14 March 2023

Vela Technologies plc

("Vela" or "the Company")

Investment in EnSilica plc

The 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 invested £125,000 in EnSilica plc ("EnSilica") through the purchase of 178,572 ordinary shares. The investment has been made as part of a £2.0 million placing undertaken by EnSilica, details of which were announced by EnSilica on 9 March 2023.

Further information on EnSilica

EnSilica is a leading fabless design house focused on custom ASIC design and supply for OEMs and system houses, as well as IC design services for companies with their own design teams. EnSilica has world-class expertise in supplying custom RF, mmWave, mixed signal and digital ICs to its international customers in the automotive, industrial, healthcare and communications markets.

EnSilica also offers a broad portfolio of core IP covering cryptography, radar, and communications systems. EnSilica has a track record in delivering high quality solutions to demanding industry standards. EnSilica is headquartered near Oxford, UK and has design centres across the UK and in India and Brazil.

For the year ended 31 May 2022, EnSilica reported revenue of £15.3 million and a loss before taxation of £0.5 million. EnSilica's unaudited net assets as at 30 November 2022 were £12.6 million.

Details of the investment and update on shareholding in EnSilica

Vela has purchased 178,572 ordinary shares of 0.1p each in EnSilica, at a price of 70 pence per share for a total cost to the Company of £125,000, satisfied from the Company's existing cash resources.

Settlement of Vela's investment took place earlier today, in accordance with the details announced by EnSilica on 9 March 2023.

Vela's investment is part of a placing for EnSilica that successfully raised £2.0 million (before expenses) for the company.

Since the Company announced its updated shareholding in EnSilica on 6 December 2022, the Company has also disposed of 265,000 shares in EnSilica at an average price of 90 pence per share between 9 December 2022 and 20 February 2023.

Following the investment announced today, and taking into the share sales detailed above, Vela holds 1,109,707 ordinary shares in EnSilica representing 1.42 per cent. of EnSilica's current issued share capital.

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About Vela Technologies

Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.