An Irish firm - specialising in solar hot water panelling - has agreed a €20m deal to have its product distributed throughout the country.

Mayo-based Surface Power Solar will supply The Moritz Group with its SP501 Solar Hot Water Collector over a five-year period.

The Moritz Group, a leading Irish-based distributor to the construction industry, employs more than 180 people in Ireland and a further 100 people indirectly through its various interests.

Surface Power founder John Quinn said: "This agreement provides us with a solid distribution channel in Ireland enabling us to completely focus on our expansion efforts. "Surface Power Solar has already achieved product approval in over 25 countries and expects to add the USA, Canada and Australia over the coming months."

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Moritz Trading Director, Dennis O'Connor said: "The extensive certification, ground breaking performance and R&D that went into the solar hot water collector designed for the Irish climate give us confidence to distribute the product to our customers."

He continued: "With building regulations making solar virtually mandatory and the retrofit market experiencing increased growth, we needed to secure distribution of a product that guarantees our customers the best Building Energy Rating (BER) on their homes."

"Supporting Irish jobs is an additional bonus for this deal," he added.

Surface Power estimates that the SP501 product, which has undergone six years of development and testing, has the potential to reduce domestic and commercial hot water bills by up to 70% if insulation standards meet new building regulations.

Steven Allen, Sales Director, said: "The SP501 is a hot water type designed specifically for the retrofit market although it is perfectly suitable also for new builds. It was designed to deal specifically with Irish climatic conditions such as wind, rain and cloud.

"Solar hot water can be used in domestic homes and commercial applications such as shower rooms, hotels and swimming pools. It may be classified as new technology and simpler to use and install but it is not more expensive to produce."

(PR/JM)