EQS-Adhoc: Alzchem Group AG: Alzchem Group AG receives EUR 34.4 million in EU funding

Trostberg, 15 March 2024 - Following a Europe-wide selection process, Alzchem Group AG has been awarded an investment grant of EUR 34.4 million by the EU Commission as part of the ASAP ("Act in Support of Ammunition Production") funding instrument.

Alzchem Group AG wants to use the funds over an investment period of two and a half years to increase the production capacity of nitroguanidine and to modernize and expand the existing facilities for the production of guanidine nitrate. Guanidine nitrate is a precursor of nitroguanidine, which is used in crop protection, as a propellant for airbags and, increasingly, in defense technology.

Funding for the project was approved in principle and published today by the EU Commission, in consultation with the member states; the final allocation will be made upon conclusion of a corresponding grant agreement, expected to be signed in May 2024.