(Alliance News) - InfraStrata PLC on Wednesday said it will receive EUR1.3 million in a grant reclaim from the EU's Innovation and Networks Agency.
In November, the natural gas storage firm said it expects to receive the EUR1.6 million final grant reclaim for work carried out on the Islandmagee Gas Storage project in the fourth quarter of 2019.
On Wednesday, InfraStrata said it will receive EUR1.3 million of the EUR1.6 million. It added that the remaining EUR300,000 is in relation to expenditure incurred in 2019, saying that the amount is currently being reviewed by the Innovation and Networks Agency.
"We are very pleased to have received this formal communication from INEA and look forward to receiving the funds in the near term," said InfraStrata Chief Executive John Wood.
InfraStrata shares were trading 5.8% higher at 0.26 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
