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Altona Energy PLC (ANR)

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Tuesday 28 August, 2018

Altona Energy PLC

Pyrolysis Licence Agreement

RNS Number : 8837Y
Altona Energy PLC
28 August 2018
 

Altona Energy Plc

("Altona" or the "Company")

Pyrolysis Licence Agreement

Altona (AIM: ANR) is pleased to announce the signing of an exclusive agreement to license pyrolysis technology in Australia and China ("the Agreement").

The Agreement is with Leinad Ltd, a Cypriot company trading as GCAT Energy, which has the rights to pyrolysis technology comprising current and future design rights, plans and technical specifications. Altona will be entitled to use this technology to, inter alia, construct, manufacture, operate and sell or otherwise deal in the plant, which is subject to the Agreement, in both Australia and China in return for a 95% share in the net revenue generated from the technology, the remaining 5% passing to Leinad Ltd.

Altona has substantial coal resources in South Australia. It is the Board's view that pyrolysis technology presents an opportunity to extract value from these assets that may otherwise be unrealised.

Having discussed this with Altona's major Chinese shareholders, the Board believes that there is an opportunity to exploit pyrolysis technology in China to assist with their long-term waste problem. Altona will work closely with its Chinese contacts to develop this licensing opportunity.

 

Nick Lyth commented:

"The licensing of the pyrolysis technology gives Altona two great opportunities. The first is to unlock value in the 7.8 billion tonnes of coal that we have exploration licenses over. The second is to market the pyrolysis technology to relevant Chinese businesses and, with the help of our Chinese shareholders, assist with China's long-term plastic and rubber waste problem. China has, like most countries, issues with waste plastic and tyres and is pursuing a long-term solution. This Agreement represents a major step forward for Altona in its development of a complementary renewable energy business."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

-ends-

 

For further information, please visit www.altonaenergy.com or contact:

 

Altona Energy plc

Nicholas Lyth, Chief Executive Officer

 

 

+44 7769 906 686

 

Northland Capital Partners Ltd (Nomad and Broker)

Matthew Johnson / Gerry Beaney / Jamie Spotswood (Corporate Finance)

Isabella Pierre (Corporate Broking)

 

 

+44 20 3861 6625

 


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