FireAngel (FA.), a leading developer and supplier of home safety products, has announced that it has delivered the fourth development milestone of its agreement with Techem Energy Services in connection with the new generation smoke alarm (NGSA) that is being developed primarily for the German market.
The fourth contractual NGSA development milestone, which was delivered on time, sees the delivery of a fully featured product board, which supports all working functions of the alarm. This completes the highest risk element of the design development process and provides a stable base for the final product platform.
As a result, development phase two of the Company's development agreement with Techem is over 40% complete (up from over 37% as at 24 January 2023), on a planned man-days basis. In addition, the electronics development of the agreement is now 81% complete and on schedule.
John Conoley, Executive Chairman of FireAngel, commented: "The transformational partnership with Techem is of significant long-term strategic value for FireAngel and its stakeholders. Our future milestones will be focused on the manufacturing of the alarm. We are in advanced discussions regarding a three-way manufacturing contract and expect to make an announcement in due course."
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The news today demonstrates FireAngel is making strikes toward the commercialisation of its new generation smoke alarm in H2 FY24, with manufacturing set to commence in early FY24.
There is likely to be a strong demand for FireAngel’s NGSA, with its additional safety and environmental features set to meet the increasing safety demands for landlords. Additionally, the likelihood of governments enforcing more stringent regulations for landlords may lead to an increase in sales for FireAngel. This is already evidenced in Scotland, where the government changed the law on fire and smoke alarms in February 2022, stating that all Scottish homes will need to have interlinked alarms.
FireAngle’s final results are expected in the coming weeks, alongside further announcements with regard to a three-way manufacturing contract with Techem, so make sure to follow FireAngel to keep up to date with the latest updates .