Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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