Zenergy Power plc (“Zenergy” or “the Group”) Corporate Restructuring Business Focused of New Design FCL
• Business restructured to focus entirely on the development and marketing of the FCL (“Fault Current Limiter”) product.
• Development of next generation FCL design that is not dependent on HTS magnets and thus capable of significantly reducing complexity and manufacturing costs.
• No further capital to be deployed on the development of Second Generation (2G) high temperature superconductor (HTS) wire or the magnetic billet heater (MBH).
• No further capital to be deployed in the Group’s German subsidiary, Zenergy Power GmbH, which is expected to enter into administration in the next few days.
• Headcount to be reduced by 70% with FCL operations and teams in the USA and Australia remaining in place.
• Run rate operating cash burn to be reduced by two thirds from approximately £12 million to £4 million per annum.
• Current Group cash balances are approximately £6 million.
… read the full article here