Zenova Group (ZED) , a fire safety and thermal insulation provider, has secured a first order in Greece, worth £39,800, for its proprietary fire-retardant intumescent Zenova IP paint combined with proprietary thermal insulation Zenova IP paint, to be used for solar roof installations.
The customer is a large international coffee producer with many warehouses across the globe.
The order involves retrofitting solar panels onto a cold storage unit, a common practice that can increase fire risk. Zenova's FP paint, with fire retardant properties, addresses this concern and can make a key difference to insurability.
This capability opens up a new market for solar panel retrofit projects, enabling Zenova to target companies with such plans, especially those requiring insurance solutions. The increase in solar installations on commercial large roof spaces across the world is set to increase the need and demand for Zenova product solutions.
Thomas Melchior, Chief Executive of Zenova Group PLC commented, “I am delighted with this business win and am confident that this innovative Zenova IP and Zenova FP solution for solar roof installations will generate additional business in the future. Zenova were able to respond to the customer's needs, and offer a quick, economical and effective fire mitigation solution with our Zenova FP paint. We believe this will allow us to open up new markets and sales opportunities for fire protection and insulation solutions for solar panel roof installations.
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This order is a significant validation of Zenova’s fire-resistant technology, as well as a good sign for future business for Zenova in the solar panelled roof market.
Zenova has been making good progress in European markets in 2023, where it recently announced the shipment of 7,500 units of its FX500 fire extinguishers to its German sub-distributor, totaling 40,000 units with a retail value of £1.2m.
Financially, in its half-year results for the 6 months ended 31 May 2023, Zenova reported higher revenues of £108k, up from £75k in 2022 on the back of multiple new contracts that commenced sales during the period. Gross margin for the 6 months was largely unchanged at 52%, and the operating loss narrowed to £709k from £1.04m in 2022, driven by R&D, testing, and marketing.
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