25 May 2012

Funding boost for Zenergy

02/02/2009 Robert Tyerman

Superconductor technology specialist Zenergy Power says the US Department of Energy is providing it with $1 million (£700,000) more funding.

The AIM-quoted company, which develops and makes industrial and renewable energy devices using superconductor technology, has a research and development agreement with Sandia National Laboratories, which is operated by defence giant Lockheed Martin for America’s Department of Energy. London-based Zenergy, which is working on proprietary ‘2G’ (second-generation) low-cost production techniques for present and predicted renewable energy operators, first received funding from the department three years ago and says the new $1 million takes funding for this project to $1.8 million (£1.25 million).

With the funding to last through next year, Zenergy says its progress with Sandia is putting it in a position to ‘deliver significant cost advantages to the superconductor industry’. Chief executive officer Jens Müller argues 2G’s ‘low-cost deployment in industrial-scale applications can play a major role in improving the economics and efficiencies of large-scale hydro, wind and wave power generation and distribution’.

Shares in Zenergy surged from 94p to 318p between August 2006 and December 2007, but fell back after that. Now 104.5p, up 1.5p this morning, they value the company at £46.1 million.

Sector: General Industrials

Companies: Zenergy Power

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