Zenergy nets European money

AIM-listed renewable energy specialist Zenergy Power has been awarded a grant of €475,000 (£399,000) by the European Comission.

The grant will support efforts to develop low-cost production techniques for high temperature superconducting wire, which the company intends to use in the manufacture of offshore wind power generators. The company claims such wire could reduce the cost of producing offshore wind power by as much as 25 per cent.

The grant, which was awarded to Zenergy’s German subsidiary, is part of a €3.55 million project being funded by the EC to accelerate the development of a range of technologies capable of “painting” superconducting ceramic materials onto the surfaces of metal and other materials.

Zenergy, which comprises three operating subsidiaries in Germany, Australia and the US, reported sales of £200,000 and losses of £4 million last year.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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