22 April 2016: Borregaard ASA ("Borregaard", OSE ticker: BRG)
Reference is made to the stock exchange notice of 16 March 2016 regarding possible EU support for the commercialisation of Exilva microfibrillar cellulose.
The Grant Agreement has now been approved and signed by the EU Commission.
Borregaard is the coordinator in the project consortium. The other participants are:
The intention behind the Horizon 2020 Flagship programmes is to reduce the financial risk associated with the development and market introduction of new technologies in the commercialisation phase.
The maximum amount which can be paid to Borregaard under the grant is EUR 25 million over a period of three years, starting from 1 May 2016. The grant will cover up to 60% of Borregaard's project costs and make it possible to further increase business development activities in the Exilva project. The grant will be reduced if the project makes a profit during this period.
Jørn Syvertsen, Director Investor Relations, +47 958 36 335
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.