Current report number 13/2024 from the February 23, 2024.
Management Board of VIGO Photonics S.A. ("Company", "Issuer") informs that today it has received information about the inclusion of the Issuer's project entitled: "HyperPIC - Photonic integrated circuits for mid-infrared applications" (abbreviated as "Project") on the List of projects selected for co-financing under the Priority II. An environment conducive to innovation Measure 2.10 IPCEI Recruitment FENG.02.10-IP.01-002/23, European Funds for a Modern Economy 2021-2027. The project will be implemented as part of the integrated European project IPCEI ME/CT (Important Projects of Common European Interest on Microelectronics and Communication Technologies).
The Issuer informed about the decision of the European Commission approving the maximum public aid in the project in current report No. 22/2023 of June 12, 2023.
The aim of the project is to develop and implement the technology of photonic integrated circuits intended for mid-infrared detection, to build a complete production line of mid-infrared photonic integrated circuits and to create a complete supply chain for these systems. The project requires the development of new technologies, significant investment and operational expenditure, as well as expenditure on the commercialization of new products on a dynamic market.
The total value of eligible costs in the project is PLN 878,606,239.96, and the maximum amount of public aid is PLN 453,694,142.06, which corresponds to the so-called financial gap in the project. Eligible costs in the project include expenditure on research and development work, expenditure on the construction of a new production line and operating costs after launching the new production line.
The project is planned to be implemented in 2023-2029 and consists of two phases:
– R&D phases (2023-2027). The value of eligible costs in the R&D phase is PLN 150,738,267.75
– FID (First Industrial Deployment) phase, i.e. the first industrial implementation (2023-2029), including investments in a new production line and implementation of new products into production, including financing of part of the operating costs during implementation. The value of eligible costs in the FID phase is PLN 727,867,972.21.
After the end of the FID phase, it is planned to start serial production (after 2029), under which no public funding is provided for the project. The Company's Management Board anticipates that the eligible costs of the project, above the value of funding from public funds, will be covered from the Company's funds and equity, from debt financing and/or, in particular in the FID phase, from other sources, such as, among others, strategic project partnership and/or off-balance sheet financing in the project finance formula.
Legal basis: Article 17 section 1 MAR – confidential information.