VELA Vela Technologies Plc

TIDMVELA

Vela Technologies PLC

17 September 2021

Reach- non-regulatory announcement 17 September 2021

Vela Technologies plc

("Vela" or "the Company")

Update re. Aeristech

The Board of Vela notes the announcement by Sprintex (ASX: SIX) of its collaboration agreement with Aeristech Limited ("Aeristech") which will facilitate Sprintex's penetration into the high-growth and lucrative hydrogen energy and clean air markets. Sprintex is establishing a new production and testing facility in China which would produce several electrical compressor (eCompressor) platforms. Aeristech's proprietary designs will form a key component of these platforms for use in hydrogen fuel cell vehicles.

On 25 February 2021, Vela announced that it had invested GBP350,000 into Aeristech as part of Aeristech's GBP5.1 million pre-IPO funding round.

Aeristech is a producer and supplier of efficient, power-dense compressors, which are used to maximise the power output and efficiency of hydrogen fuel cells. Aeristech's unique turn-key motor and controller technology provides many benefits for hydrogen cells, including reducing high power switching events, enabling high-speed and high-power motors, reducing heat loss and reducing costs by removing the need for high-cost specialist components.

For further information, please contact:

 
 Vela Technologies plc                         Tel: +44 (0) 7421 
  Brent Fitzpatrick, Non-Executive Chairman     728875 
  James Normand, Executive Director 
 Allenby Capital Limited (Nominated Adviser    Tel: +44 (0) 20 3328 
  and Joint Broker)                             5656 
 Nick Athanas / Piers Shimwell 
 Peterhouse Capital Limited (Joint Broker)     Tel: +44 (0) 20 7469 
  Lucy Williams / Duncan Vasey / Eran Zucker    0930 
 

About Vela Technologies plc

Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.

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September 17, 2021 02:00 ET (06:00 GMT)

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