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- ADX Energy (ADX) secures €782,157 (A$1.14 million) in COVID-19 pandemic subsidy funding from the Austrian government
- The subsidy was paid by COFAG, Austria’s financing agency that supports Austrian companies to reduce the economic disruption caused by COVID
- This is the second subsidy payment ADX has received with a €107,500 payment obtained for the period from March to June 2020
- This funding enables ADX to continue to build its Austrian business during a challenging period caused by COVID
- ADX is up 12.5 per cent on the market with shares trading at 0.9 cents
ADX Energy (ADX) has secured €782,157 (A$1.14 million) in COVID-19 pandemic subsidy funding from the Austrian government.
The subsidy was paid by COFAG, Austria’s financing agency that supports Austrian companies to reduce the economic disruption caused by COVID and position companies for growth. It covers a proportion of the company’s fixed costs incurred between September 2020 and February 2021.
This is the second subsidy payment ADX has received with a €107,500 payment obtained for the period from March to June 2020.
This funding enables ADX to continue to build its Austrian business during a challenging period caused by COVID.
Despite this, ADX has maintained production levels from its Vienna basin oil and gas fields and pursued its Upper Austrian exploration activities.
“The Board of ADX appreciates the continued support provided to ADX’s Austrian business from the Austrian Government. The subsidy funding is a recognition of the importance of ADX’s oil and gas business as well as our renewable energy projects,” Executive Chairman Ian Tchacos said.
“The ongoing financial support during the COVID-19 pandemic has enabled ADX to maintain its Vienna-based operations and technical team as well as continue to build its asset base in the company’s core area of growth.
“The additional funding allows ADX to maintain momentum at a time when Europe’s demand for local energy is at peak and the push towards locally produced renewable energy is being accelerated.”
ADX was up 12.5 per cent on the market with shares trading at 0.9 cents at 1:45 pm AEDT.
