Final Results and Notice of AGM

RNS Number : 3758A
Windar Photonics PLC
07 June 2016
 

 

7 June 2016

 

Windar Photonics plc

("Windar", the "Company" or the "Group")

Final Results and Notice of Annual General Meeting

Windar Photonics PLC, the technology group that has developed a cost efficient and innovative LIDAR wind sensor for use on electricity generating wind turbines, is pleased to announce its final results for the year ended 31 December 2015.

 

FY2015 Highlights

 

·      Good progress in EU and North American markets

·     Market and customer diversification tackled customer concentration risk with a far broader market and customer base

·      Significant progress on product line with new product development and existing product
enhancements

·      Launch of new Turbine Control System with a $900,000 volume order from a US utility

·      New headquarters in Copenhagen position the Company for future expansion

 

Post period highlights

 

·      The Company has received a good level of interest from wind turbine manufacturers and wind park operators in China

·      LIDAR orders achieved from two large scale utilities in North America with an aggregate installed capacity of over 3,500 MWs

·      15 LIDAR unit order in China to be installed on existing wind turbines, reducing owner maintenance and repair costs and increasing annual energy production by 1 - 4%

·      £1 million placing in May 2016

·      Up to €1.5 million factoring facility with Nordea Bank Denmark A/S

 

Martin Rambusch, CEO of Windar, commented: "In 2015, Windar made significant process in increasing its global brand recognition with wind turbine manufacturers and wind park operators. The Company is now looking to build upon its proven technology and pipeline of opportunities and is pleased with the progress made already in 2016. The Board remains confident for 2016 and for the future."

 

 

Notice of Annual General Meeting

 

Windar also today gives notice that its Annual General Meeting ("AGM") will be held at the offices of Cantor Fitzgerald Europe, One Churchill Place, Canary Wharf, London E14 5RB at 10.00 a.m. on 30 June 2016.

 

The Annual Report and Accounts and Notice of AGM will be posted to shareholders today and will be available shortly from the Company's website, www.windarphotonics.com.

 

 

 

For further information: 

Windar Photonics plc

Martin Rambusch, CEO

+45 2168 9476
 

Cantor Fitzgerald Europe

Nominated Adviser and Broker

 

 

Andrew Craig

Richard Salmond

+44 (0)20 7894 7000
 

 

 

 

 

 

CHAIRMAN'S STATEMENT

 

Although financial performance in 2015 was somewhat disappointing, due to distribution problems with one distributor in China, which delayed the build up of sales, there was a lot to be positive about. Our growth expectations for the year were based largely on sales to the Chinese market, our largest customer in 2014. These did not materialise largely due to the distribution problems in China and in January Windar terminated the distribution agreement in China. The termination entails a six-month notice period in accordance with the terms of the agreement. The management and their legal advisors are confident that they have the full right to enforce the termination of the contract. In future Windar will sell directly to OEMs and larger wind park operators in China, and we are seeing good levels of interest.

 

For the full year ending 31 December 2015, the Group achieved revenue of €945,905 (2014 €1,038,673). The loss for the year after taxation amounted to €3,785,127 (2014: loss €2,613,859). The results include warrant expenses of €365,494 (2014: €103,107) and costs related to the introduction on AIM on 31 March 2015 of €222,634 (2014: €668,724). The results reflect not only the distribution problems in China but also the investment in the planned growth of the business.

 

During 2015 the Group developed both new products and enhanced functionality on some of our existing products. Towards the end of 2015 we added the 4-beam WindVision™ system to the 2 beam WindEye™. This new wind sensor is primarily targeted at new turbine designs from the OEMs and adds the ability to measure wind shear and hence control the turbine blades to optimise the loads on new turbine designs. The new product is based on a newly developed cost efficient beam steering technology for which the company filed a patent application at the end of 2015.

