Shares rose in Sabien Technology Group PLC after the company confirmed that the UK and Welsh governments will supply funding and cooperate towards the creation of a new freeport in Wales.

b.grn Group Ltd, in which Sabien holds a 33% interest, has been looking to secure a site on Anglesey to set up a waste-to-fuel operation, where the potential freeport could be established.

Shares in the London-based boiler efficiency products company were 7.0% higher at 24.35 pence on Friday.

A freeport is a type of port where normal tax and custom rules do not apply, meaning that imports can enter with simplified customs documentation and without paying tariffs.

Both governments have committed to assess joint bids for the freeport status, asking that bidders must show they will create employment opportunities and meet climate change commitments to reach net zero by 2050.

The UK government in particular has pledged to provide £26.0 million in funding to support the process.

‘Anglesey is an ideal site for b.grn’s operations. It has a skilled local workforce, sufficient space for the scale of operation we require, and the support of its hard-working elected representative. b.grn welcomes the governments’ decision to fund a Welsh Freeport and congratulates Crosbie and her team on its campaign to secure this progress. Currently, our decision to locate operations in the Holyhead area is conditional on Freeport status being granted to the area,’ said Sabien Executive Chair Richard Parris.

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