InfraStrata : Update on EU grant reclaim

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Infrastrata PLC - INFA Update on EU grant reclaim Released 15:30 02-Mar-2020

RNS Number : 7370E

Infrastrata PLC

02 March 2020

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

InfraStrata plc

('InfraStrata' or the 'Company')

Update on EU grant reclaim

InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects, provides an update on its EU grant reclaim for €1.60 million in respect of work undertaken on the Company's Islandmagee Gas Storage Project.

The Company has been liaising with the European Commission and, on 28 February 2020, management was advised that the EU's Innovation and Networks Agency ('INEA') is currently finalising the assessment of the payment of the balance for the EU grant reclaim and that the Company will receive an official reply shortly.

A further announcement will be made once further details are known.

For further information, please visit www.infrastrataplc.comor contact:

InfraStrata plc John Wood, Chief Executive	c/o Newgate Communications [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner	[phone]
Arden Partners plc (Joint Broker) Paul Shackleton / Dan Gee-Summons (Corporate Finance) Simon Johnson (Corporate Broking)	[phone]
Newgate Communications (PR) Elisabeth Cowell/ Ian Silvera/Megan Kovach	[phone]

Notes to editors:

InfraStrata is a London Stock Exchange-quoted group focused on strategic infrastructure projects.

The rapid development of the 100% owned Islandmagee Gas Storage Project is a core workstream for InfraStrata. It is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Ireland economy as a whole when completed. Given that the Committee on Climate Change has advised that the UK will still need a significant quantity of natural gas by 2050 - about 70% of today's consumption - the market opportunity for this project is compelling.

The Company also owns and operates the assets of Harland & Wolff in Belfast, where it will undertake the fabrication work for the Islandmagee project, as well as establishing secondary revenue streams through the provision of services to the energy, maritime and defence sectors should such opportunities arise in future.

Mindful of the fact that safe, secure and flexible sources of energy are needed for a sustainable future, InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international energy infrastructure projects. With this in mind, the Company's highly experienced team is focused on acquiring, developing and commercialising innovative infrastructure projects around the world.

The Front-End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee Gas Storage Project is co-financed by the European Union's Connecting Europe Facility.

Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:

'The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein.'

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Update on EU grant reclaim - RNS