Sabien Technology Group PLC Significant investment in emerging technology (5081Q)
26 February 2021 - 9:47PM
UK Regulatory
TIDMSNT
RNS Number : 5081Q
Sabien Technology Group PLC
26 February 2021
26 February 2021
Sabien Technology Group plc
("Sabien" or the "Company")
Significant investment in emerging technology
The Board of Sabien, is pleased to announce that it has invested
GBP100,000 in Aeristech Limited ("Aeristech"), a leading UK-based
manufacturer of power-dense compressors used within hydrogen fuel
cells. The investment is being funded by Sabien's existing
resources as part of a GBP5.1 million pre-IPO funding round
completed by Aeristech.
Sabien has subscribed for 41,667 shares in Aeristech, equivalent
to 0.3% of the issued share capital of Aeristech as enlarged by the
funding round, at an issue price of GBP2.40 per share. In addition,
Aeristech has issued Sabien with 10,417 warrants with a two-year
term, each warrant carrying the right to subscribe for one share in
Aeristech at the issue price of GBP2.40.
Aeristech is a designer, producer, and supplier of efficient,
power-dense compressors, which are used to maximise the power
output and efficiency of hydrogen fuel cells. The company's unique,
patented motor and controller technology provides significant
performance benefits, including:
-- Reducing high power switching events;
-- Enabling high-speed and high-power motors;
-- Reducing heat loss; and
-- Mitigating costs by removing the need for high-cost specialist components.
Currently, Aeristech is partnered with three leading automotive
tier-one suppliers. Several of these fuel cell customers are
exhibiting strong performance as the hydrogen fuel cell market
continues to grow, notably within the energy and transport sectors.
The funding round will enable Aeristech to draw on GBP9.6m of UK
Government grant funding for three hydrogen power development
programs: two in the aerospace sector and one in automotive
production.
Commenting on the investment, Richard Parris, Chairman of
Sabien, stated: "Sabien believes that environmental and shareholder
benefits are not mutually exclusive. We are focused on building a
portfolio of solutions which reduce CO2 production at the point of
consumption. Aeristech fits this template completely. Its work
within hydrogen fuel cell optimisation is class-leading and the
resulting technology will be, I am sure, capable of significant
growth. The Sabien Board is pleased to be able to collaborate with
Aeristech on this journey, providing the funds to assist in
building a better future."
For Further Information:
Sabien Technology Group plc
Richard Parris, Executive Chairman +44 20 7993 3700
Allenby Capital Limited (Nominated
Adviser)
John Depasquale / Asha Chotai +44 203 328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
The person who arranged for the release of this announcement
on behalf of the Company was Richard Parris, Executive Chairman.
A copy of this announcement will be available from the Company's
website at www.sabien-tech.co.uk
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END
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