 

Also in 2015 the Group launched a new Turbine Control System capable of being retro fitted directly to certain turbine models. Compared to our WindTimizer™ the integrated retrofit solution allows not only for turbine yaw optimisation, but also blade load optimisation on existing wind turbines. Finally, the Group introduced a wake detection feature for load optimisation of wind turbines standing in the wake of other turbines. This feature is implemented on both of the current system platforms. We have introduced some significant improvements to WindEye™ during the year, resulting in a more robust product that is easier to install. These modifications have also simplified assembly and reduced costs.  

 

The Group also announced at the half year its first volume order for retrofitting a wind park with our WindEye™ LIDAR and our new Turbine Control System from a US utility company. The contract value is approximately US$900,000 with delivery in 2016, an important milestone for the Group.

In the autumn of 2015 Windar A/S moved to new facilities in Copenhagen which supports the capacity for the planned growth for the foreseeable future.

The Windar organisation in China today consists of 4 employees and will gradually be enlarged. Having resolved the Chinese distribution issues, we are seeing good levels of interest from both OEMs and wind park operators, which confirms our confidence in this as an important market for Windar. We also made some good progress in the US and European markets, with the groundwork carried out in 2015 resulting in some promising sales. We have also had some excellent reactions from some of the most important OEMs in looking to work with us to integrate WindEye™ into their wind turbines. Due to the development lead times involved, it will take some time before these opportunities result in volume sales but these programmes should start producing revenue in 2016 and hold great promise for the future. We have strengthened our local presence in China, Spain and North America, to ensure cost effective installations, good responsiveness to our customers, and high levels of service, important in gaining our customers' confidence when trialling our products.

The market presence of the Group and its products were enhanced by successful attendance at all major Wind Fairs/Exhibitions in the three major operating regions. These activities have helped the Group have a far broader market and customer base going forward thus reducing our dependencies on single customers/markets .

DNV-GL recertified our compliance with ISO9001, 14001 and 18001 and we continue to set high quality standards.

The need to provide increased payback on wind turbine assets, particularly in an environment where subsidies are reducing, and the trend to larger turbines underpins the benefits offered by our products and the board is confident in the potential for the future.

The Company announced on 6 May 2016 that has raised approximately £1.0 million (€1.2 million) by way of a subscription for 885,502 ordinary shares of 1 pence each at 110 pence per share. It also announced that Windar Photonics A/S has agreed a factoring facility with Nordea Bank Denmark A/S, the largest financial services group in the Nordic and Baltic region, for an initial facility of up to €400,000 with an understanding to increase later in the year up to €1.5 million, as the Company makes further progress with orders for its WindEye™ LIDAR units.

The company remains confident for 2016 and the future, and I would like to take the opportunity to thank the management and staff for their efforts in 2015.

 

 

 

 

John Weston

Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2015

 

 

 

 

 

Note

Year ended

31 December 2015

Year ended

31 December 2014

 

 

 

 

 

 

 Revenue

4

945,905

1,038,673

Cost of goods sold

 

(678,524)

    (678,150)

 

 

 

 

 Gross profit

 

267,381

360,523

 

 

 

 

Administrative expenses

 

(3,850,187)

(2,201,401)

Administrative expenses - Costs in respect of the Introduction and Listing on AIM

 

(222,634)

(668,724)

 

 

 

 

 Loss from operations

 

(3,805,440)

   (2,509,602)

 

 

 

 

Finance income

 

-

 84,985

Finance expenses

 

(100,211)

  (259,554)

 

 

 

 

 Loss before taxation

 

(3,905,651)

   (2,684,171)

 

 

 

 

 Taxation

6

                  120,524

                  70,312

 

 

 

 

 Loss for the year

 

(3,785,127)

   (2,613,859)

 

 

 

 

 Other comprehensive income

 

 

 

 Items that will or maybe reclassified to profit or loss:

 

 

 

 Exchange gains/(losses) arising on translation of foreign operations

 

351 

(8,440) 

Total comprehensive loss for the year

 

(3,784,776)

(2,622,299)

 

 

 

 

Loss per share for loss attributable to the ordinary equity holders of Windar Photonics plc 

 

 

 

 Basic, cents per share

7

(0.10)

(0.08)

 Diluted, cents per share

 

(0.10)

(0.08)

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015

 

