LONDON (Alliance News) - InfraStrata PLC said Monday it submitted a new "grant for works" application for its Islandmagee gas storage project, in Northern Ireland, to the EU.
The grant application equates to around GBP40 million towards the total construction cost of the project's first phase of an initial two storage caverns.
InfraStrata will know in February if the application was successful.
The company specified that the new application has no impact on the EU grant for front end engineering design works that it already received.
Last week, InfraStrata said that the FEED work, which commenced in May, remains "on budget with no significant issues being uncovered".
InfraStrata shares were trading up 2.7% at 0.62 pence each.