14 Apr 2020 07:00
14 April 2020
InfraStrata plc
("InfraStrata" or the "Company")
Update on EU Grant Reclaim
InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, is pleased to announce that, further to its announcement on 11 March 2020, it has now received the £1.13 million grant payment from the EU's Innovation and Networks Executive Agency.
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
|
Cenkos Securities plc (Nominated Adviser & Broker) Stephen Keys / Cameron MacRitchie (Corporate Finance) Michael Johnson (Sales)
| +44 (0)20 7397 8900 |
Newgate Communications (PR) Elisabeth Cowell/ Ian Silvera/Jamie Williams
| +44 (0)20 3757 6880 |
Notes to editors:
InfraStrata is a London Stock Exchange-quoted group focused on strategic infrastructure projects.
The Company owns and operates the assets of Harland & Wolff in Belfast, which boasts two of the largest dry docks in Europe and one of only two docks licenced for marine waste disposal in the UK. The Harland & Wolff site generates revenue from the fabrication, repair, conversion, recycling and support services for ships and assets in the defence, commercial, cruise and energy sectors. Importantly, Harland & Wolff is one of only three UK shipbuilders suitable for major MOD contract work and has the only dock suitable for major cruise vessels in the UK. In addition to the above, the Company will utilise the 30,000m2 of undercover fabrication facilities for the Islandmagee gas storage project in the future.
The Islandmagee gas storage project is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Irish 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.
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.