TIDMSNT
RNS Number : 7832L
Sabien Technology Group PLC
15 September 2021
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The directors take
responsibility for this announcement.
15 September 2021
Sabien Technology Group plc
("Sabien" or the "Company")
Sales Agency Agreement
The Board of Sabien Technology Group plc (AIM:SNT), a Company
focused on building a portfolio of solutions in the heating,
cooling, and transportation sectors, announces today an agreement
with City Oil Field Incorporated of South Korea ("COF").
The agreement provides that Sabien acts as an exclusive sales
agent for COF in the UK, with non-exclusive rights in other
territories, for an initial period of 1 year. A longer-term
relationship is anticipated, and future sales targets have been
agreed in outline. COF's proprietary technology and techniques,
collectively a Resource Gathering Operation (RGO), focus on the
production of light and ultra-pure fuel products from low
temperature processing of end-of-life plastics.
This process involves the catalytic degradation of waste
plastics and vinyl materials via a wave energy application
utilising specifically designed ceramic ball catalysts. This
enables the required degradation to occur at low temperatures
(200degC to 270degC), producing a heavy oil. A further refinement
process, which also makes use of the ceramic ball technology, leads
to production of a highly refined, ultra-pure fuel product (i.e. a
fuel from waste).
This fuel oil has multiple uses and applications across the
transportation, construction, and chemical processing industries.
For example, in South Korea the fuel product has been used to
replace off-the-shelf Diesel in industrial machinery. Unlike
commercial off-the-shelf Diesel, which is also highly polluting,
the City Oil Field fuel-from-waste has a flow point of less than
-40 , which means that waxing at low temperatures is avoided
without further processing such as use of additives. Furthermore,
its use of wave energy allows the production of fuel oil without
the consequent production of waste products associated with other
methods.
Plastics pollution is a world-wide environmental problem
adversely impacting the health of all living organisms. Plastics
are a net consumer of primary extracted fossil hydrocarbons and
their disposal by incineration leads to emissions, including
greenhouse gases, and waste. By repurposing used plastics without
incineration into useable fuel oils through the COF process, we
will (1) reduce the global need for primary extraction of fossil
oils, and reduce our dependency on primary fuels; (2) reduce the
disposal of plastics into the natural environment by offering a
valuable end-of-life processing solution; and (3) reduce the
dispersal of harmful waste products into the atmosphere.
It is the Company's expectation that this agreement represents a
precursor to a greater involvement in the waste-to-energy sector,
particularly in the UK. Sabien will look to work with partners to
develop recycling facilities in the UK and the US, utilising COF's
technology, which facilities would work closely with both the waste
industry and customers for industrial fuel oil. The agreement is
consistent with and supportive of the UK Government's plans to
reduce plastic waste exports for recycling and the use of landfill
in the UK.
The agreement represents a financially efficient means of Sabien
accessing COF's technology and developing its use across the UK and
the US. The terms allow Sabien to benefit financially from the
development of facilities through commission on sales of COF's
technology to third parties and to generate revenue from expanding
its own network and understanding of the fast-growing UK recycling
industry. It is anticipated that, subject to technology
verification by Cambridge University, Sabien will participate in
one or more commercial partnerships to fund, construct and operate
COF powered recycling plants.
Commenting on the agreement, Richard Parris, Executive Chairman
of Sabien, stated:
"The imperative to reduce both UK waste exports and the use of
domestic landfill has grown over the last decade. It is encouraging
to note that the means of achieving these aims are now developing
at equivalent pace. The Board of Sabien is pleased to partner with
City Oil Field in bringing its innovative process to the UK and US.
Sabien believes that the economics of the waste management and
recycling industries in the UK support this initiative and that the
growth prospects are considerable. Our partnership is another
example of Sabien's continuing transformation into a solutions
provider for the Green Economy."
Dr Athan Fox, Chief Scientific Officer at Sabien, also
commented:
"City Oil Field's technology offers a unique and timely solution
for the management of end-of-life plastics. What makes this
technology unique is that it is capable of processing multiple
plastics, including high-density and low-density polyethylene,
vinyl-based materials, polystyrene and foams, and metallised and
ceramic films, without having to separate these at the front end.
Importantly, it is also not required to shred, cut, wash or
de-label the plastics. The catalytic process allows City Oil Field
to produce consistent end-products even though the waste feedstock
is variable. Because the plastics are processed at low
temperatures, there are no liquid or sludge wastes at the end of
the process, and it is possible to extract metallic components,
such as aluminium and tin, post-processing for recycling. The
tolerance to impurities makes the City Oil Field process suitable
for waste remediation, which means we can also use waste plastics
sourced directly from the landfills without having to clean or to
separate the plastic from other materials. I have had the pleasure
of meeting the team behind City Oil Field's technology as a
delegate of the UK Government's "Global Business Innovation
Programme" to South Korea, in November 2018, and later on as a
delegate of the European Commission's "EU Gateway" to South Korea,
in September 2019".
Further Information:
Sabien Technology Group plc
Richard Parris, Executive Chairman +44 20 7993 3700
Allenby Capital Limited (Nominated Adviser)
John Depasquale / Nick Harriss +44 203 328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
The person who arranged for the release of this announcement on
behalf of the Company was Richard Parris, Executive Chairman.
A copy of this announcement will be available from the Company's
website at www.sabien-tech.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGREANNLFLXFEFA
(END) Dow Jones Newswires
September 15, 2021 02:00 ET (06:00 GMT)
Sabien Technology (LSE:SNT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sabien Technology (LSE:SNT)
Historical Stock Chart
From Apr 2023 to Apr 2024
