Verditek PLC LOI signed with Industrial Climate Solutions Inc. (6260Y)
07 December 2017 - 6:00PM
UK Regulatory
TIDMVDTK
RNS Number : 6260Y
Verditek PLC
07 December 2017
7 December 2017
Verditek PLC
("Verditek" or the "Company")
Westec Environmental Solutions signs Letter of Intent with
Industrial Climate Solutions Inc. for the commercialisation of its
CO(2) absorber technology
Verditek plc, (AIM: VDTK), the clean technology company, is
pleased to announce that, further to the announcement made on 29
November 2017, its group company Westec Environmental Solutions
("WES") has signed a Letter of Intent ("LOI") with Industrial
Climate Solutions Inc. ("ICSI") to develop and enter into a licence
agreement for the commercialisation of WES' CO(2) absorber
technology.
ICSI is a Canadian company focused on the development and
commercialisation of industrial process equipment and technologies
to address greenhouse gas emissions at an industrial scale. WES
will work with ICSI for the commercialisation of its CO(2) absorber
technology, as well as providing technical support. Initial
products will focus on gas/liquid contactors for flue gas
scrubbing, CO(2) capture, industrial gas processing and air quality
applications.
WES' patented absorption technology, which comprises a uniquely
developed contactor, offers new solutions that optimise the mass
transfer of gas/liquid for industrial emissions/control and for
CO(2) capture. Currently WES' technology is in the penultimate
phase of its optimisation pilot project, carried out in
collaboration with SINTEF (Norway's largest research institute for
energy and climate technology) and one of Canada's CMC Research
Institutes, the Carbon Capture & Conversion Institute (CMCRI
CCCI), prior to scale-up to full industrial volumes.
Theo Chapman, CEO of Verditek plc said: "We are delighted to be
working with ICSI who bring a wealth of knowledge and experience in
helping us bring our technology to market. This commitment reflects
the strong progress the team at WES continues to make and validates
the significant performance improvements our technology offers
compared to conventional technologies. We look forward to
finalising the binding agreement with ICSI and updating
shareholders in due course."
Enquiries:
Verditek plc
+44 (0) 20 7129
Geoffrey Nesbitt (Non-Executive Chairman) 1110
Theodore Chapman (Chief Executive Officer) enquiries@verditek.plc.uk
Stockdale Securities Limited (NOMAD
and Broker)
Antonio Bossi +44 (0) 20 7601
Hanan Lee 6100
+44 (0) 7825 916
715
Yellow Jersey PR (PR & IR) +44 (0) 7544 275
Georgia Colkin 882
Harriet Jackson +44 (0) 7951 402
Henry Wilkinson 336
Notes to Editors
Verditek plc
AIM listed Verditek plc is a holding company with three
businesses operating within the clean technology sector. The
Company has a unique liquid gas absorption technology expected to
revolutionise the global CO(2) capture industry; two solar
manufacturing production lines in San Marino each of 25MWp (total
50MWp) producing what is believed to be an innovative and
un-paralleled solar PV building material; and a pioneering
filtration deodorisation technology, which is commercially proven
and tackles a wide range of odours within air and water at a high
efficiency.
For more information please visit or contact the following:
https://www.verditek.plc.uk/
Westec Environmental Solutions (WES)
Verditek plc holds a 23.64% stake in WES, with an option to
increase it to 51%. The WES Absorber provides powerful new
solutions for all applications where gas/liquid absorption or
scrubbing occurs.
The WES Absorber froth column is unlike any currently available
gas/liquid absorber.
The WES Absorber creates a micro-froth matrix that dramatically
intensifies mass transfer. This micro-froth matrix mass transfer
provides a remarkable increase in absorption surface area compared
to conventional gas/liquid absorbers.
The WES Absorber differs from conventional absorption technology
by utilizing co-current absorption, rather than counter current.
With this, WES is able to operate at gas velocities far in excess
of those tolerated in conventional gas/liquid absorbers, without
significant solvent losses through entrainment and flooding. The
efficiency of the WES process increases with increasing gas
velocity- a characteristic truly unique to WES.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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