LONDON (ShareCast) - (Sharecast News) - Fire safety and heat management technology company Zenova Group has secured a "major contract" for the supply of its products in Australia, it announced on Wednesday.
The AIM-traded firm said the three-year contract, starting on 1 January, was with Spark Global Australia in the state of Victoria, which is a newly formed subsidiary of a "major" Australian construction company.

Under the contract, Spark would become an authorised distributor of Zenova products in Australia, and had committed to purchase a minimum of £2m worth of products each year, including Zenova's insulating render (IR), insulating paint (IP) and fire-resistant paint (FP).

The initial three-year contract could also be extended if certain conditions were met.

"Securing this contract is a significant development for Zenova," said chief executive officer Tony Crawley.

"It marks the culmination of several months' work by both parties, including independent testing of our products by Spark, and truly highlights the global potential for Zenova's heat management and fire safety products."

Crawley said good insulation was "vital" to reduce energy usage, whether a building was being heated or cooled.

"With 2020 proving to be one of Australia's warmest years on record, and experts predicting increasing temperatures going forward, Spark has recognised an opportunity for the use of Zenova's products in Australia and we look forward to helping them realise that opportunity."

At 1125 GMT, shares in Zenova Group were flat at 17.5p.

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