(Sharecast News) - Graphene nanoplatelet technology company Directa Plus has qualified for a total of €0.7m in loans under the Italian government's Covid-19 recovery plan, it announced on Monday.
The AIM-traded firm said it took advantage of the low-cost liquidity offered by the Italian Government, to accelerate its strategic programme.
It said the funds were being provided in two tranches by Intesa Sanpaolo, being a €0.5m loan and a €0.2m leasing loan to fund the acquisition of new machinery for the company's production facility.
The loans carried a term of between five and six years, a variable interest rate of 1.5% to 1.8% plus three-month Euribor, and were 80% to 90% guaranteed by the Italian government.
Exploiting the same government measure, the firm said it was negotiating with another major Italian bank for an additional € 0.5m loan.
"This measure offered by the Italian government to respond to the Covid crisis will be utilised by Directa to accelerate activities in areas where our G+ graphene has a significant competitive advantage, like environmental, batteries, antiviral and antibacterial textiles," said founder and chief executive officer Giulio Cesareo.
At 1219 BST, shares in Directa Plus were up 0.89% at 101.9p.
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