Altona Energy PLC MOU regarding Pyrolysis Technology (2642Q)
05 June 2018 - 4:00PM
UK Regulatory
TIDMANR
RNS Number : 2642Q
Altona Energy PLC
05 June 2018
Altona Energy Plc
("Altona" or "the Company")
Memorandum of Understanding regarding Pyrolysis Technology
Altona (AIM:ANR) is pleased to announce the signing of a
non-binding Memorandum of Understanding ("MOU") with GCAT Energy
Group Inc. ("GCAT"). GCAT owns the licence to use a patented
pyrolysis technology which it intends to use to develop a waste
recycling project in Spain.
The pyrolysis technology which converts carbon matter into a
variety of outputs including syngas, which can be used to generate
electricity, carbon black, naptha and diesel. The technology has
already been demonstrated successfully and is expected to be
suitable for the conversion of thermal coal into these outputs.
Under the terms of the MOU, GCAT and the Company have confirmed
their intention to negotiate terms under which Altona may be able
to invest in the equity of the joint venture company formed to
exploit the technology. In addition, Altona will be granted a
licence to use this technology in other specific projects including
at the Company's Australian coal project.
Nick Lyth, CEO, commented:
"I am delighted to announce this potential exciting development
for Altona. The pyrolysis technology can process a wide spectrum of
carbon matter so there are a number of potential routes to
commercialisation.
"In addition, the demonstration unit has been shown to work at
high levels of efficiency and as such, the economics of the project
are potentially very attractive.
"Initial negotiations have already taken place with the owners
of the licence and I hope to be able to update the market with a
positive outcome soon."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
-ends-
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy plc
Nicholas Lyth, Chief Executive Officer +44 7769 906 686
Northland Capital Partners Ltd (Nomad and
Broker)
Matthew Johnson / Gerry Beaney (Corporate
Finance)
John Howes (Corporate Broking) +44 20 3861 6625
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END
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