HydroDec Group plc New patent (9621Q)
18 September 2017 - 4:00PM
UK Regulatory
TIDMHYR
RNS Number : 9621Q
HydroDec Group plc
18 September 2017
18 September 2017
Hydrodec Group plc
("Hydrodec" or the "Group")
New patent
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil
re-refining group, is pleased to announce that it has been
successful in its application for a new patent in respect of its
transformer oil re-refining process.
The granting of a new patent benefits the Group in ensuring that
Hydrodec's technology continues to lead the field in this area for
the foreseeable future. The successful application is expected to
provide a marketing and operational advantage by extending the
ability to claim patent protection over Hydrodec's process by a
further 20 years from the patent priority date of 2014.
The new patent covers a method for producing a higher quality
non-corrosive product using a specific but incremental improvement
to the original Hydrodec process. It has been granted in the US,
which is the Group's largest and most important market, subject
only to payment of the final fee. Applications in respect of other
territories, including the EU, Australia and Japan, are
on-going.
The Board expect to announce the Group's interim results for the
6 month period ending 30 June 2017 on or around 25 September.
Chris Ellis, CEO of Hydrodec, commented: 'The award of this
patent reinforces the strength of our technological offering and
our market leadership. With our transformer oil output now
generating carbon credits, we are moving towards a uniquely
environmentally friendly business model within the refining and
re-refining industry, founded upon a world-leading technology.'
For further information please contact:
Hydrodec Group plc 01372 824750
Chris Ellis, Chief Executive
Canaccord Genuity (Nominated Adviser and Broker) 020 7523 8000
Henry Fitzgerald-O'Connor
Richard Andrews
Vigo Communications (PR adviser to Hydrodec) 020 7830 9700
Patrick d'Ancona
Chris McMahon
Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil
re-refining and chemical process initially targeted at the
multi-billion US$ market for transformer oil used by the world's
electricity industry. MarketsandMarkets forecasts that the global
transformer oil market is expected to grow from US$1.98 billion in
2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to
2020. Spent oil is currently processed at two commercial plants
with distinct competitive advantage delivered through very high
recoveries (near 100%), producing 'as new' high quality oils at
competitive cost and without environmentally harmful emissions. The
process also completely eliminates PCBs, a toxic additive banned
under international regulations.
In 2016 Hydrodec received carbon credit approval from the
American Carbon Registry ("ACR"), enabling its product to be sold
with a carbon offset and creating an incremental revenue stream.
The Group is now generating carbon offsets through the re-refining
of used transformer oil, which would otherwise ordinarily be
incinerated or disposed of in an unsustainable manner. This is a
highly distinctive feature for the Group, confirming (as far as the
Board is aware) Hydrodec as the only oil re-refining business in
the world to receive carbon credits for its output. This is a
significant endorsement of the Company's proprietary technology and
standing as a leader in its field.
Hydrodec's plants are located at Canton, Ohio, US and Bomen, New
South Wales, Australia.
Hydrodec's shares are listed on the AIM Market of the London
Stock Exchange. For further information, please visit
www.hydrodec.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUQUBUPMGWM
(END) Dow Jones Newswires
September 18, 2017 02:00 ET (06:00 GMT)
Hydrodec (LSE:HYR)
Historical Stock Chart
From Apr 2024 to May 2024
Hydrodec (LSE:HYR)
Historical Stock Chart
From May 2023 to May 2024