Business
Investment in Tribe Technology Group Limited
Investment in Tribe Technology Group Limited.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (596/2014/EU) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.\n \n23 May 2023\nVela Technologies plc\n(\"Vela\" or \"the Company\")\n \nInvestment in Tribe Technology Group Limited\nThe Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, announces that the Company has entered into an agreement to invest £250,000 in Belfast-based Tribe Technology Group Limited (\"Tribe Tech\"). The minority investment is being made as part of a c.£2.0 million pre-IPO funding round undertaken by Tribe Tech.\n \nFurther information on Tribe Tech\n \nFounded in 2019, with operations in Northern Ireland and Western Australia, Tribe Tech was created to disrupt the minerals exploration drilling industry by reducing drilling costs and removing human operators from what is a highly manual process. Tribe Tech's technology, incorporating the Tribe Technology Drilling System (TTDS®), is expected, through partnerships with some of the industry's biggest players, to increase productivity, reduce costs and improve safety in the global mining industry.\n \nTribe Tech offers a new level of autonomous Reverse Circulation (\"RC\") drilling at a time when the discovery of additional mineral deposits is crucial to fuel the renewable energy transition.\n \nTribe Tech has developed an IP portfolio which includes a number of trademark and patent applications, together with a registered trademark and trade secrets (software, control system). Tribe Tech also has strong working relationships with key players in Western Australia's Pilbara iron ore market and has leveraged these connections to build market traction.\n \nIn 2021 Tribe Tech received £1.0 million in employment grant funding from Invest Northern Ireland to support the establishment of its design and manufacturing facility in Mallusk, Northern Ireland. Tribe Tech's 20,000 square feet production facility has capacity for future growth, is close to specialist supply chains and has access to motorway and ports.\n \nTribe Tech currently has a number of strategic partnerships and a commercial pipeline that includes delivery of TTDS® and autonomous RC...