REG - Versarien PLC - €804,000 Grant Award

VersarienAnnouncement

13/12/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241213:nRSM9445Pa&default-theme=true

RNS Number : 9445P  Versarien PLC  13 December 2024

13 December 2024

Versarien Plc

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

€804,000 Grant Award

Versarien Plc (AIM: VRS), the advanced engineering materials group, is pleased
to announce that the Company's 90% owned subsidiary, Gnanomat S.L.
("Gnanomat"), has been awarded a grant ("Grant") of approximately €804,000
(approximately £663,000) to finance a project relating to next generation
energy storage devices based on Gnanomat's advanced materials technology.
The Grant is expected to be received as one single payment before the end of
2024.

The Grant covers 70% of Gnanomat's anticipated costs, including day-to-day
fixed costs, in relation to a 24-month project to elevate the technology
readiness level (TRL) of GnanoCaps, an innovative and eco-friendly energy
storage device, that leverages Gnanomat's proprietary hybrid nanomaterials
platform to create optimised energy storage solutions.  They combine the high
power and rapid recharge capabilities of supercapacitors, with improved energy
delivery, enhanced safety, and the use of clean electrolytes, eliminating
explosion risks associated with lithium-ion batteries.

Gnanomat's proposal for GnanoCaps was awarded the Seal of Excellence under the
European Innovation Council (EIC) Accelerator programme in October 2020.  As
announced on 17 July 2024, Gnanomat was unable to access the Grant prior to
Versarien's conversion of its convertible loan in Gnanomat due to debt
restriction rules.

Commenting, Dr Stephen Hodge, Versarien CEO, stated: "I am delighted that
Gnanomat has been awarded this substaintial grant to further develop their
GnanoCaps technology.  Grant income is key to derisking R&D and unlocking
the potential in Versarien's technologies.  With GnanoCaps we have an energy
storage technology that offers significant performance advantages over
currently available solutions and has wide ranging applications.  I believe
there is a significant potential for GnanoCaps to play a role in a wide
variety of energy storage applications from next-generation electric vehicles
to those in industrial and infrastructure areas, particularly those in ATEX
(explosive atmospheres) environments.  Gnanomat, together with the wider
Versarien team, is eager to commence this project, building on the extensive
groundwork already accomplished by the Group in this area."

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

For further information please contact:

 

 Versarien                                                   c/o IFC

 Stephen Hodge, Chief Executive Officer

 Chris Leigh, Chief Financial Officer

 SP Angel Corporate Finance (Nominated Adviser and Broker)   +44 (0)20 3470 0470

 Matthew Johnson, Adam Cowl

 IFC Advisory Limited (Financial PR and Investor Relations)  +44 (0) 20 3934 6630

 Tim Metcalfe, Zach Cohen

 

For further information please see: http://www.versarien.com
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.versarien.com%2F&data=05%7C01%7Ctwhitfield%40mclnews.com%7Ca6f36820d41746bbb8f008da42f2dd6a%7C7560185ee95f4d5a8cc0c244cb450a3e%7C0%7C0%7C637895909595351380%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=vp8yFEBNrElWqj0WOIqnwLTzPx3mbDopgjGylVz4v0c%3D&reserved=0)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFFLFAEELSEIE