RE: SNT cash £1.3M18 Jan 2022 09:42
The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on building a portfolio of solutions in the heating, cooling, and transportation sectors, announces today an agreement with City Oil Field Incorporated of South Korea ("COF").
The agreement provides that Sabien acts as an exclusive sales agent for COF in the UK, with non-exclusive rights in other territories, for an initial period of 1 year. A longer-term relationship is anticipated, and future sales targets have been agreed in outline. COF's proprietary technology and techniques, collectively a Resource Gathering Operation (RGO), focus on the production of light and ultra-pure fuel products from low temperature processing of end-of-life plastics.
This process involves the catalytic degradation of waste plastics and vinyl materials via a wave energy application utilising specifically designed ceramic ball catalysts. This enables the required degradation to occur at low temperatures (200°C to 270°C), producing a heavy oil. A further refinement process, which also makes use of the ceramic ball technology, leads to production of a highly refined, ultra-pure fuel product (i.e. a fuel from waste).
This fuel oil has multiple uses and applications across the transportation, construction, and chemical processing industries. For example, in South Korea the fuel product has been used to replace off-the-shelf Diesel in industrial machinery. Unlike commercial off-the-shelf Diesel, which is also highly polluting, the City Oil Field fuel-from-waste has a flow point of less than -40 ?
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