LONDON (ShareCast) - (ShareCast News) - Shares rose in Windar Photonics as the wind energy company said that it gained an order for five of its WindEye Lidar units from an independent power producer in India, for an undisclosed fee.
The company, which develops lidar wind sensors for use on electric wind turbines, said order will also include an option to buy a further 35 WindeEye Lidar units after and turbine integration period.

The Lidar units will be installed on wind turbines in conjunction with original equipment manufacturer for the Indian independent power producer, which operates and manages 800 megawatts of assets in the country.

Interim chief executive Jørgen Korsgaard Jensen, said: "Despite not having a local Windar sales and service presence in India, we have had a few trials in the Indian market during the last couple of years. This order is an important step forward in India for Windar Photonics and we look forward to working with the IPP on the optimization of its fleet of wind turbines in the future.

"The direct original equipment manufacturer integration particularly is important in order to maximize the benefits of retro-fitting WindEye Lidar units."

The Lidar units will be integrated with the wind turbines control systems, allowing the wind turbine control system to receive measurement data directly from the Windar Lidar sensor, which will enable the wind turbine to yaw according to the oncoming wind.

This will increase the annual power generation by 1-4% and enhance the life span of the wind turbine, as damaging loads affecting the wind turbine are reduced.

Jensen added that following recent appointments of new distributors in the Turkish and Italian markets, the company plans to similarly expand its presence in India and other potential growth markets in Asia in the future.

Last week the company warned that full year revenue will be "slightly" below expectations due to project delays, but remains confident that revenue will continue to grow.

It now expects revenue for the 2016 financial year to be between €1.5m to €2m. While it is "slightly" below market forecasts, it "still represents revenue growth of between 60% and 100%" compared to last year.

Shares in Windar Photonics were up 6.25% to 85p at 0842 GMT.

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