9 Oct 2018 15:30
9 October 2018
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Posting and availability of circular and notice of general meeting
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, announces that further to the announcement on 8 October 2018 regarding the placing to raise £10.0 million and the open offer to raise up to £2.8 million, a circular incorporating a notice of general meeting has today been sent to those of the Company's shareholders who have elected, or been deemed to have elected, to receive hard copy documents.
The circular incorporating the notice of general meeting is available on the Company's website at www.hydrodec.com.
The general meeting will take place at 10.00 a.m. on 25 October 2018 at the offices of CMS Cameron McKenna Nabarro Olswang LLP at Cannon Place, 78 Cannon Street, London EC4N 6AF.
For further information, please contact:
Hydrodec Group plc hydrodec@vigocomms.com
Lord Moynihan, Executive Chairman and Interim Chief Executive Officer
Arden Partners plc (Nominated Adviser and Broker) 0207 614 5900
Steve Douglas
Ciaran Walsh
Alex Penney
Vigo Communications (PR adviser to Hydrodec) 020 7390 0240
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.