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(Alliance News) - Sabien Technology Group PLC on Tuesday said it signed, alongside Parris Group Ltd, a second memorandum of understanding with City Oil Field Inc to restructure ownership of b.grn Group Ltd.
The London-based green aggregation strategy solutions provider currently owns 33.3% of b.grn, while Parris owns 66.7% of the special purpose vehicle firm.
b.grn will now be owned equally by Sabien, Parris and COF under the new deal.
The agreement also allows b.grn to hold the rights to manufacture regenerated green oil systems under a licence from COF, and will also hold an option to invest in COF's equity.
COF is a technology firm which focuses on the sustainable recycling of plastics.
The deal comes after b.grn entered a binding contract in November with COF for the first 24 tonne plastic-to-oil recycling plant using COF's regenerated green oil system in the Midlands, which treats end-of-life plastics.
This was followed by another agreement last month between b.rgn, COF, Hamyang Corp and Woori Technology to deliver the recycling project cluster plan.
The recycling cluster project "combines a COF plastic-to-oil plant, equipped with green smart farm technology which utilises waste heat energy from the recycling plant," Sabien Technology explained.
On Tuesday Sabien also announced it was granted the rights to undertake research projects with leading UK universities to enhance its understanding of RGO systems under an agreement with COF. It will also govern the respective ownership rights to any intellectual property related to the research.
Sabien Executive Chair Richard Parris said: "Sabien is very excited to welcome COF into the b.grn business family and to lead the economic internationalization of their RGO technology. Over the past 18 months, we have developed a shared vision to spread RGO technology globally as a key solution to the plastic waste problem.
"With these additional agreements signed with COF, and the upcoming research agreement, b.grn is ideally positioned to secure external investment and launch RGO projects on an international scale."
Sabien shares were up 7.9% at 15.11 pence each in London on Tuesday afternoon.
By Sabrina Penty; Alliance News reporter
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