Borregaard: Prolongation of EU Horizon 2020 funding period for the Exilva project
In 2016 a consortium of European companies and research institutions, with Borregaard as a lead member, was granted financial support from the Bio-Based Industries Joint Undertaking for the development and commercialisation of Borregaard's Exilva microfibrillar cellulose under the European Union's Horizon 2020 Flagship programme. The support was given for the three-year period 1 May 2016 - 30 April 2019. In this period, 60% of Borregaard's costs would be covered up to a maximum support amount of 25 MEUR.
With the current run rate the granted amount will not be fully utilised within the three-year period. The consortium has therefore applied for a 12-months prolongation of the grant period without increasing the total amount. The application has been approved by the Commission, and the grant period will therefore be prolonged until 30 April 2020.
For background information please see stock exchange notices of 22 April and 16 March 2016.
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.