Technology company Natural Technology Developments (NTD) is on course to grow sales to £8m within three years after signing a three-year manufacturing deal with a specialist glass maker for its solar panel product.
The firm, based in Ponteland, has secured the lucrative deal with Romag, a Consett company which has been particularly impressed by its Solar Angel, a panel design hailed by its creators as the future generation of solar technology.
The Solar Angel’s technology is said to offer a more cost effective alternative to existing PV (photo-voltaic) and solar thermal products, by using one generation panel to generate both electricity and hot water from the sun’s rays, helped by a unique cooling system that generates more electricity than PV on its own.
Romag, a subsidiary of the Gentoo Group, will manufacture NTD’s hybrid panel Solar Angel at their County Durham premises.
The deal puts Solar Angel on track to achieve its global forecast sales figures of £8m by the end of 2016 and create more jobs to meet increasing demands.
Paul Laidler, managing director of NTD, said: “It is very important to us that this future generation of solar technology be manufactured here in the UK and we are delighted to formalise our relationship with Romag. The team has been very supportive of us during the development of Solar Angel and are equally excited by the commercial opportunities it will offer.
“Interest in our new product has been considerable and we are now well on our way to convert this into significant sales and job creation once the product is available early next year.”
Phil Murray, managing director of Romag added: “Romag is delighted to have agreed a manufacturing contract with NTD.
“Solar Angel is an innovative new product which fits well with our product range and we look forward to working together to deliver the product to market in the coming months and years.
“As a UK manufacturer, Romag is well placed to support local products and this manufacturing deal demonstrates our commitment to building a quality, competitive supply chain for the solar market.”
NTD is now embarking on second stage investment fundraising in order to grow the business further and help market the product to the rest of the world with its official launch at the EcoBuild exhibition in London next March.