Haydale has provided a trading update highlighting the recent commercial progress of its JustHeat product line: a low-power, graphene-based heating system. According to Haydale, the product has now received UL certification, a critical regulatory milestone that enables the commercial sale of the JustHeat system in the US and Canada.
It was reported that there is "strong demand" in the UK for JustHeat from social landlords. To date, Haydale says it has secured commitments for over 40 pilot installations across Welsh housing providers.
In addition, Haydale has signed a strategic UK wide non-exclusive distribution agreement with Quidos Protect Ltd, a national installer network comprised of more than 250 qualified heating engineers. This agreement will provide Haydale with full UK-wide delivery coverage.
Haydale explains this model provides strong margins without the capital intensity or complexity of needing to build an in-house installation capability. Haydale is encouraged that JustHeat is already generating revenue as all pilot programs are paid for. In addition, the company says it remains on track to reduce monthly run-rate costs to around GBP200,000 by the end of financial 2025, down 70% year-on-year.
