LONDON (Alliance News) - Chemical technology company Accsys Technologies PLC on Wednesday said it has secured BP Ventures, a unit of oil giant BP PLC, as a participant in the consortium backing the building of a Tricoya wood elements acetylation plant.
Tricoya is a wood fibre product made by using acetylation technology on wood ingredients.
BP Ventures will acquire a 3.0% equity stake in Tricoya Techologies Ltd, the venture created to back the project. The acquisition values the Tricoya business around EUR35.0 million, Accsys said.
"Today's announcement marks a very exciting moment in the exploitation of our technology platform and development of the long and well established relationship we have with our partners BP and Medite," said Accsys Chief Executive Paul Clegg, the chairman of the Tricoya Technologies venture.
Accsys shares were up 5.4% to 64.80 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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