REG - PipeHawk PLC - Further update re. Major contract with Ventive

PipehawkAnnouncement

20/10/2022 07:00

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RNS Number : 4832D  PipeHawk PLC  20 October 2022

20 October 2022

PipeHawk plc

("PipeHawk", "Company" or the "Group")

 

Further update re. Major contract with Ventive Limited

Up to £2.5 million funding package secured by Ventive Limited

 

PipeHawk is pleased to announce that further to the Company's announcement on
17 October 2022, QM Systems Limited ("QM"), one of the Group's principal
subsidiaries, has been informed that Ventive Limited ("Ventive") has now
secured a total of up to £2.5m in development capital.

 

This will provide Ventive with the necessary funding to deliver its modular
heat pump production facility at QM, in Hartlebury, Worcestershire.  Whilst
securing of this additional funding has inevitably caused delay to the product
release, the funding enables Ventive to complete the development of the
initial product variants and, in partnership with QM, complete the
manufacturing facility ready for product release in Q4 2023.

 

The Department for Business, Energy & Industrial Strategy (BEIS) awarded
£1.5m in funding to Ventive as part of its Heat Pump Ready grant.  In
addition, an investment package has been secured by Ventive, led by the deep
tech and venture capital specialist, EMV Capital, which includes an initial
equity and debt investment of £600,000 from new investors including EMV
Capital.  The package also includes the restructuring of c. £1m of
historical debt in Ventive.  EMV Capital is a subsidiary of AIM-quoted
NetScientific PLC.

 

Ventive's modular exhaust air heat pumps are targeted at both new build and
retrofit applications and will provide significant cost and carbon dioxide
emissions reductions across their installation, operation, and production.

 

Gordon Watt, Chairman of PipeHawk plc commented:

"It is testament to Ventive, the product and its strong partnership with QM
that it has been able to attract the additional funding required from a
combination of sources including the BEIS Heat Pump Ready grant scheme and a
wider circle of green industry focused investors. We are very excited to
continue on the journey with Ventive and its wider partners as we bring this
opportunity to market over the coming months."

 

-Ends-

 

Enquiries:

 

 PipeHawk Plc                        Tel. No. 01252 338 959

 Gordon Watt (Chairman)

 Allenby Capital (Nomad and Broker)  Tel. No. 020 3328 5656

David Worlidge/Vivek Bhardwaj

 

For further information on the Company and its subsidiaries, please visit:
www.pipehawk.com (http://www.pipehawk.com/)

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