20 Jun 2014 15:38
20 June 2014
The TEG GROUP Plc (AIM: TEG)
("TEG" or the "Company")
Result of AGM
The TEG GROUP Plc, the AIM-listed green technology company, which develops and operates organic composting and energy plants, announces that at the Annual General Meeting ("AGM") of the Company, held earlier today in Manchester, all resolutions were passed.
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Contact: | ||
The TEG Group Plc | Tel: 01772 644980 | |
Michael Fishwick, Chief Executive | www.theteggroup.plc.uk | |
Peckwater PR | Tel: 07879 458 364 | |
Tarquin Edwards | tarquin.edwards@peckwaterpr.co.uk | |
N+1 Singer Advisory LLP (Nomad & Broker) | Tel: 0207 496 3000 | |
Andrew Craig/Ben Wright | ||
Notes to Editors
TEG
TEG provides state of the art technology for handling organic wastes. Its in-vessel composting ("IVC") system is one of the few approved technologies capable of treating animal by-product ("ABP") waste and it is now providing an anaerobic digestion ("AD") technology to produce power from food waste. Plant economics are predominantly driven by the gate fees charged, rather than the value of the end product (compost).
The AD plants also benefit from power sales and Renewable Obligations Certificates ("ROCS") or Feed-in Tariffs ("FITs"). The TEG processes are an economic and sustainable alternative to landfill.
The TEG Silo Cage System
The Silo Cage system, one of the few technologies capable of treating organic waste, is a natural process producing compost as an end product. The compost is an excellent soil conditioner that fertilises, retains moisture, provides structure and reduces the incidence of plant disease. TEG's Silo-Cages are housed in self-contained buildings, suitable for urban environments, are not unsightly and are environmentally friendly.
TEG Biogas (Perth) Limited
TEG Biogas (Perth) Limited ("TEG Biogas Perth") is a joint venture company established by TEG with Albion LLP. TEG Biogas Perth has constructed a 15,000 tonnes per annum AD plant at TEG's Glenfarg site to produce nominally 0.7MW of electrical power and 0.2MW of heat that is to be used by Binn Eco Park. The facility has been in operation, generating revenues from waste sales and power generation since Quarter 1 of 2012. It has become one of the leading AD operations in Scotland.
TEG Biogas (London) Limited (TEGBL)
TEG Biogas (London) Limited ("TEG Biogas London") is a joint venture company established by TEG with funding partners led by Foresight Environmental Fund LP. TEG Biogas London has constructed a combined In Vessel Composting (IVC) and AD plant in Dagenham that will process approximately 50,000 tonnes per annum of organic wastes and will generate approximately 1.4MW of power, sufficient to power approximately 2000 homes. The plant went into full operation in Q1 2014.
TEG received a contract to construct the facility, valued at approximately £16m, in September 2012. The Company is currently operating the facility, post handover, as part of a 15-year operating and maintenance contract. The Group has a minority shareholding in TEGBL.
General
Customers include local authorities, waste management companies, food processing companies, farmers and landowners. The Company's expanding market is driven by increasingly stringent EU and UK legislation regulating the treatment and disposal of organic waste. Statutory targets for the diversion of waste from landfill increase annually through to 2020, increasing TEG's market opportunity year on year.