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The Management Board of the company operating under the business name of Polenergia S.A. (“Issuer”) hereby reports that on 23 September 2022 the Issuer, as the consortium leader and its subsidiary – Polenergia Elektrociepłownia Nowa Sarzyna Sp. z o.o. (“ENS”) as a consortium member – entered into a co-financing agreement (“Co-Financing Agreement”) with the National Centre for Research and Development with respect to the project called H2 HUB Nowa Sarzyna: Storage of Green Hydrogen as Part of New Technologies in the Area of Energy I (“Project”).

The purpose of the Project is to prepare an integrated system of the process of water electrolysis for hydrogen production, using electric energy generated in renewable energy sources, along with storage of hydrogen and hydrogen conversion system into a synthetic aviation fuel, neutral with respect to the CO2 emission – which is the ecological carrier of energy.

The consortium, apart from the Issuer and the ENS, also includes the Wrocław University of Science and Technology. The project is a research and development project and its implementation comprises three stages.

In line with the Co-financing Agreement, the total amount of the potential co-financing for the Project in the form of a subsidy is PLN 95,099,886.51 with a reservation that as of the date of this report, the amount of the co-financing that may be sought in the first stage is PLN 99,886.51 which is 50% of the estimated financial outlays with respect to this stage of the Project that ends in the third quarter of 2023.

The rights of the beneficiary (in particular the Issuer and ENS) with respect to receiving further co-financing as part of the Co-Financing Agreement (performance of the second stage and third stage of the Project) depends on receipt of a positive result as part of the selection after verification of the previous stage of the Project and approval of the requests for payment.

Irrespective of the above, the Issuer makes a reservation that after the completion of the first stage of the Project, it shall perform an evaluation of the Project and make a decision with respect to its further performance and mode of financing, which may require receipt of required corporate consents.

The terms of the Co-financing Agreement include terms typical for agreements of this type.

The Co-financing Agreement may be terminated by any of the parties observing a one-month notice period. The Agreement also includes the right of the National Centre for Research and Development to suspend the co-financing or to terminate the Co-Financing Agreement with immediate effect in specific cases. Termination shall be made in writing and shall contain the causes due to which the Co-financing Agreement is terminated.

Legal basis: Art. 17.1 of Regulation of the European Parliament and Council (EU) No. 596/2014  on market abuse and repealing Directive 2003/6/EC of the European Parliament and Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Journal of Laws of the European Union L of 2014, No. 173, p. 1)

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