 

 

 

 

Note

31 December 2015

31 December 2014

 

 

 €

 €

 

 

 

 

Assets

 

 

 

Non-current assets

 

 

 

Intangible assets

 

1,120,209

1,147,510

Property, plant & equipment

 

144,275

31,989

Deposits

 

98,096

15,161

Total non-current assets

 

1,362,580

1,194,660

 

 

 

 

 Current assets

 

 

 

 Inventory

9

769,624

248,113

 Trade receivables

10

795,766

493,283

 Other receivables

 

397,168

352,092

 Prepayments

 

75,993

13,671

 Cash and cash equivalents

11

593,907

5,548,596

 Total current assets

 

2,632,458

6,655,755

 

 

 

 

 Total assets

 

3,995,038

7,850,415

 

 

 

 

 

 

 

 

 Equity 

 

 

 

 Share capital

 

487,688

487,688

 Share premium

 

6,994,646

6,994,646

 Merger reserve

 

2,910,866

2,910,866

 Foreign currency reserve

 

(10,541)

(10,892)

 Accumulated loss

 

(7,702,123)

(4,282,490)

 Total equity

 

2,680,536

6,099,818

 

 

 

 

 Non-current liabilities

 

 

 

 Loans

13

826,705

717,064

 Total non-current liabilities

 

826,705

717,064

 

 

 

 

 Current liabilities

 

 

 

 Trade payables

12

187,655

913,283

 Other liabilities

12

295,839

120,250

 Loans

 

4,303

 Total current liabilities

 

487,797

1,033,533

 

 

 

 

 Total liabilities

 

1,314,502

1,750,597

 

 

 

 

 Total equity and liabilities

 

3,995,038

7,850,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015

 

 

Year ended

31 December 2015

Year ended

31 December 2014

 

Notes

 €

 €

 

 

 

 

 Loss for the period before taxation

 

(3,905,651)

(2,684,171)

 

 

 

 

 Adjustments for:

 

 

 

 Finance income

 

-

(84,985)

 Finance expenses

 

100,211

259,554

 Amortisation

 

333,614

319,323

 Depreciation

 

62,758

7,882

 Received tax credit

 

70,407

118,480

 Foreign exchange differences

 

(354,072)

(7,644)

 Net movement on conversion of bonds

 

-

(78,226)

 Warrants expense

 

365,494

103,107

 

 

(3,372,239)

(2,046,710)

 

 

 

 

 Movements in working capital

 

 

 

 Changes in inventory

 

(521,511)

(101,089)

 Changes in receivables

 

(442,699)

(666,871)

 Changes in trade payables

 

(725,629)

247,960

 Changes in other payables

 

175,589

465,241

 Cash flow from operations

 

(4,841,489)

(2,101,372)

 

 

 

 

 Investing activities

 

 

 

 Payments for intangible assets

 

(570,087)

(304,491)

 Payments for tangible assets

 

(175,179)

(22,387)

 Grants received

 

261,065

96,758

  Cash flow from investing activities

 

(484,201)

(230,120)

 

 

 

 

 Financing activities

 

 

 

 Proceeds from issue of share capital

 

-

7,552,675

 Costs associated with the issue of share capital

 

-

(481,587)

 Issue of convertible debt

 

-

737,779

 Costs associated with the issue and conversion of bonds

 

-

(183,933)

 Proceeds from new loan

 

29,802

-

 Interest paid

 

(14,367)

(5,813)

 Cash flow from financing activities

 

15,435

7,630,747

 

 

 

 

 Net (decrease)/increase in cash and cash equivalents

 

(5,310,255)

5,299,255

 Exchange differences

 

355,566

(581) 

Cash and cash equivalents at the beginning of the year

 

5,548,596

249,922

 

 

 

 

 Cash and cash equivalents at the end of the year

 

593,907

5,548,596

 

 

 

 

 

 

 

 

CONSOLIDATED AND COMPANY STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2015

 

Share
Capital

Share
Premium

Merger reserve

Foreign currency reserve

Accumulated Losses

Total

 

Group

 

