Narf Industries PLC Fund Grant (4068I)
02 12월 2022 - 4:00PM
UK Regulatory
TIDMNARF
RNS Number : 4068I
Narf Industries PLC
02 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
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2 December 2022
NARF INDUSTRIES PLC
US DEPARTMENT OF ENERGY GRANT
Narf Industries plc ("Narf", the "Company", or the "Group")
(LSE: NARF)(OTCQB: NFIN.F) the cybersecurity group specialising in
high-end threat intelligence and critical infrastructure security,
is pleased to announce it has signed an agreement with New York
University ("NYU") to develop new electric grid cyber defence
solutions within an initial two-year, $1.9 million, competitive
grant funded by the US Department of Energy ("DoE"). The grant is
part of a larger $45 million funding project to create, accelerate,
and test technology that will protect the US electric grid from
cyber-attacks and accelerate the migration to clean renewable
energy in the US (see
https://www.energy.gov/articles/doe-announces-45-million-next-generation-cyber-tools-protect-power-grid
)
Work on this electric grid cybersecurity research and
development project has already begun leveraging TIGR, Narf's
flagship power grid cybersecurity product. The Narf team will work
with NYU to enhance TIGR with cyber physical and artificial
intelligence ("AI") models that automate defence against dangerous
power flows created by hackers that attempt to physically damage
the power grid. These autonomous defence capabilities will
accelerate the rollout of TIGR appliances across US substations and
relieve overburdened grid operators by understanding and responding
to attack attempts within substations.
New York Power Authority, the official power authority of the
State of New York ("NYPA") and Consolidated Edison Inc., whose
electric, gas, and steam services provides energy for 10 million
people in the US ("ConEd") are also partners on the project,
helping drive testing and acceptance of the developed software
solutions.
Automated Cybersecurity incident identification and response is
essential to an evolving power grid, which must incorporate
renewables, and is only safely managed through extensive
automation. Both state-sponsored (see
https://www.bbc.com/news/technology-61085480 ) and financially
motivated attackers (see
https://www.nytimes.com/2021/05/13/climate/pipeline-ransomware-hack-energy-grid.html
) have shown the ability to compromise critical grid systems both
in Ukraine and the US.
CEO, Steve Bassi, said: "We all know cybersecurity talent is in
short supply and the power grid is critical to us all. I'm excited
that our team spearheading our flagship TIGR product have the
opportunity to codify decades worth of cybersecurity response
knowledge into TIGR's software during this DoE programme. If we're
going to win against attackers, we need to give an overworked
cybersecurity labour force access to better automation and AI that
speeds their defence. It is especially exciting that this R&D
work will involve real-world defenders, ConEd and NYPA, who keep
the lights on in the Big Apple."
ENDS
For further information on the Group please visit
www.narfgroup.com or www.narfindustries.com or contact:
Robert Mitchell NARF Tel: +44 (0) 20 3468
2212
Catherine Leftley/Charlotte St Brides Partners narf@stbridespartners.co.uk
Page/Isabel de Salis
------------------- ---------------------------
Peter Krens Tennyson Securities Tel: +44 (0)207 186 9030
------------------- ---------------------------
About NARF Industries plc
Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber
security group specialising in high-end threat intelligence with a
focus on critical infrastructure. The Group leads commissioned
cyber security R&D and is commercialising a portfolio of
products including a US government backed product called TIGR that
can be used by utilities and cyber first responders to restore
power to electric grids and protecting other key infrastructure
that have suffered a cyber-attack. The Group aims to further
strengthen its portfolio organically and via acquisition; its team
of highly qualified cyber security experts is well placed to
identify opportunities.
Important notice
The content of this announcement has not been approved by an
authorised person within the meaning of the Financial Services and
Markets Act 2000 (FSMA). This announcement has been issued by and
is the sole responsibility of the Company. The information in this
announcement is subject to change. This announcement is not an
offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the Securities Act),
and may not be offered or sold, directly or indirectly, in or into
the United States, except pursuant to an applicable exemption from
registration. No public offering of securities is being made in the
United States. This announcement is not for release, publication or
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Republic of South Africa, Japan or any jurisdiction where to do so
might constitute a violation of local securities laws or
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END
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December 02, 2022 02:00 ET (07:00 GMT)
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