27 Jun 2018 12:10
27 June 2018
Hydrodec Group plc
("Hydrodec")
Result of AGM
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, is pleased to announce that all resolutions proposed at its Annual General Meeting held today were duly passed.
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 | |
Chris Hardie Ciaran Walsh Alex Penney | ||
Vigo Communications (PR adviser to Hydrodec) | 020 7830 9700 | |
Patrick d'Ancona Chris McMahon |
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Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process principally 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. Used transformer 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.
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 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.