(Sharecast News) - Sabien Technology Group updated the market on its 'b.grn' special purpose vehicle it formed with Parris Group on Thursday.
The AIM-traded firm said that since its formation in December, b.grn had engaged actively with land vendors and the company's technology partner City Oil Field (COF) in pursuit of its strategy to buy and develop waste plastic recycling sites in the UK.
It said b.grn had identified two sites in the UK, one of which was located in an existing freeport zone, while the other was in an area with pending freeport status.
The company was in negotiations to secure either or both of the sites.
Sabien said the locations were in addition to the Northampton site it announced in December, which remained under consideration.
However, in light of the situation created by the Russian invasion of Ukraine, b.grn had accelerated development of the site portfolio to reflect the emerging need for larger locations.
Separately, b.grn also held "substantive" discussions with COF over the development of European manufacturing facilities for the COF processing plant and equipment.
The firm said the negotiations could lead to an investment into b.grn by South Korean interests alongside UK and European investors, in support of the initial capital requirements for the project.
"The strategy of creating the b.grn special purpose vehicle is proving successful," said Sabien executive chairman Richard Parris.
"The company has progressed negotiations for sites at a rapid pace.
"At a time of increasing geopolitical tension, UK energy security and oil supplies are likely to be of paramount national importance for many years."
Parris said the company's mission was to enable the processing capability to make a "significant impact" on such a "critical" need.
"Both the boards of b.grn and Sabien are pleased with this progress and look forward to further announcements, in due course, highlighting continued progress."
At 1336 BST, shares in Sabien Technology Group were up 7.22% at 25.73p.
Sabien Tech. (SNT)