Last checked at 2 Feb 2022 07:00
2 February 2022
Sabien Technology Group plc
("Sabien" or the "Company")
MOU signed with Irish Renewable Fuels Ltd.
The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on a Green Aggregation Strategy, announces today that it has entered into a Memorandum of Understanding with Irish Renewable Fuels Ltd., ("IRF") in relation to a proposed reprocessing facility utilising the City Oil Field ("COF") plastic to oil technology to be established in the Republic of Ireland (the "MOU")
The key elements of the MoU are:
1. Sabien acting as sales agent on behalf of COF in the Republic of Ireland
2. b.grn Group Ltd, in which Sabien holds a minority equity position, is also a party to the MOU and is expected to participate as a development partner in the potential project
3. The customer, IRF, has an existing site and buildings in the Irish Midlands where it plans to install COF equipment
4. The MOU anticipates a formal contract will be entered into within the next year 12 months of the date of the MOU
Commenting on the MOU, Richard Parris, Executive Chairman, said:
"Sabien is delivering on its strategy of building a portfolio of operations which, in combination, provide critical elements of the transition to a Green Economy. I am pleased that this MOU extends the geographic reach of our activity on behalf of COF to include the Republic of Ireland. The site proposed by IRF is within an establish industrial complex that already has some key environment permits in place. IRF inform me that they are well placed to secure feedstock supply in sufficient volume to power multiple COF lines. I am excited that this proposed development has the potential to create the first operating COF facility in Europe. This will provide early agency commission revenues to Sabien".
Further Information:
Sabien Technology Group plc Richard Parris, Executive Chairman
| +44 20 7993 3700
|
Allenby Capital Limited (Nominated Adviser) John Depasquale / Nick Harriss
| +44 203 328 5656 |
Peterhouse Capital Limited (Broker) Duncan Vasey / Lucy Williams | +44 207 469 0930 |
The person who arranged for the release of this announcement on behalf of the Company was Richard Parris, Executive Chairman.
A copy of this announcement will be available from the Company's website at www.sabien-tech.com