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
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