25 May 2012

Zenergy hoists for sale sign

11/02/2011 Miles Nolan

After years of disappointment technology minnow Zenergy Power (ZEN) has finally put itself up for sale. The group has developed a patented portfolio of intellectual property used in industrial power applications unfortunately customers have taken longer than expected to commit to new orders.

The superconducting technology spans four areas: HTS Wire (2G), Fault Current Limiters, Magnetic Billet Heaters and generators. In both HTS Wire and generators the group has admitted it is unable to scale up the technology with its own resources. Whereas in the Fault Limiters market it is likely to take several years to gain traction and in Magnetic Heaters volumes have fallen short of hopes.

In the six months to 30 June sales trebled to €646,000 as losses jumped to 6.2 million (€4.9 million), cash doubled to €23.2 million largely thanks to a £20m placing at 120p a share in January 2010.

Zenergy has completed a strategic view of its business and now believes it would be better placed as part of a larger group with greater access to financing. To further this process it has appointed Matrix Corporate Capital and Woodside Capital Partners to seek a buyer. The shares have slumped 20 per cent today to 19.5p, a far cry from the 124p it was trading at a year ago. Now valued at little more than £13 million its a sad end to what was widely regarded as an exciting technology business.

Tags: AIM market, For sale, Placing, Strategic review, Superconductor

Sector: Industrial Engineering

Companies: Zenergy Power

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