Altona Energy PLC Pyrolysis Licence Agreement (8837Y)
28 August 2018 - 4:00PM
UK Regulatory
TIDMANR
RNS Number : 8837Y
Altona Energy PLC
28 August 2018
Altona Energy Plc
("Altona" or the "Company")
Pyrolysis Licence Agreement
Altona (AIM: ANR) is pleased to announce the signing of an
exclusive agreement to license pyrolysis technology in Australia
and China ("the Agreement").
The Agreement is with Leinad Ltd, a Cypriot company trading as
GCAT Energy, which has the rights to pyrolysis technology
comprising current and future design rights, plans and technical
specifications. Altona will be entitled to use this technology to,
inter alia, construct, manufacture, operate and sell or otherwise
deal in the plant, which is subject to the Agreement, in both
Australia and China in return for a 95% share in the net revenue
generated from the technology, the remaining 5% passing to Leinad
Ltd.
Altona has substantial coal resources in South Australia. It is
the Board's view that pyrolysis technology presents an opportunity
to extract value from these assets that may otherwise be
unrealised.
Having discussed this with Altona's major Chinese shareholders,
the Board believes that there is an opportunity to exploit
pyrolysis technology in China to assist with their long-term waste
problem. Altona will work closely with its Chinese contacts to
develop this licensing opportunity.
Nick Lyth commented:
"The licensing of the pyrolysis technology gives Altona two
great opportunities. The first is to unlock value in the 7.8
billion tonnes of coal that we have exploration licenses over. The
second is to market the pyrolysis technology to relevant Chinese
businesses and, with the help of our Chinese shareholders, assist
with China's long-term plastic and rubber waste problem. China has,
like most countries, issues with waste plastic and tyres and is
pursuing a long-term solution. This Agreement represents a major
step forward for Altona in its development of a complementary
renewable energy business."
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 +44 7769 906
Nicholas Lyth, Chief Executive Officer 686
Northland Capital Partners Ltd (Nomad and Broker)
Matthew Johnson / Gerry Beaney / Jamie Spotswood
(Corporate Finance) +44 20 3861
Isabella Pierre (Corporate Broking) 6625
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END
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