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17 Sep 2021 07:00
Reach- non-regulatory announcement 17 September 2021
Vela Technologies plc
("Vela" or "the Company")
Update re. Aeristech
The Board of Vela notes the announcement by Sprintex (ASX: SIX) of its collaboration agreement with Aeristech Limited ("Aeristech") which will facilitate Sprintex's penetration into the high-growth and lucrative hydrogen energy and clean air markets. Sprintex is establishing a new production and testing facility in China which would produce several electrical compressor (eCompressor) platforms. Aeristech's proprietary designs will form a key component of these platforms for use in hydrogen fuel cell vehicles.
On 25 February 2021, Vela announced that it had invested £350,000 into Aeristech as part of Aeristech's £5.1 million pre-IPO funding round.
Aeristech is a producer and supplier of efficient, power-dense compressors, which are used to maximise the power output and efficiency of hydrogen fuel cells. Aeristech's unique turn-key motor and controller technology provides many benefits for hydrogen cells, including reducing high power switching events, enabling high-speed and high-power motors, reducing heat loss and reducing costs by removing the need for high-cost specialist components.
For further information, please contact:
Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director
| Tel: +44 (0) 7421 728875 |
Allenby Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 3328 5656 |
Nick Athanas / Piers Shimwell
|
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Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey / Eran Zucker | Tel: +44 (0) 20 7469 0930 |
About Vela Technologies plc
Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.
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