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FireAngel Safety Technology Group PLC on Monday said it has delivered the fourth development milestone of its agreement with Techem Energy Services GmbH.
The agreement relates to a new generation smoke alarm which is being developed for the German market, primarily.
FireAngel is a Coventry-based maker of home safety products such as smoke alarms and carbon monoxide detectors.
The company said the milestone, which was delivered on time, saw the delivery of a fully featured product board, which supports all working functions of the alarm.
‘This completes the highest risk element of the design development process and provides a stable base for the final product platform,’ it explained.
As a result, phase two of the company’s development phase is already over 40% complete. In addition, the electronics development of the agreement is now 81% complete and on schedule.
Executive Chair John Conoley said: ‘The transformational partnership with Techem is of significant long-term strategic value for FireAngel and its stakeholders. Our future milestones will be focused on the manufacturing of the alarm. We are in advanced discussions regarding a three-way manufacturing contract and expect to make an announcement in due course.’
Shares in FireAngel were down 3.6% at 9.50 pence on Monday morning in London.
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