12 Mar 2019 07:00
12 March 2019
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Board Changes and Appointments at Hydrodec of North America
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to provide updates on Board membership and personnel within Hydrodec of North America.
The Company announces that Caroline Brown has resigned as a Non-Executive Director and Chair of the Audit Committee of the Board following the completion of her three-year term of service. The Board is grateful to her for her leadership of the Audit Committee and commitment to the Company as the Board's Senior Independent Director and wishes her well for the future.
The Board is pleased to announce the appointment of Chris Ellis as Non-Executive Director and Chair of the Audit Committee. Chris, a former CEO and CFO of Hydrodec with a detailed knowledge of the Company, is a qualified chartered accountant. He has more than 20 years' board level finance and management experience of running large international businesses, including a significant period within GE Capital, and will provide valuable continuity on our Board of Directors.
Further to the renegotiation of the ownership and governance structure of Hydrodec of North America (HoNA) at the turn of the year, the Company can announce the following update on personnel in HoNA. Michael Pitcher has left HoNA and David Dinwoodie, Hydrodec's CEO, becomes HoNA's President. Ron Kubala is promoted to the HoNA board as the third Hydrodec-nominated director and is simultaneously appointed Director of Production and Operations. Ed Superior returns to HoNA as Director of Procurement, Sales and Marketing. Further appointments are anticipated in the Finance, Sales and Marketing Departments over the next few weeks.
Lord Moynihan, Chairman of Hydrodec, commented:
"I am delighted to welcome Chris back to the Board as a Non-Executive Director and Chair of the Audit Committee. His years in an executive capacity as CFO and then CEO of the Company bring a wealth of financial and governance experience to the Board and will add strength to our ability to support the development of Hydrodec. Our CEO, David Dinwoodie, has been with me in our plant in Canton last week as part of the implementation of our strategic review and I am pleased we have been able to announce our new management team at HoNA as we look to build on our strong platform in North America."
David Dinwoodie, CEO of Hydrodec, commented:
"I am pleased to welcome Chris Ellis back to the Board. Hydrodec is now focused on building an even stronger business in the US, uniquely able to sell carbon credits to US utilities as a result of its market- leading technology. This will be a turnaround year when we will build strong partnerships to secure feedstock and extend the reach of the sales of Superfine, our re-refined transformer oil. I will be providing a trading update to the market before the end of the month."
In addition to his appointment to the Board, Christopher John Ellis, aged 58, holds or has held the following directorships or partnerships in the past five years:
Current directorships/partnerships: Phoenix Film Partners LLP
| Previous directorships/partnerships: Hydrodec Group plc Hydrodec Holdco Limited Hydrodec Development Corporation (UK) Limited Hydrodec Rerefining (UK) Limited Slicker Recycling Limited Hydrodec Development Corporation Pty Limited Hydrodec Australia Pty Limited Hydrodec Inc Hydrodec of North America LLC Hydrodec Japan Co Limited Hydrotek Eco Japan Co Limited
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Chris Ellis holds 33,011 ordinary shares in the Company.
Hydrodec Group plc | hydrodec@vigocomms.com | |
Lord Moynihan, Executive Chairman David Dinwoodie, Chief Executive Officer | ||
Arden Partners plc (Nominated Adviser and Broker) | 0207 614 5900 | |
Ciaran Walsh / Steve Douglas / Alex Penney - Corporate Finance Simon Johnson - Corporate Broking | ||
Vigo Communications (PR adviser to Hydrodec) | 020 7390 0230 | |
Patrick d'Ancona Chris McMahon |
Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from US$1.98 billion in 2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (>99%), producing transformer oil that meets or substantially exceeds applicable international standards at competitive cost and without environmentally harmful emissions. The process also eliminates PCBs, a toxic additive banned under international regulations.
In 2016 Hydrodec received carbon credit approval from the American Carbon Registry ("ACR"), enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Company's proprietary technology and standing as a leader in its field.
Hydrodec's current plants are located at Canton, Ohio, US and Bomen, New South Wales, Australia.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.