Dynex Secures £1 Million Support from UK Government's Regional Growth Fund
Listing: TSX Venture Exchange
LINCOLN, England, April 7, 2014 /CNW/ - Dynex Power Inc., a leading specialist high power semiconductor company, today announced that its UK subsidiary, Dynex Semiconductor Ltd, has secured £1 million support from the UK Government's Regional Growth Fund.
The funding is linked to safeguarding existing jobs and creating 27 new positions over the next five years in the Company's R&D Centre in Lincoln, England. The projects being supported will develop the next generation of high power semiconductor devices and production technologies and will underpin the future of manufacturing jobs in Lincoln. The money will be paid to the Company over the next twelve months, although for accounting purposes it will be released to the income statement over five years.
Dynex recently announced that it had signed an agreement with its majority shareholder, Zhuzhou CSR Times Electric Co., Ltd., who will provide funding of 80% of the total £19.9 million costs of carrying out R&D projects for high power semiconductor devices over the period January 2014 to December 2016.
Dr. Paul Taylor, President and Chief Executive Officer said, "We are very pleased to receive this grant from the UK Government which enabled us to sign an agreement with CSR Times Electric where they inject major funding to support 80% of our costs in carrying out high power semiconductor R&D projects. Dynex is committed to remaining at the forefront of high power semiconductor developments and to maintaining production and R&D in the UK and the support of both the UK Government and CSR Times Electric is essential if we are to do that.
About the Company
Dynex designs and manufactures high power bipolar semiconductors, high power insulated gate bipolar transistor (IGBT) modules, high power electronic assemblies and radiation hard silicon-on-sapphire integrated circuits (SOS IC's). The company's power products are used worldwide in power electronic applications including electric power transmission and distribution, renewable and distributed energy, marine and rail traction motor drives, aerospace, electric vehicles, industrial automation and controls and power supplies. Our IC products are used in demanding applications in the aerospace industry. Dynex Semiconductor Ltd is its only operating business and is based in Lincoln, England in a facility housing the fully integrated silicon fabrication, assembly and test, sales, design and development operations. Dynex is majority owned by Zhuzhou CSR Times Electric Co., Ltd.
Zhuzhou CSR Times Electric Co., Ltd. is based in Hunan Province in the People's Republic of China. It is listed on the Hong Kong Stock Exchange. CSR Times Electric is mainly engaged in the research, development, manufacture and sales of locomotive train power converters, control systems and other train-borne electrical systems, as well as the development, manufacturing and sales of urban railway train electrical systems. In addition, CSR Times Electric is also engaged in the design, manufacturing and sales of electric components including power semiconductor devices for the railway industry, urban railway industry and non-railway purposes.
Press announcements and other information about Dynex Power Inc are available at www.dynexpower.com.
Information about Dynex Semiconductor Ltd and its products can be found at www.dynexsemi.com.
Further information on CSR Times Electric can be found at www.timeselectric.cn/en
All monetary values expressed in this release are in Canadian Dollars unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the information in this press release.
About the Regional Growth Fund
The Regional Growth Fund is a £3.2 billion fund designed to help companies in England to grow. So far £2.6 billion of funding has been allocated to support projects and programmes committed to deliver sustainable jobs and economic growth. Round 5 selected bidders will be announced in spring. A sixth round will launch in summer.. For more information, please go to www.bis.gov.uk/rgf
SOURCE DYNEX POWER INC.For further information:
Dr. Paul Taylor
President and Chief Executive Officer
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500