When news lands on this...23 Jul 2023 18:00
The shares could rocket, it must be due it's been a while in the making.
b.grn has made substantial progress in the pursuit of its waste plastic recycling strategy. Specifically, b.grn's partnership with COF has developed materially through the financial year. From the initial signing of a binding delivery contract with COF for a 24 tonne Regenerated Green Oil ("RGO") recycling plant in November 2022, b.grn materially developed its relationship with COF.
In April 2023, b.grn entered into a partnership with Hanyang Corporation and Woori Technology, together with COF, to support the development of Recycling Cluster Projects. Subsequently, in May 2023, COF agreed to take a 33.3% stake in b.grn while b.grn was granted an option to acquire up to a 10% stake in COF.
Consistent with this closer co-operation, subject to contract, b.grn was granted manufacturing and catalyst supply licences in certain jurisdictions by COF in addition to the right to undertake research with leading UK universities.
Due diligence is advanced on the selection of RGO locations and supply chain partners. In the UK initial Heads of Terms have been received for the co-tenancy of an RGO plant within a site owned and operated by a major waste management company. A letter of support has been received from a major utility company for the supply of sufficient waste plastic feedstock for the operation of an initial RGO system. Oil off-take partners have been engaged and due diligence visits to the demonstration site in S. Korea have been undertaken. While b.grn focused its initial research on sites in the UK, it is now apparent that significant shareholder value may be generated in the US and continental Europe and site investigations are progressing on that basis. Discussions with potential financial and off-take partners, which are similarly advanced, have reinforced the potential of this alternative geography.