1 Jul 2019 13:14
1 July 2019
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Update on the sale of Australian operations
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, announced on 20 June 2019 that the sale of its Australian plant has been agreed in principle for A$2m (excluding decommission and other associated costs) with an expected closing date of 30 June.
Today, the Board confirms that terms have been agreed and the Company expects to make a further announcement with full details upon completion and signing of the relevant legal documentation which is expected in the near future.
For further information please contact:
Hydrodec Group plc |
| hydrodec@vigocomms.com |
Lord Moynihan, Executive Chairman David Dinwoodie, Chief Executive Officer |
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Arden Partners plc (Nominated Adviser and Broker) |
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0207 614 5900 |
Corporate Finance: Ciaran Walsh, Maria Gomez De Olea Sales: Aimee Kerslake |
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Vigo Communications (PR adviser to Hydrodec) |
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020 7390 0230 |
Patrick d'Ancona Chris McMahon |
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Notes to Editors:
Hydrodec Group plc is a clean-tech industrial oil re-refining group with operations in the USA.
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process principally targeted at the multi-billion US dollar market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from USD 1.98 billion in 2015 to USD 2.79 billion by 2020 at a CAGR of 7.14%.
Used transformer oil is processed 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 (polychlorinated biphenyls), 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 shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.