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Very true ngnlnv,
The bottom line is that the Company is heading in the right direction. Long way with ups and downs but is expected.
All good news, just hold and watch the value grow. Yes the PR isn't the best, but the hard work is getting done. The wider market will catch on maybe not as quick as some would like, but z great future investment imo.
Agree, the move higher today purely on the offer side.
Let the Market does the talk. Any thing else is just hot air.
At best terribly written, at worst trying to make readers believe they mean the USA when in fact it's central/south Americas
Ah unless it means South of the US/Mexico border, so basically excludes the US & Canada?
Yeah I didn't understand the Geography there!!
It is so misleading and really gives little information about what they are actually doing. Firstly they make it seem as if they have distribution in the USA but read carefully they have access to the "whole of America south of the border between the USA and Mexico"....don't those two countries border??
On top, they have 1.6% of the equity holding, so even on the financing side they are worth a paltry 96k!
They keep sending RNSs that fail to meet expectations on the quantitative side.
Losing steam here. Market might react positively today but like recent news it's almost irrelevant
Great news. Looks like the things are heating and speeding up bit by bit.
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Completion of Eranova Green Algae Project
Symphony is pleased to announce further progress of the Eranova SAS ("Eranova") green algae project (the "Project") with completion of a €6 million financing (the "Financing"). The proceeds of the Financing will be used to start building the pre-industrial plant in Port St Louis, located near Marseille in France. The Project is supported by ADEME, the French Environmental Agency and by Total Development Regional. Construction will start in late November and is due to complete by the end of April 2021.
The Financing comprised loans provided by HSBC, Banque Populaire and CIC and equity subscribed for by both new and existing investors including the Indorama Corporation, Altinat, Capelan Holdings and Euro-Capital LLC.
This follows the announcement by Symphony on 14 September 2020, that its collaboration agreement with Eranova had been amended conditional on completion of the Financing. Pursuant to the amended collaboration agreement, Symphony's fully diluted equity interest in the Project is 1.6% shareholding and it has exclusive distribution rights for certain territories.
The new plant is based on the existing pilot plant design which has already produced bio-sourced resins that have been tested successfully for transformation at industrial scale. These new generation of bio based resin do not use food resource, are food contact approved for packaging and are recyclable. The Project is also patented in Europe, the USA and has been recently labelled by the Solar Impulse Foundation.
Symphony has entered into a distribution agreement with Eranova, providing Symphony with exclusive distribution rights for the United Arab Emirates, and the whole of America south of the border between the USA and Mexico.
The Project represents a new generation of biobased polymer using a pollutant as a resource. Key benefits of the technology are:
· Patented process in Europe and USA
· High carbon-capture production process
· Upcycling creates a value added product from a natural renewable waste product
· A non-food-based resource (compared with corn or potatoes)
· Higher yields per hectare due to the fast growing-rate of marine algae compared to food-crops
· Good mechanical properties and competitive cost
· Potential new markets for by-products of the technology
Symphony's Chief Executive, Michael Laurier, said:
"We are delighted that the Eranova collaboration agreement has been finalised and funding now secured, as well as that the Indorama Corporation has joined us as an investor in this exciting opportunity. We look both forward to working with Eranova to bring the products of this technology to the market through our worldwide distribution networks."
Philippe Michon, co-founder of Eranova said:
"We are pleased to see major stakeholders like Indorama, and Symphony E