ElringKlinger AG / DE0007856023

EUR 177 million in funding from IPCEI program for new high-performance fuel cell stacks from EKPO Fuel Cell Technologies

EQS-Ad-hoc: ElringKlinger AG / Key word(s): Miscellaneous


15-Nov-2023 / 20:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Dettingen/Erms (Germany), November 15, 2023 +++ EKPO Fuel Cell Technologies GmbH (EKPO), a company fully consolidated within the ElringKlinger Group, today received notification of the Federal Ministry for Digital and Transport that it will be granted funding of up to EUR 177 million for the years up to and including 2027 as part of the so-called "IPCEI Hydrogen" program. EKPO intends to use the funds to expand its product portfolio in the high-performance segment and to develop and industrialize new, high-performance fuel cell stack modules for heavy-duty applications. This funding will thus facilitate the long-term scaling of EKPO's business model. In this context, 70% of funding will be provided by the Federal Ministry for Digital and Transport and 30% by the Ministry of the Environment of the state of Baden-Württemberg. Funding was approved by the EU Commission under State aid law prior to the official notification being issued. IPCEI programs (IPCEI = Important Project of Common European Interest) encompass strategic funding projects at a pan-European level that are aimed at establishing a European value chain in key economic sectors of relevance to the future. The hydrogen industry has been identified as one such key sector, of which hydrogen mobility forms a constituent part.   For further information, please contact:
ElringKlinger AG   |   Strategic Communications
Dr. Jens Winter
Phone: [phone]   |   E-mail: [e-mail]   About ElringKlinger AG As an automotive supplier, ElringKlinger has become a trusted partner to its customers – with a firm commitment to shaping the future of mobility. Whether optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive system. ElringKlinger's lightweighting concepts help to reduce the overall weight of vehicles. As a result, vehicles powered by combustion engines consume less fuel and emit less CO2, while those equipped with alternative propulsion systems benefit from an extended range. In response to increasingly complex combustion engine technology, the Group also continues to refine and evolve its offering within the area of seals and gaskets in order to meet the highest possible standards. This is complemented by solutions centered around thermal and acoustic shielding technology. Additionally, the Group's portfolio includes products made of the high-performance plastic PTFE, which is also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of around 9,500 people at 45 ElringKlinger Group locations around the globe.   About EKPO Fuel Cell Technologies EKPO Fuel Cell Technologies (EKPO), headquartered in Dettingen/Erms (Germany), is a leading joint venture in the development and large-scale production of fuel cell stacks for CO2-neutral mobility. The company is a full-service supplier for fuel cell stacks and components used in passenger cars, light commercial vehicles, trucks, buses, as well as in train and marine applications. Within this context, the company is building on the industrialization expertise of two established international automotive suppliers – ElringKlinger and Plastic Omnium. The aim of the joint venture is to develop and mass-produce high-performance fuel cell stacks in order to further advance CO2-neutral mobility - whether on the road, rail, water or off-road.

End of Inside Information

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15-Nov-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language:	English
Company:	ElringKlinger AG
	Max-Eyth-Straße 2
	72581 Dettingen/Erms
	Germany
Phone:	071 23 / 724-0
Fax:	071 23 / 724-9006
E-mail:	[e-mail]
Internet:	www.elringklinger.de
ISIN:	DE0007856023
WKN:	785602
Listed:	Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Tradegate Exchange
EQS News ID:	1774589

End of Announcement	EQS News Service

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1774589  15-Nov-2023 CET/CEST