PHOTON (PEN): Photon Energy commits PLN 4.8 million to the ValueTech Seed Fund in Poland and announces first investment - raport 6

Photon Energy NV is pleased to announce that it has committed to invest up to PLN 4.8 million (EUR 1.085 million, CZK 29.342 million) as the 80% lead investor in the ValueTech Seed Fund (the “Fund”) managed by Valuetech Seed Sp. z o.o. based in Wroclaw, Poland. The Fund has successfully secured a grant (the “Grant”) under the grant project BRIdge Alfa, Action 1.3.1 of the 2014-2020 Smart Growth Operational Programme, co-financed by the European Regional Development Fund and administered by the Polish National Center for Research and Development (Narodowe Centrum Badań i Rozwoju). Under the terms of the Grant private investors will invest a total of up to PLN 6 million between 2017 and 2020, of which 80% will be invested as equity in Polish start-ups with a strong research and development component and 20% is budgeted for the Fund’s operating costs. The Grant leverages the private investors’ contribution with a 4-to-1 factor in the form of a non-refundable grant, so that the Fund has up to PLN 24 million available for investments and up to PLN 6 million to cover its operating costs over its life time.

The Fund’s main focus will be minority equity investments in Polish start-ups in the energy, environmental, information and communications technology (ICT) sectors.

The Fund successfully concluded its first investment into Vortex Oil Engineering S.A. (www.vortex-oil.com), which has developed and started commercializing a hydroacoustic mill which enhances recovery rates from oil wells while lowering water consumption without the use of any chemicals, thus reducing the environmental impact of crude oil extraction.

“We have been thoroughly amazed by the acumen and drive of the Polish start-up scene while evaluating our participation in the ValueTech Seed Fund over the past year. We are looking forward to working with the Fund’s management on identifying promising start-ups in our area of expertise. We are convinced that with our energy industry experience and global footprint we will be able to help the Fund’s investee companies leverage their technologies and solutions internationally while in some cases deriving synergies of strategic value for Photon Energy’s business. In combination with the strong financial incentive of the Grant we are very confident in a material contribution to our shareholder value. The Fund’s first investment into Vortex Oil Engineering is a promising first step in this direction. While the Polish PV sector remains challenging to address for us, we are pleased to have finally found an exciting way to enter the Polish market, by investing in Polish brains and entrepreneurship”, explained Georg Hotar, CEO of Photon Energy NV.

Legal basis: § 5 ust. 1 point no.2 of the Appendix 3 to Regulations of the Alternative Trading System - "Current and Periodic Information in the Alternative Trading System".

Osoby reprezentujące spółkę:
Georg Hotar - Director
Michael Gartner - Director