Media Release, 15 March 2007

HTS-110 scoops Gen-i Start Up Exporter of the Year Award

A company specialising in high temperature superconducting solutions won the ‘Start up Exporter of the Year’ category at the Gen-i New Zealand Incubators Awards in Auckland on Wednesday.

HTS-110 Ltd originated from Industrial Research Ltd, one of New Zealand’s crown research institutes. It competed for the award with MPT Solutions, another company originating in Industrial Research but now completely spun out.

HTS-110’s CEO, Dr. Sohail Choudhry, says the fact that two companies that began under Industrial Research’s umbrella were finalists for the award speaks volumes for what can be achieved when the support to incubate start-ups is there at an early stage.

“The award itself is also great recognition of our team’s work to date and it shows that we’ve leveraged our IP and 15 years of research at Industrial Research, to the extent that HTS-110 now has inroads to businesses all over the world.”

With almost 100% of HTS-110’s product exported, it has a global presence extending to Europe, Australia, Japan, China, Taiwan, South Korea and the US.

Key highlights from the last year include the sale of two large magnet systems - valued at $1.2 million.

“HTS technology is maturing too – to the point where it will soon be mainstream, which will provide a huge revenue stream for both HTS-110 and the whole HTS sector in New Zealand.

“To really put it in perspective, as we further implement HTS-110’s industrial and scientific product strategy, the potential for our business could reach in excess of $100 million in the next 10 years.

HTS-110 has been in operation since 2004 and in that time has grown staff numbers from 2 to 14.

It has already achieved a multimillion dollar turnover, established a US sales office and raised significant additional equity investment from shareholders.

HTS-110 incorporates the design, manufacture and marketing of high temperature superconducting solutions for the medical, scientific, energy, defence, transport and industrial sectors.

High temperature superconducting products hold an advantage over other superconducting or high power systems because they can transmit more electrical current – enabling them to be lighter, smaller and more efficient.