 

 

 

 

 

At 1 January 2014

411,245

-

(2,452)

(1,789,865)

170,430

Issue of shares on incorporation

3

-

-

-

-

3

Effects of bonds conversion in subsidiary

 

-

 

-

 

1,359,364

 

-

 

18,127

 

1,377,491

New shares issued

75,518 

7,476,233

-

-

-

7,551,751

Costs associated with capital raise

 

-

 

(572,889)

 

-

 

-

 

-

 

(572,889)

New shares issued in respect of services rendered

922

91,302

-

-

-

92,224

Share option and warrant costs

-

-

-

103,107

103,107

Transaction with owners

76,443

6,994,646

-

121,234

8,551,687

Comprehensive loss for the year

 

-

 

-

 

-

 

-

 

(2,613,859)

 

(2,613,859)

Other comprehensive loss

-

-

(8,440)

-

(8,440)

Total comprehensive income

 

 

(8,440)

(2,613,859)

(2,622,299)

At 31 December 2014

487,688

6,994,646

(10,892)

(4,282,490)

6,099,818

 

 

 

 

 

 

 

Share option and warrant costs

-

-

-

365,494

365,494

Transaction with owners

-

-

-

365,494

365,494

Comprehensive loss for the year

-

-

-

-

(3,785,127)

(3,785,127)

Other comprehensive gain

-

-

-

351

-

351

Total comprehensive income

-

-

-

351

(3,785,127)

(3,784,776)

At 31 December 2015

487,688

6,994,646

(10,541)

(7,702,123)

2,680,536

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

1.   General information

 

The Company is a public limited company domiciled in the United Kingdom and incorporated under registered number 09024532 in England and Wales. The Company's registered office is 3 More London Riverside, London, SE1 2AQ.

The Group was formed when the Company acquired on 29 August 2014 the entire share capital of Windar Photonics A/S; a company registered in Denmark though the issue of Ordinary Shares.

While the financial information included in this preliminary announcement has been prepared in accordance with International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. The Group has also published full financial statements that comply with IFRSs available on its website and to be circulated shortly.
 
The financial information set out below does not constitute the company's statutory accounts for 2015 or 2014. Statutory accounts for the years ended 31 December 2015 and 31 December 2014 have been reported on by the Independent Auditors. The Independent Auditors' Reports on the Annual Report and Financial Statements for the years ended 31 December 2015 and 31 December 2014 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
 
Statutory accounts for the year ended 31 December 2014 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 December 2015 will be delivered to the Registrar in due course.
 
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, except as detailed in the following paragraph.

2.   Going Concern

The consolidated financial statements have been prepared assuming the Group will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations. Based on the Group's latest trading expectations and associated cash flow forecasts, the directors have considered the cash requirements of the Group. Following the year end the Group has received further funding of €1,000,000 by way of a subscription for 885,502 ordinary shares of 1 pence each at 110 pence per share. Its subsidiary, Windar Photonics A/S has also agreed a factoring facility with Nordea Bank Denmark A/S for an initial facility of up to €400,000. The directors are confident that based on the group's forecasts and projections, taking account of possible changes in trading performance, no further funding will be required and are satisfied that the Group has adequate resources to continue in operation for the review period, namely 12 months from the date of these financial statements. It is on that basis they continue to adopt the going concern basis of accounting in preparing these financial statements.

 

3.   Basis of preparation

 

The consolidated financial statements comprises the consolidated financial information of the Group as at 31 December 2015 and are prepared under the historic cost convention with the exception of certain items which are measured at fair value as disclosed in the accounting policies below.

The principal accounting policies adopted in the preparation of the financial information are set out below.  The policies have been consistently applied to all the periods presented.

 

The financial statements has been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRSs") issued by the International Accounting Standards Board (IASB) as adopted by the European Union ("adopted IFRSs").

 

The acquisition of the subsidiary in the prior year was deemed to be a business combination under common control as the ultimate control before and after the acquisition was the same. As a result, the transaction is outside the scope of IFRS 3 and has been included under the principles of merger accounting by reference to UK GAAP.

