GreenBank Portfolio Company CodiKoat Awarded Innovation Grant of ~C$1.5 Million and Appoints Former Amazon and Deliveroo CFO as New CodiKoat CFO

Rhea-AI Summary

GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF) announces that its portfolio company, CodiKoat, has secured £883,218 (approximately C$1.5 million) from Innovate UK to commercialize its clean air technology. CodiKoat was selected from 49 entrants in a competition aimed at resolving pollution from NOX and SO2 gases. Additionally, Philip Green, former CFO of Amazon and Deliveroo, joins CodiKoat as CFO, aiming to leverage his experience for growth. CEO Terry Pullen highlights this as a significant step toward commercialization.

Positive

• CodiKoat awarded £883,218 grant to commercialize clean air technology.
• Appointment of Philip Green as CFO brings valuable experience from Amazon and Deliveroo.

Negative

• None.

TORONTO, ON / ACCESSWIRE / November 4, 2021 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank" or "the Company") is very pleased to announce that its portfolio company CodiKoat has beaten a very strong field to win a nationwide competition in the United Kingdom designed to find the best solutions to provide clean air in residential environments.

CodiKoat was one of 49 companies that took part in a competition by Innovate UK, a United Kingdom non-departmental public body see to help solve the serious problem of NOX and SO2 gases as well as particulate matter. (See https://www.gov.uk/government/organisations/innovate-uk) Innovate UK considered this problem so important that they were offering up to £1m to help bring the best technology quickly into commercialisation.

After a grueling selection process CodiKoat won the Award and has been given a £883,218 (~C$1.5m) grant. During the process CodiKoat identified one of the UK's largest 250 public companies as the best company with which to commercialise the CodiKoat clean air technology. Discussions between the two companies have commenced with a view to finalising a detailed MOU.

Appointment of Philip Green, former Amazon and Deliveroo CFO as CodiKoat CFO

GreenBank is also pleased to report that CodiKoat has appointed Philip Green as CFO. Mr Green is the former Amazon CFO of the Europe Middle East and Africa regions. He was also Group CFO for Deliveroo helping to scale the company from start up to successful Global business.

On joining CodiKoat Philip said "It's amazing to be part of the CodiKoat team and supporting technology I truly believe in. Hopefully I can use my experience to help scale CodiKoat and bring their ground-breaking science to the world."

(See https://codikoat.com/blogs/news/former-amazon-deliveroo-cfo-philip-green-joins-codikoat for the announcement on CodiKoat's website)

In learning this news, Terry Pullen, CEO of GreenBank said "These developments demonstrate that CodiKoat is moving significantly closer to commercialising its intuitive & world leading technology and we congratulate the CodiKoat team on the rapid progress being made."

About CodiKoat

CodiKoat are a Cambridge-based biotech company developing ground-breaking antiviral technology. Born in response to the coronavirus pandemic, CodiKoat have developed a team of industry-leading scientific and business minds to help bring their potentially lifesaving technology to the world.

CodiKoat's technology works by using surface-functionalized nanostructures to inactivate viruses within seconds of contact. It also has the same effect on bacteria and fungi. CodiKoat have developed a high-precision coating process to apply their product in a highly controllable and uniform manner. This provides a strong chemistry of nanostructures with the surface, which leads to high durability, lasting for the whole product lifetime. CodiKoat technology can coat any surface - be it hard or soft, rough or smooth, curved or flat - with nanoparticles of any composition and size. CodiKoat materials can be easily tuned at an atomic scale and integrated into existing manufacturing lines for any product.

About GreenBank

GreenBank is a next generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Our management are based in Toronto, Dallas and London and are used to working across borders remotely. Our model of remote working, dynamic space and flexible contracts -rather than large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after COVID19.

GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the USA. GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders.

For more information please visit our website www.GreenBankCapitalInc.com or contact

Mark Wettreich at +1 (214) 202 4353 or by email Mark@GreenBankCapitalinc.com

SOURCE: GreenBank Capital Inc.

View source version on accesswire.com:
https://www.accesswire.com/671189/GreenBank-Portfolio-Company-CodiKoat-Awarded-Innovation-Grant-of-C15-Million-and-Appoints-Former-Amazon-and-Deliveroo-CFO-as-New-CodiKoat-CFO

FAQ

What is the significance of CodiKoat's grant from Innovate UK?

CodiKoat received a £883,218 grant aimed at advancing its clean air technology, showcasing potential for commercialization.

Who is Philip Green, and how could his appointment impact CodiKoat?

Philip Green, former CFO at Amazon and Deliveroo, joins CodiKoat as CFO, potentially bringing strategic insights and experience to scale the company.

What are CodiKoat's technology applications?

CodiKoat's technology can coat surfaces to inactivate viruses, bacteria, and fungi, providing a vital solution in various environments.

How does GreenBank Capital support its portfolio companies?

GreenBank Capital invests in growth companies like CodiKoat, providing financial backing and strategic guidance for greater capital appreciation.