Thursday, August 2, 2012
An article has apparently appeared in the Business Section of the Sunday Times Ireland published detailing the companies recent success. Sean McCarthy, Steorn's chief executive claims they have signed a collaboration agreement with two large multinational manufacturers.
"Mr McCarthy claims that royalty fees could bring in €50m a year by 2017."
Again, this is unconfirmed at this stage, but Steorn's Hephaheat technology is thought to be the subject of the deal.
According to Steorn's website, Hephaheat technology is described as follows..
This provides simplicity, reliability and low cost with our systems - yet brings the same advantages of existing induction heating technology principles.
Editor's note: If this deal is confirmed then it would pave the way for Steorn to substantially invest and speed up the work on it's other IP development projects including Orbo.
UPDATE: We have just spoken with Steorn CEO Shaun McCarthy and confirmed that this article did indeed appear in the Sunday Times Ireland. A scanned copy of the article should be with us tomorrow and will be published in due course.