysis of the
collected data and presents the results to the potential customer. Following
verification, negotiations regarding further installation/control integration
will usually commence.
The Group has its headquarters in the UK with the business primarily being
operated by Windar Photonics A/S in Copenhagen, Denmark. The Group also has
sales representation in USA, Canada, Europe and China.
Registered Office: 3 More London Riverside, London SE1 2AQ