Sondrel Holdings PLC on Thursday noted its skyrocketing share price, following a report in the Daily Mail that it assisted Tesla Inc owner Elon Musk with his Neuralink brain chip project.

Shares in Sondrel more than doubled to 14.50 pence each in London on Thursday morning. It closed up 3.5% to 5.95p on Wednesday.

The Reading, England-based semiconductor design services firm said it provided some of the semiconductor technology that allows the implants of Neuralink to function.

https://www.dailymail.co.uk/news/article-13051457/elon-musk-neuralink-brain-chip-developed-small-british-tech-firm.html

Sondrel said it remains ‘one of only a few companies capable of designing and supplying higher-spec, complex chips built on the most advanced semiconductor technologies, and the group’s customer base continues to include leading global technology brands.’

It continued: ‘The company remains encouraged that demand for Sondrel’s ASIC services, including in the US, remains strong and that the group continues to trade in line with current market expectations with a number of new ASIC business opportunities at advanced stages of negotiation.’

Sondrel would not comment on the identity of customers.

On Monday, Sondrel confirmed receipt of £1.5 million of payments in relation to the material turnkey application-specific integrated circuit engagement with an unnamed automotive Tier 1 supplier.

It said talks with the customer over resolution of the funding for the project extension continue and additional payments are expected in the coming months, assuming completion of the ’tape out’ milestone and including the balance of £0.2 million.

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