Reach Subsea

Environmental & Social Information • Oct 22, 2024

Reach Subsea has been granted up to EUR 14.3 million from the EU Innovation Fund.

Reach Subsea has been granted up to EUR 14.3 million from the EU Innovation Fund.

Haugesund, 22 October 2024: Reach Subsea has been granted funding of up to EUR 14.3 million from the EU Innovation Fund under the Net Zero Technologies initiative.

"This is a significant step forward for Reach Subsea’s innovation agenda, our Reach Remote scale up plans and our commitment to driving sustainable ocean technology. We are excited to contribute to a cleaner, more efficient future," says CEO, Jostein Alendal.

The funding will support the scale-up of the Reach Remote project, which focuses on developing advanced remote unmanned surface vessels for efficient and sustainable operations in ocean-based industries.

The EU Innovation Fund is one of the world’s largest funding mechanisms for advancing zero-emission and innovative technologies. It aims to bring decarbonization solutions to the market, supporting the transition to climate neutrality while enhancing competitiveness.

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For more information please contact:

Birgitte Wendelbo Johansen

Chief Financial Officer

Reach Subsea ASA

bwj@reachsubsea.no

About Reach Subsea:

Reach Subsea ASA Group offers high quality solutions and technology to clients in need of ocean data and services. Services are offered out of our head office in Haugesund as well as from our subsidiaries and branches located across Norway, US, UK, Cyprus, Singapore, Trinidad Brazil and Australia. The Group’s objective is to be a preferred partner and full-service provider of ocean services for clients, focusing on safety, environment, financial solidity and profitability. Our vision “Sustainable access to ocean space” underpins our commitment to the development of sustainable solutions, with stakeholder groups key interests in focus.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Jorunn Håvardsholm, Communications and Marketing Director at Reach Subsea AS on the time and date provided.