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PipeHawk PLC - provider of technology solutions to highways, automotive, rail and aerospace industries - Says its subsidiary QM Systems has signed a contract with ventilation systems specialist Ventive Ltd for the second phase of its project. Says it will manufacture a green energy product to provide domestic heating and hot water for Ventive.
On December 1, the company announced the first phase of the manufacturing deal with Ventive worth £800,000. It involved QM Systems and Ventive working together to produce a system for manufacturing the product.
Says QM Systems was contracted to manufacture Ventive's fully integrated intelligent home solution.
The Ventive Home system will be able to provide households with heating and hot water, as well as energy-efficient ventilation and cooling in one single unit.
Continues that Ventive will fund £1.1 million for the project and QM Systems £400,000.
Anticipates production to start in June.
Expects it to deliver revenue of £7.5 million in the twelve months ending June 30, 2023.
Current stock price: 28.85 pence, up 13% on Thursday
12-month change: up sharply from 8.25p
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