WOOD Flash – VIGO Photonics: EC grants State aid of up to EUR 102.85m for development of mid-IR PIC
Yesterday (12 June), VIGO Photonics announced that the European Commission has approved the amount of State aid for the company’s project to develop and implement the technology of integrated photonic integrated circuits for detection in the mid-infrared range, to build a complete production line for photonic integrated circuits in the mid-infrared range and to create a complete supply chain for these systems. The project requires the development of new technologies, incurring significant investment and operational expenditures, as well as expenditures for the commercialisation of new products in a dynamic market.We see this news as positive and expect a strong, positive market reaction today, especially considering the size of the potential aid for VIGO Photonics – the EUR 102.85m co-financing (c.PLN 460m) is close the company’s current market cap (PLN 477m as of the 12 June close).
Vigo System SA is a Poland-based company engaged in the production of detectors business sector. The Company is a manufacturer of standard and customized High Operating Temperature cadmium mercury telluride (HgCdTe) detectors. The Company's products are divided into three categories, including Infrared Detectors, Infrared Cameras and Measurement Equipment. The Company sells its products worldwide, including the United States, Canada, Finland and Australia, among others. It also cooperates and sells the products to NASA.
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