THE founder of green technology group Energetix is standing down from the board.
Adrian Hutchings founded the Capenhurst company in 1998 and led the development of its flagship product, the Flow boiler. The boiler generates electricity as it operates, helping owners to save money on their fuel bills.
The group said Mr Hutchings has “decided to pursue other interests outside the company” now the technical development of the product is almost complete.
He has stood down as deputy chairman and as a board member with immediate effect, but will remain an employee of the company until the end of October. He also owns 8.7% of the company’s share capital.
Peter Richardson, who took over from Mr Hutchings in September 2012 after serving as chief operating officer at Dyson for 15 years, will now take the Flow boiler to the mass market.
Mr Hutchings said: “I am very proud of my role in developing the microCHP technology underpinning Flow Energy and the transformation of the business from the development stage into the commercialisation phase.
“As I stated in the 2011 Report & Accounts my skill sets are in technology development and with the Energetix team now focussed on building a product delivery business I now wish to concentrate my technology development expertise outside of the group’s current interests.
“I remain confident that Energetix shares have considerable potential, and I am a great believer in the Flow boiler technology and the opportunity that Energetix has to become a major supplier of innovative energy solutions in the UK.”
Clare Spottiswoode, executive chairman of Energetix, said: “Adrian created the company and his technical knowledge has been fundamental in establishing Energetix as a leading innovator in the microCHP arena.
“I would like to thank Adrian for his tireless work in developing and improving the Flow boiler and it is to his credit that we have an exciting product which will revolutionise the UK energy market.”