The European Union's Innovation and Networks Executive Agency has approved InfraStrata's application to extend the availability of the previously awarded EU grant facility until 20 Dec 2018.
The grant, which was originally set to expire this month, provides 50% up to a maximum of €4.024m, of the costs associated with the front end engineering & design for InfraStrata's Islandmagee gas storage project in Co Antrim.
Utilisation of the EU grant is subject to the company obtaining matched funding from other sources in order to carry out the FEED.
Under the terms of the EU grant, certain activity milestones are expected to be met, including completion of the FEED engineering report by 28 Sep 2018 and completion of the FEED by 20 Dec 2018.
At 9:22am: (LON:INFA) Infrastrata PLC share price was +0.02p at 0.45p