TIDMBION
RNS Number : 3366S
Bion PLC
16 March 2021
16 March 2021
BiON plc
("BiON" or "the Company")
Business Update and Directorate Change
Two biogas power plants now supplying electricity to the grid
and BiON expands into the UK
BiON (AIM: BION), an environmental engineering, wastewater
treatment and renewable energy solutions company, provides an
update on its operational progress, including announcing that it
has established an office in the UK, and gives notice of
directorate and senior management changes.
Business update
The Company is pleased to report progress on its four biogas
power plants - two of which are now selling electricity to Tenaga
Nasional Berhad ("TNB"), Malaysia's largest integrated electricity
company. Once fully-operational, BiON's current portfolio of biogas
power plants, which generate electricity from the biogas produced
in the treatment of palm oil mill effluent ("POME"), will have an
installed capacity of 7MW.
-- Seberang Perak (2MW) commenced commercial operations at the
end of January 2021 following the receipt of the certificate of
initial operation date ("IOD") from the regulatory authorities. The
IOD enables the Company to sell electricity to TNB at a discount
tariff rate. It expects to receive the certificate of commercial
operation date ("COD"), which will allow it to receive the full
Feed-in-Tariff rate, later this month subject to government
restrictions related to the COVID-19 pandemic.
-- Malpom (2MW) recommenced supplying electricity to TNB in
December 2020 (at an initial reduced capacity). Upgrading works are
continuing to enable an increase in power generation to reach
maximum capacity.
-- Solid progress was achieved in upgrading works at Kahang
(2MW) with gas production reaching almost maximum capacity in
February 2021. Kahang will recommence supplying power to the grid
following testing by TNB of electrical interconnection equipment,
which is expected in the coming months.
-- Nasaruddin (1MW) has resumed operations following a temporary
shutdown at the adjoining palm oil mill as a result of COVID-19.
The Company is awaiting the receipt of an IOD to enable power sales
to commence, which it expects to occur in the coming weeks subject
to government pandemic-related restrictions.
The Company has also continued to provide EPCC services in
Malaysia as well as in Indonesia.
Expansion into the UK
BiON has achieved a key milestone in its strategy to expand
globally with the opening of an office in London, UK - its first
outside of Malaysia - and the appointment of a UK Country
Manager.
The establishment of a presence in the UK is to facilitate BiON
in expanding its business into the UK and Europe, a market that the
Company believes offers ample opportunity due to the relative
maturity of the renewable energy and clean technology sectors in
this region. In particular, the Company intends to add to its
portfolio of waste-to-energy assets as well as seek potential
partners or customers for its EPCC services or, in future, other
biomass products. The UK Country Manager is also responsible for
supporting the Company's investor relations function.
The Company has appointed Elle Sia as UK Country Manager who
brings significant capital markets experience, with a sector focus
on engineering, technology and oil & gas. Most recently, she
was Assistant Vice President of Equity Capital Markets at Affin
Hwang Investment Bank in Malaysia where she focused on deal
origination and execution. This included running an IPO in August
2020 that was Malaysia's best performing IPO since July 2018 and,
in April 2020, conducting Malaysia's largest private placement
since January 2018, which was for Serba Dinamik, a significant
shareholder of the Company. Prior to joining Affin Hwang Investment
Bank, Elle was an Associate at BNP Paribas where she was
responsible for expanding the bank's financial institutions
coverage and also participated in global cross-border client
activities and transactions. Elle holds a BSc in Financial
Economics from the University of Kent, UK.
Directorate and Senior Management Changes
Further to the Company's announcement of 13 November 2020, BiON
gives notice that Datuk Haji Radzali Hassan has stepped down from
his position as Non-executive Director with immediate effect. In
addition, Mr Halian Fadzli Shah has resigned from his position as
Chief Administrative Officer to pursue other interests.
Datuk Syed Nazim bin Syed Faisal, CEO of BiON, said:
"I am pleased that we now have two of our biogas power plants
selling electricity to the grid - and hope to soon be exporting
power from all four plants and at maximum capacity. We have also
continued with our EPCC work and to take steps to execute our
strategy. In this regard, I am delighted that we have now opened
our UK office and appointed Elle Sia as UK Country Manager. She
brings tremendous experience of generating deals in this sector,
which will prove invaluable as we seek to expand our presence in
the UK and into Europe, as well as a deep understanding of the
capital markets. We are excited about this opportunity and look
forward to reporting on our progress.
"In addition, on behalf of the Board, I would like to thank
Datuk Radzali and Halian Fadzli for their service to the Company.
In particular, Datuk Radzali played an instrumental role as
Chairman when the Company started its life on AIM, for which we are
very grateful. We wish them all the best for the future."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018.
Enquiries:
BiON plc
Datuk Syed Nazim bin Syed Faisal, CEO +603 6413 1085
Fakrizzaki Ghazali, CFO
www.bionplc.com
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish, Felicity Geidt +44 20 7628 3396
Optiva Securities Limited (Broker)
Vishal Balasingham +44 20 3137 1903
Luther Pendragon (Financial PR Adviser)
Claire Norbury +44 20 7618 9100
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