 

Therefore, although the companies that comprise the group did not form a legal group for the entire comparative period of these financial statements, the comparative results comprise the result of the subsidiary as if the Group had been in existence throughout the entire period.

 

During the year the directors have reclassified some of the categories within the consolidated and company cash flow statements. They have also reflected the cost of investment in subsidiary in the company balance sheet at 31 December 2015 at the carrying amount of its share of the equity items in Windar Photonics A/S's financial statements at the date of the reorganisation, 1 June 2014. This has resulted in an increase in the investment in subsidiary balance of €658,279 and a corresponding increase in the merger reserve.

 

4.   Revenue

       Revenue arises from:

 

Year ended
31 December 2015

Year ended
31 December 2014

 

Sale of goods and services

945,905

1,038,673

 

 

 

 

 

5.   Segment information

 

Operation segments are reported as reported to the chief operation decision maker.

 

The Group has one reportable segment being the sale of LIDAR Wind Measurement.

 

In 2015, one customer accounted for more than 10 per cent of the revenue. The total amount of revenue from this customer amounted to €213,519 or 23 per cent of the revenue (2014: 1 customer accounted for more than 10 per cent totalling €811,330 or 78 per cent of total revenue).

 

       Revenue by geographical location

 

Year
ended
31 December 2015

Year
ended
31 December 2014

Europe

                   304,775

48,842

Americas

283,787

126,541

Asia

357,343

863,290

Revenue

945,905

1,038,673

 

Geographical information

The parent company is based in the United Kingdom. The information for the geographical area of non-current assets are presented for the most significant area where the group has operations being Denmark.

 

 

As at 31 December 2015

As at 31 December 2014

 

 

 

 

 

 

Denmark

 

1,264,484

1,179,499

 

 

1,264,484

1,179,499

 

 

 

 

Non-current assets for this purpose consist of property, plant and equipment and intangible assets.

 

6.   Income tax

 

 

  
  
Year ended 31 December 2015
Year ended 31 December 2014
  
  
(a)
The tax credit for the year:
  
  
  
Corporation tax
(120,524)
(70,312)
  
  
  
  
(b)
Tax reconciliation
  
  
  
Loss on ordinary activities before tax
(3,905,651)
(2,684,171)
  
Loss on ordinary activities at the UK standard rate of corporation tax 20%
  
(781,130)
(536,834)
  
Effects of:
  
  
  
Expenses non-deductible for tax purposes
114,976
86,533
  
Deferred tax not recognised
(9,408)
-
  
Unutilised tax losses
817,856
441,648
  
Different tax rates applied in overseas jurisdictions
(142,304)
8,653
  
Tax credit on research and development
(120,524)
(70,312)
  
Tax credit for the year
(120,524)
(70,312)
  
  
  
  

The tax credit is recognised as 25 per cent. of the company's deficit that relates to research and development ('R&D'). Companies in Denmark, who conduct research and development and accordingly experience deficits can apply to the Danish tax authorities for a payment equal to 23.5 per cent. of deficits relating to R&D up to DKK 25 million.     

(c)             Factors which may affect future tax charges

In view of the tax losses carried forward there is a deferred tax amount of approximately €1,572,060 (2014: €754,198) which has not been recognised in these Financial Statements. This contingent asset will be realised when the Group makes sufficient taxable profits in the relevant Company.

 

7.   Loss per share


The loss and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:

 

Year ended
31 December
2015

Year ended
31 December
2014

 

Loss for the year

(3,785,127)

(2,613,859)

 

 

 

Weighted average number of ordinary shares for the purpose of basic earnings per share

 

38,166,377

 

33,317,654

 

 

 

Basic loss, cents per share

(0.10)

(0.08)

Diluted loss, cents per share

 

(0.10)

 

(0.08)

 

There is no dilutive effect of the warrants as the dilution would be negative.

 

 

8.   Dividends

 

No dividends were proposed by the Group during the period under review.

