Coventry-headquartered Sprue Aegis has entered into a joint venture agreement with Pace Sensors, in relation to sensors for use in the company’s carbon monoxide alarms.
Pace Sensors is a Canadian corporation which manufactures a patented electrochemical CO sensor which comprises an essential component in the CO alarms distributed by the company under the FireAngel brand in the UK.
Under the agreement, the existing manufacturing and distribution agreement between Pace Electronics and Sprue Aegis will also be extended. Sprue Aegis will take over the design authority for all future CO detectors which will incorporate the CO sensor, with any resulting IP in the finished CO products becoming its property.
The CO sensors will continue to be manufactured by Pace Sensors in Canada, while the finished CO detectors will continue to be manufactured by Pace Electronics at its factory in China.
Sprue Aegis has also acquired a 17.5 per cent interest in Pace Sensors for a nominal consideration and has agreed to provide future R&D services to Pace Sensors. The company intends increase its aggregate holding in Pace Sensors to 49 per cent by the end of 2010.