LONDON (Alliance News) - Shares in surface coating technology firm Hardide PLC rose on Wednesday as the firm said it has won funding for two of its projects.
Hardide's shares were trading 12% higher at 2.05 pence each.
The funding, the amount of which was not specified, has been given by the National Aerospace Technology Exploitation Programme, a GBP14.4 million programme to progress 40 technologies in the UK's aerospace sector, Hardide said.
The first project is a grind and super-finish technology for Hardide's coating, while the second is an ultra-low temperature coating.
Both projects, of which Hardide is the lead partner, will start in September and take around 18 months.
Chief Executive Philip Kirkham said: "These grant awards were made after a rigorous application process and we will be working closely on the projects with our end-user customers."
"Both projects have the potential to expand significantly Hardide's aerospace business, widening the range of aircraft components and substrate materials suitable for our coating technology."
Hardide (HDD)