Badger Explorer ASA – Innovation Norway awards 20 MNOK to the Badger Demonstrator Development Program
Innovation Norway has awarded a public grant of 20 MNOK toward Badger Explorer ASA’s (BXPL’s) ongoing Badger Demonstrator Development Program. BXPL is in active discussion regarding further sponsorship with several operating companies, including previous sponsors of the Badger Prototype Program and potential new sponsors.
The Badger Demonstrator Program is designed to develop and qualify the technical solutions necessary for the delivery of future commercial versions of the Badger tool. The program has an estimated time-frame of three years, and will culminate in a Field Pilot of the first commercial application. The actual deployment of the Field Pilot will be funded separately, and has already achieved significant support in the form of an award of 8 MNOK, announced in BXPL’s stock exchange release of 16 November, under the Norwegian Research Council’s Demo 2000 program.
CEO David Blacklaw said today: “I am very pleased with the substantial public grants BXPL has received recently. The combined grants from Innovation Norway and the Norwegian Research Council, totaling 28 MNOK, represent significant support of – and belief in – the Badger Explorer development. This is an important step toward our first commercial deployment.”
Stavanger, 23 November 2011
For further information, please contact:
David W. Blacklaw, CEO, cell phone +47 406 44 010, office +47 52 97 45 50
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40
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