Award of Grant from the Technology Strategy Board

RNS Number : 5391W

Hardide PLC

29 January 2013

 



Press Release

29 January 2013

Hardide plc

("Hardide" or "the Group" or "the Company")

Award of Grant from the Technology Strategy Board

Hardide plc (AIM: HDD), the provider of advanced surface coating technology, is pleased to announce that it has been awarded a significant grant from the Technology Strategy Board under the 'Smart' scheme.

The 'development of prototype' grant from the UK's innovation agency will part-fund a two year project to further develop, manufacture and test a new Hardide coating for use in a hardfacing material that will enable drilling tools and high wear parts to operate at peak performance in severely abrasive environments where current technologies fail.  The new material is highly applicable to Hardide's existing customers in the oil & gas industry as well as to new customers in the mining and construction industries. It will complement Hardide's existing range of wear and erosion resistant coatings.

The value of the grant is up to £250,000 which will be paid against agreed expenditure by the Company over the next two years.

Robert Goddard, Chairman of Hardide plc commented: "This grant is evidence of the ever-growing appreciation of Hardide's unique range of ultra-high performance coatings for metal components operating in severe conditions.  On successful completion of the project, we expect to be able to provide new surface treatments that will be of very high value for their users."

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For further information:

Hardide plc

Robert Goddard, Chairman                                                                           Tel: [phone]

Jackie Robinson, Communications Manager                                                              www.hardide.com

N+1 Singer                                                                                                       Tel: [phone]

Andrew Craig/Ben Wright                                                                                          www.n1singer.com

Note to editors

Hardide develops, manufactures and applies tungsten carbide-based coatings to a wide range of engineering components.  The Group's patented technology is unique in that it combines abrasion, erosion and corrosion resistant properties in one coating.  When applied to metal components, the technology is proven to offer dramatic cost savings through reduced downtime and extended part life.  Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing, general engineering and aerospace.  

The Technology Strategy Board is the UK's innovation agency.  Its goal is to accelerate economic growth by stimulating and supporting business-led innovation.  Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.

 

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