11 Mar 2020 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
InfraStrata plc
("InfraStrata" or the "Company")
Confirmation of €1.3 million Grant Reclaim Payment
InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, is pleased to announce that the EU's Innovation and Networks Agency ("INEA") has confirmed that it will pay a sum of €1.3 million towards the total €1.6 million EU Grant reclaim.
This sum is in accordance with the balance that was due under the grant agreement between INEA and the Company, executed in 2016 for all eligible expenditure incurred on or before 31 December 2018. The €300,000 balance relates to expenditure incurred by the Company in 2019, a review of which is currently being undertaken by INEA.
John Wood, CEO of InfraStrata, said: "We are very pleased to have received this formal communication from INEA and look forward to receiving the funds in the near term."
For further information, please visit www.infrastrataplc.com or contact:
InfraStrata plc John Wood, Chief Executive
| c/o Newgate Communications +44 (0)20 3735 8825
|
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner
| +44 (0)20 3328 5656 |
Arden Partners plc (Joint Broker) Paul Shackleton / Dan Gee-Summons (Corporate Finance) Simon Johnson (Corporate Broking)
| +44 (0)20 7614 5900 |
Newgate Communications (PR) Elisabeth Cowell/ Ian Silvera/ Megan Kovach
| +44 (0)20 3757 6880 |
Notes to editors:
InfraStrata is a London Stock Exchange-quoted group focused on strategic infrastructure projects.
The rapid development of the 100% owned Islandmagee Gas Storage Project is a core workstream for InfraStrata. It is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Ireland economy as a whole when completed. Given that the Committee on Climate Change has advised that the UK will still need a significant quantity of natural gas by 2050 - about 70% of today's consumption - the market opportunity for this project is compelling.
The Company also owns and operates the assets of Harland & Wolff in Belfast, where it will undertake the fabrication work for the Islandmagee project, as well as establishing secondary revenue streams through the provision of services to the energy, maritime and defence sectors should such opportunities arise in future.
Mindful of the fact that safe, secure and flexible sources of energy are needed for a sustainable future, InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international energy infrastructure projects. With this in mind, the Company's highly experienced team is focused on acquiring, developing and commercialising innovative infrastructure projects around the world.
The Front-End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee Gas Storage Project is co-financed by the European Union's Connecting Europe Facility.
Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:
"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."