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Green Technology Company Flowgroup Announces Boiler Manufacturing Deal
Green Technology Featured Articles
December 04, 2013

Green Technology Company Flowgroup Announces Boiler Manufacturing Deal

By Tammy Marie Rose
TMCnet Contributing Writer

The green technology company Flowgroup announced this week that it has begun a major fundraising plan and that it has signed a deal that will bring its pioneering boilers into mass production.

Flowgroup develops and commercializes alternative and efficient energy products.

The green tech company based in Capenhurst, England has reached a exclusive manufacturing services agreement with Jabil Circuit (News - Alert) that will result in up to 390,000 of its Flow boilers being made at Jabil’s factory that is located in Livingston, Scotland. The new deal will be brought before shareholders at a general meeting being held on December 20.


Jabil is a publicly-held company trades on the NYSE. It is one of the world's leading global manufacturing solutions partners. It has 175,000 employees across 33 countries, generated $18.3 billion revenue in the financial year 2013. It manufactures solutions for several global organizations including Cisco (News - Alert), Hewlett Packard, GE and Apple.

Flowgroup also shared its plans to raise £17.9m from share placing and open offer to continue development of the boiler.

The company says that it is currently raising £15,650,125 before expenses, “through a firm placing of 96,308,460 new ordinary shares at 16.25p each with new and existing institutional investors and a director by Cenkos Securities and £205,000 through a subscription of 1,261,540 new ordinary shares by directors and certain senior management.”

Flowgroup is also raising £1,957,469 from an open offer at 16.25p.

Jabil senior director David Kipling said, “We are also pleased to support manufacturing of Flowgroup’s products because we have been very impressed by all aspects of the company from their products, management and business model. A successful partnership with Flowgroup will mean jobs in the UK.”

Flowgroup’s CEO Tony Stiff says: “We believe this is one of the most important steps we have yet taken and, as a company, we would like to express our deep satisfaction at the conclusion of this agreement.”




Edited by Ryan Sartor


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