reh announcement

Does anyone have an opinion on what effect this announcement will have on the CNM share price??

Friday, 27th July 2007 12:56

Renewable Energy in binding MoU with EDF to develop offshore wave power projects

LONDON (Thomson Financial) - Renewable Energy Holdings PLC (REH) said it has entered into a binding memorandum of understanding with EDF Energies Nouvelles SA, under which, EDF will exclusively develop offshore wave power projects.

The companies will conclude a collaboration agreement which will permit EDF to develop the projects in the Northern Hemisphere and at Reunion Island in the Indian Ocean, using REH's proprietary CETO wave power technology, REH said.

In addition, EDF has agreed to subscribe for 6.0 mln REH shares at 50.0 pence each, for 3.0 mln stg.

The company said the funds raised will be used for finalising the prototyping and industrial development of the CETO technology for commercial deployment.