Sabien Technology rises on Fireye distribution agreement

Shares in AIM-listed boiler energy efficiency technology manufacturer Sabien Technology advanced as the group signed a non-exclusive distribution agreement with flame safeguard controls manufacturer Fireye, for the supply of its UL-approved M2G boiler optimisation controller.

M2G improves the energy efficiency of commercial and industrial boilers and reduces carbon emissions and energy consumption by between 10% and 25%.

The territories covered by the agreement include the US, the European Union, Switzerland, China, Japan and South Africa.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Sabien reported that its M2G product would feature the Fireye logo and be promoted through Fireye's network of distribution partners and sales teams in the territories covered by the agreement.

Alan O'Brien, Chief Executive Officer of Sabien Technology, commented: "We are extremely pleased to add a group the calibre of Fireye to our overseas distributor network. The agreement creates an excellent opportunity for Sabien to access major overseas markets."

"Fireye is a respected market leader in combustion controls with strong technical and distribution capabilities. M2G is a natural fit with their existing portfolio, providing flame safeguard controls and burner management systems for commercial and industrial applications throughout the world," he added.

John Devine, Vice President for the Sales, Marketing and Combustion controls group, Fireye, commented: "We are pleased to have the opportunity to add the M2G product to our line of combustion efficiency products and look forward to a successful introduction of the product in a number of key markets."

Sabien Technology's share price was up 13.64% to 25p at 11:57 on Tuesday.

MF