Pryme previously announced its application for a grant under the EU Horizon 2021 program established by the European Commission to finance research and innovation activities. The Company is one of 12 consortium partners in Project ELECTRO including Ghent University in Belgium as the project coordinator. The EU granted the consortium an amount of EUR 14.2 million for the project that spans a EUR 21.4 million research and innovation program until September 2026.

Pryme's share in the grant, as the largest consortium partner, is EUR 4.8 million, supporting its budgeted EUR 8 million project costs until September 2026 as part of its overall planned R&D research and innovation costs. Project activities have commenced. As all approval conditions have been met, Pryme expects to receive EUR 2.3 million within the next 14 days as a project pre-payment from the EU, through Ghent University, the project coordinator, to fund its research and innovation activities costs related to Project ELECTRO.

Project ELECTRO targets demonstration of innovative technology concepts that link the waste and petrochemical industry and provide sustainable, low greenhouse gas footprint and scalable circular solutions for olefin and polyolefin production. Both Pryme's R&D center and Pryme's first production site in Rotterdam participate in the execution of the project activities.