Update re. Aeristech

RNS Number : 0771M

Vela Technologies PLC

17 September 2021

 

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: [phone]
Allenby Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey / Eran Zucker	Tel: [phone]

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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