TIDMSYM
RNS Number : 5416C
Symphony Environmental Tech. PLC
20 October 2020
20 October 2020
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Completion of Eranova Green Algae Project
Symphony is pleased to announce further progress of the Eranova
SAS ("Eranova") green algae project (the "Project") with completion
of a EUR6 million financing (the "Financing"). The proceeds of the
Financing will be used to start building the pre-industrial plant
in Port St Louis, located near Marseille in France. The Project is
supported by ADEME, the French Environmental Agency and by Total
Development Regional. Construction will start in late November and
is due to complete by the end of April 2021.
The Financing comprised loans provided by HSBC, Banque Populaire
and CIC and equity subscribed for by both new and existing
investors including the Indorama Corporation, Altinat, Capelan
Holdings and Euro-Capital LLC.
This follows the announcement by Symphony on 14 September 2020,
that its collaboration agreement with Eranova had been amended
conditional on completion of the Financing. Pursuant to the amended
collaboration agreement, Symphony's fully diluted equity interest
in the Project is 1.6% shareholding and it has exclusive
distribution rights for certain territories.
The new plant is based on the existing pilot plant design which
has already produced bio-sourced resins that have been tested
successfully for transformation at industrial scale. These new
generation of bio based resin do not use food resource, are food
contact approved for packaging and are recyclable. The Project is
also patented in Europe, the USA and has been recently labelled by
the Solar Impulse Foundation.
Symphony has entered into a distribution agreement with Eranova,
providing Symphony with exclusive distribution rights for the
United Arab Emirates, and the whole of America south of the border
between the USA and Mexico.
The Project represents a new generation of biobased polymer
using a pollutant as a resource. Key benefits of the technology
are:
-- Patented process in Europe and USA
-- High carbon-capture production process
-- Upcycling creates a value added product from a natural renewable waste product
-- A non-food-based resource (compared with corn or potatoes)
-- Higher yields per hectare due to the fast growing-rate of
marine algae compared to food-crops
-- Good mechanical properties and competitive cost
-- Potential new markets for by-products of the technology
Symphony's Chief Executive, Michael Laurier, said:
"We are delighted that the Eranova collaboration agreement has
been finalised and funding now secured, as well as that the
Indorama Corporation has joined us as an investor in this exciting
opportunity. We look both forward to working with Eranova to bring
the products of this technology to the market through our worldwide
distribution networks."
Philippe Michon, co-founder of Eranova said:
"We are pleased to see major stakeholders like Indorama, and
Symphony Environmental joining the Eranova project. Our
fund-raising process has been lengthy and include industrial
partners that are involved with the environment, like Capelan or
others like Altinat Holding that are focused in the algae business,
with the leader Greentech and Biovitis. Euro-Capital brings another
dimension into the Project through its strong packaging interest.
The Project is an important step to create a European platform for
a new source of biomass with low environmental impact."
Enquiries:
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207
5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Zeus Capital Limited (Nominated Adviser and
Joint Broker)
David Foreman / Nick Cowles / Kieran Russell Tel: +44 (0) 161
(Corporate Finance) 831 1512
Dominic King / Victoria Ayton (Sales) Tel: +44 (0) 203
829 5000
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203
764 2341
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d2p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to provide protection against many
different types of microbes, and insects and rodents, and against
fire. d2p products also include odour, moisture and ethylene
adsorbers as well as other types of food-preserving technologies.
Symphony has also launched d2p anti-microbial household gloves and
toothbrushes and is developing a range of other d2p finished
products for retail sale. See www.d2p.net
Symphony has also developed and continues to develop and market,
a biodegradable plastic technology which helps tackle the problem
of microplastics by turning ordinary plastic at the end of its
service-life into biodegradable materials. It is then no longer a
plastic and can be bioassimilated in the open environment in a
similar way to a leaf. The technology is branded d2w(R) and appears
as a droplet logo on many thousands of tonnes of plastic packaging
and other plastic products around the world. In some countries,
most recently Saudi Arabia, oxo-biodegradable plastic is mandatory.
See www.d2w.net
The Group has complemented its d2w biodegradable product range
with d2c "compostable resins and products" that have been tested to
US and EU composting standards.
Symphony has also developed the d2Detector(R), a portable device
which analyses plastics and detects counterfeit products. This is
useful to government officials tasked with enforcing legislation,
and Symphony's d2t tagging and tracer technology is available for
further security.
Symphony has a diverse and growing customer-base and has
established itself as an international business with 67
distributors around the world. Products made with Symphony's
plastic technologies are now available in nearly 100 countries and
in many different product applications. Symphony itself is
accredited to ISO 9001 and ISO 14001.
Symphony is a member of The OPA (www.biodeg.org) and actively
participates in the Committee work of the British Standards
Institute (BSI), the American Standards Organisation (ASTM), the
European Standards Organisation (CEN), and the International
Standards Organisation (ISO).
Further information on the Group can be found at
www.symphonyenvironmental.com and twitter @SymphonyEnv See also
Symphony on Instagram. A Symphony App is available for downloading
to smartphones.
About Eranova
www.eranovabioplastics.com
Eranova has developed a patented technology for bio extraction
of starch combined with enrichment of seaweed for a new generation
of bio-sourced polymer. The bio based content is sourced from green
Macro algae, which is a significant and uncontrolled natural
resource that has yet to be exploited. It is also a major
environmental pollution factor for beaches, coastal cities and
tourism development.
The Eranova bio-sourced resins can be tailored to be durable,
recyclable, compostable and biodegradable - to be used in a wide
range of applications for food packaging, and composite material as
an alternative to fossil-based plastics . In addition, the biomass
can be tailored to produce biofuel, proteins for food and animal
feed, as well as by-products for the pharmaceutical and cosmetic
industries. This is in line with the EU Blue Bioeconomy Strategy to
use renewable biological resources not in competition with the
production of food, to produce a value add upcycled product.
The Label https://solarimpulse.com/efficient-solutions
Protect the Environment in a profitable way
One of the first Labels for positive impact businesses bringing
together protection of nature and financial viability through a
strict assessment process made by a pool of independent experts. In
collaboration with renowned institutions, Solutions applying to the
Label must go through a neutral and certified methodology.
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