Source - LSE Regulatory
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 £100,000 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 £5.1 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 £2.40 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 £2.40.

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 £9.6m 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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