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FireAngel inks agreement to develop new generation smoke alarm
StockMarketWire.com
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Home safety products supplier FireAngel said it had signed a partnership agreement with a German energy and efficiency real estate service provider to provide a research and development programme for a new generation smoke alarm.
FireAngel agreed to provide the unnamed partner with a new 10 year connected smoke alarm based upon on its Gen6 platform, the company said.
Under the terms of the deal, FireAngel would receive a fee of £1.4 million for use of its background IP during the development phase. Once production of the next generation smoke alarm has commenced, a royalty fee per product would be payable to FireAngel with a multi-million volume fee agreed for the initial 30 months, the company said.
Manufacturing of the next generation smoke alarm is expected to commence in early 2024. 'It is forecast that 7 million new devices will be produced with a minimum of 3.5 million expected to be produced in the first 2.5 years,' it added.
The agreement followed a competitive tender process and almost 18 months' co-operation between the parties.
At 8:05am: (LON:FA.) Fireangel Safety Technology Group Plc Ord 2p share price was 0p at 11p
Story provided by StockMarketWire.com
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