NEWS HAS JUST BEEN ANNOUNCED THAT THE ENERGY CATALYST R8 FUNDING ROUND
OF£ 20M GBP HAS HAD THE FUNDING AMOUNT REASSESSED DUE TO THE UK GOVERNMENT'S
REDUCTION IN THE FOREIGN AID BUDGET FROM 0.7 GDP TO 0.5 GDP.
THE REDUCTION ALSO FROM THE DFID (Dept For International Development) WHO PART FUND
THIS E/C R8 ROUND MEAN THAT ONLY 5 OF THE 126 PARTICIPANTS RECEIVED FUNDING.
THE HALES WATER TURBINES LTD FUNDING BID , ALONG WITH THE 7 INTERNATIONAL
UNIVERSITIES AND OTHER AGENCIES INVOLVED WAS PROBABLY TO LARGE AND AMBITIOUS TO
RECEIVE FUNDS FROM THIS GREATLY REDUCED AMOUNT.
THE NEW ENERGY CATALYST R10 FUNDING AMOUNTS BEING ONLY £2.5M GBP GIVE SOME
UNDERSTANDING OF THE RESTRICTIONS IN PLACE DURING THESE COVID TIMES.
HALES WATER TURBINES LTD WILL DISCUSS THE RESULT WITH BID PARTNERS AND CONSIDER
ANY FUTURE DEVELOPMENT AND ANY ROUTE FORWARDS.
PAUL HALES
HWT DIRECTOR
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