18 Mar 2014 07:00
18 March 2014
Hydrodec Group plc
("Hydrodec" or the "Company")
Re-securing Hydrodec's unique transformer oil re-refining technology patent
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to announce that it has filed a Provisional Patent application to protect operating and design intellectual property innovation in its original re-refining technology developed over eight years of commercial operation. The submission of this Provisional Patent reinforces the ongoing commercial protection of Hydrodec's proprietary technology leadership in the production of sustainable and high quality transformer oil products at market competitive prices.
Hydrodec licenced the original patent for the production of electrical insulating oil from used oil from CSIRO, Australia in 2004, with the full rights assigned in 2009. The innovation contained in this new patent application will enhance process economy, reliability and consistency while operationally simplifying the core re-refining technology. Submission of a new application at this stage establishes a "priority date" for the technology giving Hydrodec precedence for protection of the intellectual property, while allowing up to a year to file a complete patent application.
Ian Smale, Chief Executive Officer of Hydrodec, commented: 'Ensuring the longevity of our proprietary technology based on operational experience, as well as testing to extend the uses of our technology, will allow for a further 20 years of global intellectual property protection for our core transformer oil patents. We hope to be able to announce further developments for Hydrodec's re-refining process and technology in the general lubricants and industrial oils markets in due course.'
For further information please contact:
Hydrodec Group plc | 020 7907 9220 | |
Ian Smale, Chief Executive Chris Ellis, Chief Financial Officer Mike Preen, Head of Corporate and Legal Affairs
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Peel Hunt LLP (Nominated Adviser and Broker) | 020 7418 8900 | |
Justin Jones Mike Bell
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Vigo Communications (PR adviser to Hydrodec) | 020 7016 9570 | |
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. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations. Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia. Hydrodec recently acquired the business and assets of OSS Group, the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, with a national network of oil storage and transfer stations, currently serviced by a fleet of more than 90 trucks which collect used oil and other garage workshop waste from over 30,000 customers. Used oil is converted into processed fuel oil at OSS's plant at Stourport and principally sold on to the UK quarry and power industry.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.