Zenergy in pursuit of licensing deals

12th Aug 2011 14:53

The force was with superconductor energy technology company Zenergy on Friday after it said it is conducting discussions with a number of major industrial technology companies with a view to concluding value-enhancing licensing and strategic deals.The announcement overshadowed a set of interim figures which showed revenue declining to €0.50m in the first half of 2011 from €0.65m the year before.The consolidated pre-tax loss for the period was reduced to €4.36m from a loss of €6.15m last year.The operating loss narrowed to €4.59m from €5.30m and the cash burn - the rate at which the company is eating away at its cash pile - slowed to €6.19m from €6.67m in the first half of 2010. Cash and cash equivalents stood at €8.95m at the end of June 2011."Last month, the company announced significant progress with the development of its 2G HTS wire plus the award of a €3.5m German government grant to assist in scaling up the 2G wire manufacturing process," noted Simon Cleaver, chairman of Zenergy."The company remains confident that considerable value exists within its portfolio of technologies and work is continuing apace to secure the right licensing and strategic deals across our product range and shareholders will be updated as appropriate," Cleaver added. The shares rose half a penny to 12p on the announcement of the results. --jh