 

 

9.   Inventory

 

Group

 

As at
31 December 2015

As at
31 December 2014

 

Raw material

471,877

10,922

Goods in progress

267,153

93,578

Finished goods

30,594

143,543

Inventory

769,624

248,113

 

 

 

 

10.  Trade and other receivables

 

 

 

 

Group

 

As at
31 December
2015

As at
31 December
2014

Trade receivables

795,766

493,283

 

 

 

Less: provision for impairment of trade receivables

-

-

Trade receivables - net

795,766

493,283

 

 

 

Tax receivables

120,524

70,407

Intragroup receivables

-

-

Other receivables

276,644

281,685

Total other receivables

397,168

352,092

Total trade and other receivables

1,192,934

845,375

 

 

 

Classified as follows:

 

 

Current Portion

1,192,934

  845,375

 

 

 

       

 

The ageing of the trade receivables as at 31 December 2015 is detailed below:

 

 

Group

 

2015

2014

 

 

 

 

Neither past due nor impaired:

683,792

493,283

 

 

 

Past due but not impaired:

 

 

0 to 30 days

48,293

-

30 to 60 days

2,294

-

60 to 90 days

-

-

Over 90 days

61,387

-

 

795,766

493,283

 

 

 

There is no material difference between the net book value and the fair values of trade and other receivables due to their short term nature.

Other classes of financial assets included within trade and other receivables do not contain impaired assets.

 

11.  Cash and cash equivalents

 

For the purpose of the cash flow statement, cash and cash equivalents comprise the following balances with original maturity less than 90 days:

 

 

 

 

 

Group

 

As at
31 December
2015

As at
31 December
2014

Cash at bank

593,907

5,548,596

 

 

 

Cash and cash equivalents

593,907

5,548,596

 

 

 

       

 

12.  Trade and other payables

 

 

Group

 

As at
31 December
2015

As at
31 December
2014

Trade payables

187,655

913,283

Other payables

295,839

120,250

Current portion of Nordea loan

4,303

-

Total financial liabilities classified as financial liabilities measured at amortised cost

 

487,797

 

 

1,033,533

 

 

 

Classified as follows:

 

 

Current Portion

487,797

1,033,533

 

 

 

 

There is no material difference between the net book value and the fair values of current trade and other payables due to their short term nature.

 

Maturity analysis of the financial liabilities, classified as financial liabilities measured at amortised cost, is as follows (the amounts shown are undiscounted and represent the contractual cash-flows):

 

 

Group

 

As at

31 December
2015

As at

31 December
2014

 

 

 

Up to 3 months

484,546

1,033,598

Within 12 months

3,251

-

 

487,797

1,033,598

 

13.  Borrowings

 

The carrying value and fair value of the Group's borrowings are as follows:

 

Group

Loans

As at
31 December
2015

As at
31 December
2014

Growth Fund

801,207

717,064

Nordea Ejendomme

25,498

Current portion of Nordea Loan

(4,303)

 

 

Total financial assets other than cash and cash equivalents classified as Loans

826,705

717,064

 

The Growth Fund borrowing from the Danish public institution, Vækstfonden, bears interest at a rate of 12 per cent. The borrowing is a bullet loan with maturity in June 2020. The Group may at any point in time either repay the loan in part or in full or initiate an annuity repayment scheme over four years. If an annuity repayment scheme is initiated, the interest rate will be reduced to 8 per cent in the repayment period.

 

The loan from Nordea Ejendomme is in respect of amounts included in the fitting out of the offices in Denmark. The loan is repayable over the 6 years and carries a fixed interest rate of 6 per cent.

 

 

14.  Events after the reporting date

On 9 May 2016 the raised approximately £1.0 million (€1.2 million) by way of a subscription for 885,502 ordinary shares of 1 pence each (the "Subscription Shares") (the "Subscription") at 110 pence per share (the "Issue Price").

The Group agreed a factoring facility (the "Factoring Facility") with Nordea Bank Denmark A/S, for an initial facility of up to €400,000 with an understanding to increase later in the year up to €1.5 million, as the Company makes further progress with orders for its WindEYE™ LiDAR units.

 

http://investor.windarphotonics.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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