LightLab and Wallenius Water sign agreement for continued collaboration with the goal to launch a product in 2016
- LightLab´s first revenues will be recognized as a part of the agreement
- Wallenius Water receives an exclusive license to LightLab’s technology for the development of a pre-defined product and application within the UV-based water purification area
- Goal to launch a commercial product in 2016
- A commercial break-through for LightLab at product launch, as the Company following this will start to generate sales revenues
Following the positive results from earlier collaborations, LightLab and Wallenius Water have signed a license and development agreement. LightLab will under the agreement contribute with a UV light source based on its EEE Light® technology platform which will be used by Wallenius Water to develop a water purification product. According to the agreement Wallenius Water receives an exclusive license, for a specific application, to develop, manufacture and sell products based on LightLab’s technology.
During the coming six months LightLab will allocate a substantial part of its development resources to the project and obtain revenues from Wallenius Water for financing the associated development costs. Provided that the development project is completed according to the agreed plan this revenue component is estimated to exceed SEK 5 million during the coming six months.
Assuming a successful product launch the agreement also regulates future sales revenue per sold unit. As the product will be sold through Wallenius Water’s channels, the Company cannot today make any estimates on the extent of such sales.
”By signing a commercial agreement, revenues will be recognized for 2015 which in turn means that the Company has achieved one of its most important goals for the current financial year. We are happy to have reached this goal being an important milestone in the development of our Company. We also look forward to the continued collaboration with Wallenius Water regarding development and manufacturing of UV light sources and drive unit electronics for Wallenius Water’s innovative water purification products”, says Johan Tingsborg, CEO LightLab Sweden.
For further information regarding this press release please contact:
Johan Tingsborg, CEO
Tel: 46 (0)8 442 0550
Jan Rynning, Chairman of the Board
Tel: 46 (0)703 51 00 05
This is LightLab Sweden AB
LightLab Sweden AB (publ), www.lightlab.se, is a development company which develops a unique and environmentally friendly lighting technology, EEE Light® Technology. LightLab has over 3,600 shareholders. The company’s shares are listed on NASDAQ OMX First North. The company’s certified adviser is Erik Penser Bankaktiebolag.