Allenby Capital: EnSilica plc - Update

Following a competitive application process, EnSilica has been awarded £10.4m of funding over the next three years from the UK Space Agency (“UKSA”). The funds are intended to increase EnSilica competitiveness as a global supplier of semiconductor chips used to connect ground-based user terminals with Low Earth Orbit (“LEO”) satellites. All of the IP developed will be owned by EnSilica. The £10.4m has been awarded on a match funding basis. EnSilica notes that it is in discussions with several potential lead customers relating to the technology that we expect will lead to further design wins. We believe the growth in LEO constellations and associated ground-based user terminals provides a huge market opportunity for EnSilica.