Altona Energy PLC Pyrolysis Update (4535K)
14 December 2018 - 6:00PM
UK Regulatory
TIDMANR
RNS Number : 4535K
Altona Energy PLC
14 December 2018
Altona Energy plc
("Altona" or the "Company")
Pyrolysis Update
Further to the announcement of 29 November 2018, Altona (AIM:
ANR) is pleased to provide an update on discussions with another
holder of South Australian coal assets who is interested in
applying pyrolysis technology to their project.
Altona has an exclusive licence granted by Leinad Ltd ("Leinad")
to use its Pyrolysis technology in Australia and the People's
Republic of China. Altona will be entitled to retain 95% of any
revenues generated using this licence, the remaining 5% passing to
Leinad (as announced on 28 August 2018).
Further discussions have taken place and the holder of the coal
assets is very interested to progress this opportunity and has
invited Nicholas Lyth, CEO of Altona, to Australia in early
January. The purpose of these discussions is to identify the most
advantageous way to utilise the pyrolysis technology with their
coal asset to generate electricity for South Australia and to
produce a framework of how a Joint Venture would work between the
two companies.
Altona will also develop a plan for the potential sale of part
of its coal assets in combination with the same pyrolysis
technology.
Nicholas Lyth, CEO of the Company, said: "The economics of power
generation using pyrolysis technology in an area of significant
shortfalls in electricity generation are appealing. South Australia
has closed its conventional coal to electricity generation capacity
so it is expected that the state government would be receptive to
any future proposal to convert Altona's large coal assets into
electricity in a way that meets the appropriate emissions
regulations."
-ends-
Enquiries
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
Abigail Wayne (Corporate Broking) 6625
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END
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