React Energy PLC Project update and change of registered office (0572C)
January 13 2015 - 9:56AM
UK Regulatory
TIDMREAC
RNS Number : 0572C
React Energy PLC
13 January 2015
REACT Energy plc
("REACT" or the "Company")
Project Update
Change of Registered Office
REACT and Larkfleet Clay Cross Joint Venture
Further to the announcement of 1 December 2014, REACT is pleased
to announce that Falcon Waste Development Land Company ("Falcon") -
part of the Larkfleet Group and React Energy plc have submitted a
planning application to build an Energy Recovery Facility in Clay
Cross, Derbyshire.
The two companies are partners in Clay Cross Biomass Limited
("Clay Cross"), which is owned 90 per cent by REACT and 10 per cent
by Larkfleet. The company has been established specifically to
develop the Clay Cross Energy Recovery Facility which will produce
heat and electrical power by 'gasification' of waste wood from
construction and demolition, commercial and industrial sources.
Extensive public consultation on the plans has been undertaken
and as a result some substantial changes have been made. REACT and
Larkfleet expect to secure planning permission from Derbyshire
County Council in first half of 2015. Construction of the facility
is subject to financing being in place and is anticipated to
commence later in 2015 with the plant operational during 2017.
When running at full capacity the plant will be able to generate
around 12 MW of electrical power. Some of this will be required for
operating the facility itself but around 10 MW is expected to be
exported to the electric grid network which is anticipated to be
sufficient to meet the energy requirements of approximately 18,000
homes.
In addition to electricity the plant will produce up to 10 MW of
thermal energy in the form of hot water or steam. This could be
made available to local businesses, industry, homes and nearby
future developments and is expected to be sufficient to heat the
equivalent of nearly 4,000 average houses.
The other usable output of the gasification facility will be an
ash/char material which can be used as aggregate in low grade
concrete production or as a capping for landfill or for land
reclamation. Approximately 4,000 tonnes of this material could be
produced each year, about five per cent of the total weight of
waste timber being put into the process.
The 2.4 hectare site is in the northern industrial area of Clay
Cross. The history of the site and its existing permits for
handling waste make the proposals an ideal way of safely bringing
the site back into productive use. As well as 'low carbon' power
generation and the environmental benefits associated with
productively using waste material that would otherwise go to
landfill the Clay Cross Energy Recovery Facility will offer local
employment and training opportunities including an apprenticeship
scheme.
Karl Hick, Larkfleet Group chief executive, said: "Our objective
at Falcon is to develop and implement innovative methods of
converting waste into useful resources. In each of our projects we
are aiming to deliver both environmental and economic
sustainability."
"The Clay Cross facility will meet all of those objectives, as
well as providing exciting potential to utilise energy locally with
long-term energy security in mind, while creating skilled jobs for
the community."
Gerry Madden, REACT CEO said: "As the UK works towards its
targets to generate more power from sustainable and clean sources,
it's important that advanced technologies are deployed. REACT has
selected a proven gasification system which has successfully
delivered similar facilities in Europe.. The plant selection meets
the criteria of an Advanced Conversion Technology (ACT), therefore
qualifying the project for UK's renewable incentive regime".
Funding Requirements
Further to the announcement on 1 December 2014, REACT continues
discussions with potential providers of finance to enable lifting
of the suspension of trading in the Company's shares.
Change of Registered Office
REACT confirms that its registered office has been changed to
Building 1000, City Gate, Mahon, Cork, with immediate effect.
For further information:
+353 (0)21 2409
REACT Energy plc 056
Gerry Madden / Brendan Halpin
+44 (0)20 7408
Shore Capital - Nomad & Broker 4090
Pascal Keane / Anita Ghanekar
+44 (0)7747 788
Yellow Jersey PR Limited - Public Relations 221
Dominic Barretto / Anna Legge
Notes to Editors:
Gasification converts a solid fuel (in this case, waste wood)
into a syn-gas, which is then used to generate power and heat in a
large reciprocating gas engine. It is a proven and reliable
technology that has been used all over the world and is not to be
confused with incineration. It offers a number of advantages over
direct combustion of the fuel because it translates approximately
80 per cent of the chemical energy present in the biomass feedstock
into chemical energy during the gas phase without the production of
harmful by-products.
Falcon is based in Bourne, Lincolnshire and has been established
to develop high profile waste opportunities through the acquisition
of strategically located sites. Falcon is part of the Larkfleet
Group (www.larkfleetgroup.co.uk), a privately-owned house building
and renewable energy development company that champions
sustainability. The group is a major developer of sustainable
energy projects and a provider of energy-efficiency improvements
for new and existing developments.
REACT Energy plc is committed to operating clean electricity and
heat generation plants in the UK and Ireland. The Company
identifies, builds owns and operates plants and possesses
significant knowledge of energy markets, clean technologies, fuel
sources, project development, project finance and project delivery.
REACT currently has four operational clean energy plants generating
revenue from the sale of electricity and heat. The generation of
clean electricity and heat from sustainable sources has the
potential to address the key energy challenges of energy security
and carbon commitment and provide strong returns on capital
employed.
The company is listed on AIM and trades as
REAC.www.reactenergyplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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