Current report number 13/2023 from the May 10, 2023.
Management Board of VIGO Photonics S.A. (“Company”, “Issuer”) informs that today it received information about the placement of the Issuer’s project, entitled “Development of an innovative photonic water resources monitoring system” (in short: “Project”) on the List of projects selected for co-financing under the 1st competition of the Government Strategic Program Hydrostrateg “Innovations for water management and inland navigation”. VIGO Photonics S.A. is the Consortium Leader, consisting of which also includes the Warsaw University of Technology and the European Regional Center for Ecohydrology of the Polish Academy of Sciences.
The total amount of eligible costs of the Project is PLN 23,962,066.25, and the amount of co-financing is PLN 20,214,504.05, which is 84.36% of the total costs eligible for support. The Issuer’s eligible costs amount to PLN 13,123,191.25, while the co-financing for the Company amounts to PLN 9,375,629.06.
The duration of the Project and co-financing is 36 months. The implementation of the Project will start on October 1, 2023.
As part of the project, new photonic and non-contact measurement methods will be developed and verified, and then autonomous probes will be built for remote monitoring of selected quality parameters of water resources (i.e. monitoring the content of nitrates, nitrites and phosphorus compounds). Detection of signals (in the range of 3-11 μm) from selected substances with systems adapted to them will allow for miniaturization, automation and cost reduction with an increased level of protection of the monitored areas.
Considering the value of the subsidy obtained, the Issuer believes that it will be of significant importance from the point of view of the Issuer’s financial situation, implementation of the strategy and prospects for development.
The implementation of the Project is a continuation of the implementation of the assumptions of the Company’s Strategy for the years 2021-2026, about which the Issuer informed in current report No. 12/2021 on June 16, 2021.
Legal basis: art. 17 sec. 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directive 2003/124 /EC, 2003/125/EC and 2004/72/EC (“MAR Regulation”)