Energetix Group plc (AIM: EGX) an alternative energy specialist, announced that it has been awarded a £197,000 grant from the North West Development Agency to speed the development of the next generation of Genlec microCHP appliances - high efficiency micro combined heat and power boiler - for the domestic market.
Energetix’s subsidiary, EGL. previously announced that it had successfully completed the initial field trial of the microCHP boiler appliance,a domestic gas boiler that also generates electricity for the household.
The company has letters of intent from two European boiler manufacturers to aid the development of this product. The initial commercial focus will be on the Dutch market, as the Dutch Government aims to have 10,000 micro CHP units installed by 2009. Genlec enabled appliances should save households £150 - £200 per year and reduce their carbon dioxide emissions by approximately 1 tonne per year - compared to a condensing boiler.
Adrian Hutchings, CEO of Energetix Group said:
"We are delighted with this support from the NWDA which will enable us to accelerate the development of the first extension to the range of products we believe can be produced from the Genlec(TM) technology platform. The use of low cost mass produced components within the system supports rapid customisation of the core technology to extend the product range."
Energetix's shares rose 7.00p (5.86%) to 126.50p on the news.