Alzchem Group AG: Alzchem Group AG receives EUR 34.4 million in EU funding
March 15, 2024 at 12:58 pm EDT
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EQS-Ad-hoc: Alzchem Group AG / Key word(s): Expansion
Alzchem Group AG: Alzchem Group AG receives EUR 34.4 million in EU funding
15-March-2024 / 17:56 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Trostberg, 15 March 2024 - Following a Europe-wide selection process, Alzchem Group AG has been awarded an investment grant of EUR 34.4 million by the EU Commission as part of the ASAP ("Act in Support of Ammunition Production") funding instrument.
Alzchem Group AG wants to use the funds over an investment period of two and a half years to increase the production capacity of nitroguanidine and to modernize and expand the existing facilities for the production of guanidine nitrate. Guanidine nitrate is a precursor of nitroguanidine, which is used in crop protection, as a propellant for airbags and, increasingly, in defense technology.
Funding for the project was approved in principle and published today by the EU Commission, in consultation with the member states; the final allocation will be made upon conclusion of a corresponding grant agreement, expected to be signed in May 2024.
End of Inside Information
15-March-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com
Language:
English
Company:
Alzchem Group AG
Dr.-Albert-Frank-Str. 32
83308 Trostberg
Germany
Phone:
+498621862888
Fax:
+49862186502888
E-mail:
ir@alzchem.com
Internet:
www.alzchem.com
ISIN:
DE000A2YNT30
WKN:
A2YNT3
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Stuttgart
Alzchem Group AG, fka AlzChem Group AG, is a Germany-based group parent company for a vertically integrated producer of chemical products based on the calcium carbide/calcium cyanamide chain. The Group's operating business is divided into three segments: Specialty Chemicals, Basics & Intermediates and Other & Holding. Its products can be applied in areas, such as nutrition, renewable energy, fine chemicals, agriculture and metallurgy. The Company produces dietary supplements; epoxy resin hardeners for use in adhesives, powder coatings, printed circuit boards and composites; silicon nitride for advanced ceramics and solar wafers; technical gases; specialty fertilizer, germicide for use in pig pens, plant growth regulators and plant protection additives, among others. It also provides related services. The Company operates production sites in Germany and Sweden, a sales subsidiary in the United States and a Chinese subsidiary for the purchase of raw materials and distribution in Asia.
ALZCHEM GROUP AG 
