REG - Narf Industries PLC - Fund Grant

Narf IndustriesAnnouncement

02/12/2022 07:00

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RNS Number : 4068I  Narf Industries PLC  02 December 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
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LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

2 December 2022

 

NARF INDUSTRIES PLC

 

US DEPARTMENT OF ENERGY GRANT

 

Narf Industries plc ("Narf", the "Company", or the "Group") (LSE: NARF)(OTCQB:
NFIN.F) the cybersecurity group specialising in high-end threat intelligence
and critical infrastructure security, is pleased to announce it has signed an
agreement with New York University ("NYU") to develop new electric grid cyber
defence solutions within an initial two-year, $1.9 million, competitive grant
funded by the US Department of Energy ("DoE"). The grant is part of a larger
$45 million funding project to create, accelerate, and test technology that
will protect the US electric grid from cyber-attacks and  accelerate the
migration to clean renewable energy in the US (see
https://www.energy.gov/articles/doe-announces-45-million-next-generation-cyber-tools-protect-power-grid
(https://www.energy.gov/articles/doe-announces-45-million-next-generation-cyber-tools-protect-power-grid)
)

Work on this electric grid cybersecurity research and development project has
already begun leveraging TIGR, Narf's flagship power grid cybersecurity
product. The Narf team will work with NYU to enhance TIGR with cyber physical
and artificial intelligence ("AI") models that automate defence against
dangerous power flows created by hackers that attempt to physically damage the
power grid. These autonomous defence capabilities will accelerate the rollout
of TIGR appliances across US substations and relieve overburdened grid
operators by understanding and responding to attack attempts within
substations.

New York Power Authority, the official power authority of the State of New
York ("NYPA") and Consolidated Edison Inc., whose electric, gas, and steam
services provides energy for 10 million people in the US ("ConEd") are also
partners on the project, helping drive testing and acceptance of the developed
software solutions.

Automated Cybersecurity incident identification and response is essential to
an evolving power grid, which must incorporate renewables, and is only safely
managed through extensive automation.  Both state-sponsored (see
https://www.bbc.com/news/technology-61085480
(https://www.bbc.com/news/technology-61085480) ) and financially motivated
attackers (see
https://www.nytimes.com/2021/05/13/climate/pipeline-ransomware-hack-energy-grid.html
(https://www.nytimes.com/2021/05/13/climate/pipeline-ransomware-hack-energy-grid.html)
) have shown the ability to compromise critical grid systems both in Ukraine
and the US.

 

CEO, Steve Bassi, said: "We all know cybersecurity talent is in short supply
and the power grid is critical to us all. I'm excited that our team
spearheading our flagship TIGR product have the opportunity to codify decades
worth of cybersecurity response knowledge into TIGR's software during this DoE
programme. If we're going to win against attackers, we need to give an
overworked cybersecurity labour force access to better automation and AI that
speeds their defence. It is especially exciting that this R&D work will
involve real-world defenders, ConEd and NYPA, who keep the lights on in the
Big Apple."

 

 

 

ENDS

For further information on the Group please visit www.narfgroup.com
(http://www.narfgroup.com) or www.narfindustries.com
(http://www.narfindustries.com) or contact:

 Robert Mitchell                                   NARF                 Tel: +44 (0) 20 3468 2212
 Catherine Leftley/Charlotte Page/Isabel de Salis  St Brides Partners   narf@stbridespartners.co.uk
 Peter Krens                                       Tennyson Securities  Tel: +44 (0)207 186 9030

 

 

About NARF Industries plc

Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber security group
specialising in high-end threat intelligence with a focus on critical
infrastructure. The Group leads commissioned cyber security R&D and is
commercialising a portfolio of products including a US government backed
product called TIGR that can be used by utilities and cyber first responders
to restore power to electric grids and protecting other key infrastructure
that have suffered a cyber-attack.  The Group aims to further strengthen its
portfolio organically and via acquisition; its team of highly qualified cyber
security experts is well placed to identify opportunities.

 

Important notice

The content of this announcement has not been approved by an authorised person
within the meaning of the Financial Services and Markets Act 2000 (FSMA). This
announcement has been issued by and is the sole responsibility of the Company.
The information in this announcement is subject to change. This announcement
is not an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the Securities Act), and may not be
offered or sold, directly or indirectly, in or into the United States, except
pursuant to an applicable exemption from registration. No public offering of
securities is being made in the United States. This announcement is not for
release, publication or distribution, directly or indirectly, in or into
Australia, the Republic of South Africa, Japan or any jurisdiction where to do
so might constitute a violation of local securities laws or regulations (a
Prohibited Jurisdiction). This announcement and the information contained
herein are not for release, publication or distribution, directly or
indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant
to an exemption under the relevant local law or regulation in any such
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