Innovate UK Grant Award

RNS Number : 4785L

Verditek PLC

13 September 2021

 

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.

13 September 2021

Verditek PLC

("Verditek" or the "Company")

Innovate UK Grant Award

Verditek plc (AIM:VDTK), the international green energy technology company that develops, manufactures and sells advanced ultra-lightweight solar panels, is delighted to announce that it has been successful with its application for an Innovate UK grant.

The grant is to part fund Verditek to develop in association with local partners, a robust, ultra-lightweight portable micro solar energy system - providing scalable, renewable power (50W-1.5kW) to off-grid communities in Zimbabwe. In particular, the focus is on creating efficient energy solutions for remote communities in rural Africa that can be applied quickly and economically, starting with the development project in Zimbabwe.

The total project cost is just over £450,000 which will be funded to the extent of 70 per cent by Innovate UK. Verditek estimates indicate that 80 per cent of the work will be done by the Company with the local partners performing the balance.

Rob Richards, Verditek CEO, commented: "we are delighted to have been awarded this grant to apply our technology to a real-world pressing issue. Addressing the need for sustainable, portable green energy in developing nations is an important challenge today."

The project should commence on 1 October 2021 and last for approximately 18 months.

For further information:

Verditek plc   

Rob Richards, CEO  Tel: [phone]

Vicki Johnson, CFO

WH Ireland Limited - NOMAD and Broker

Chris Hardie Tel: [phone]

Ben Good

About Verditek plc:

AIM listed Verditek plc is a holding company of a business operating within the green technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously unachievable. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf. We are working together to engineer the technology for commercialization.

Verditek provides compelling commercial solutions that help to make our customer's businesses sustainable.

For more information please visit:  https://verditek.com/

 

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