HydroDec Group plc Canton update (0699L)
January 07 2016 - 2:00AM
UK Regulatory
TIDMHYR
RNS Number : 0699L
HydroDec Group plc
07 January 2016
7 January 2016
Hydrodec Group plc
("Hydrodec" or the "Company")
Canton update
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil
re-refining group, is pleased to announce that the transformer oil
produced from its Canton re-refinery has achieved '500hr' oil
status, certifying the oil to be high quality transformer oil and a
prerequisite to accessing the larger power transformer market. With
all six trains at Canton now in service, the Company is also
pleased to confirm the achievement of an all-time daily production
record from the Canton plant of over 94,000 litres with all six
trains operative at the end of December 2015. The Canton plant
produced 10.5 million litres of processed oil in 2015 in line with
previously stated projections.
Chris Ellis, Acting Chief Executive, commented: "Achieving
'500hr' oil status and these levels of production at the Canton
plant are significant milestones and provide a solid base from
which to deliver our 2016 production and sales targets for
transformer oil into the U.S. market. This is the first step in
management's focus across the Group on execution, delivering
improved operational performance and efficiencies and driving the
Company to a profitable 2016."
For further information please contact:
020 3300
Hydrodec Group plc 1643
Lord Moynihan, Chairman
Chris Ellis, Acting Chief
Executive
James Hodges, General
Counsel and Company Secretary
Canaccord Genuity (Nominated 020 7523
Adviser and Broker) 8000
Guy Marks
Henry Fitzgerald-O'Connor
Vigo Communications (PR 020 7016
adviser to Hydrodec) 9570
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. 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. Hydrodec's
plants are located at Canton, Ohio, US and Young, New South Wales,
Australia. In 2013, Hydrodec acquired the business and assets of
OSS Group, the UK's largest collector, consolidator and processor
of used lubricant oil and seller of processed fuel oil, with a
national network of oil storage and transfer stations. Used oil is
converted into processed fuel oil at OSS's plant at Stourport and
principally sold on to the UK quarry and power industry. In April
2015, Hydrodec further acquired the business and assets of Eco Oil,
a leading UK waste oil collector and supplier of recycled
industrial fuel oil into the power and road stone industries. It is
also one of four significant providers of waste management services
to the marine industry in the UK, specifically oily-water slops or
marine pollutant (MARPOL). In line with our stated intention to
develop a base oil re-refinery in the UK, we have an exclusive
licence agreement with California-based Chemical Engineering
Partners (CEP) to develop the CEP wiped-film evaporation and
hydrogenation technology in the UK as well as the basic engineering
for a 75 million litre per annum capacity base oil re-refinery.
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
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