Sabien Technology Group PLC

17 April 2023

17 April 2023


Sabien Technology Group plc

("Sabien" or the "Company")

Update on b.grn

The Board of Sabien Technology Group plc (AIM: SNT), a Company focused on a green aggregation strategy, provides an update on b.grn Group Limited ("b.grn"), the Special Purpose Vehicle ("SPV"), formed by the Company and Parris Group Limited on 21 December 2021.

Since this formation, b.grn has engaged actively with land vendors, and the Company's technology partner, City Oil Field ("COF"), in pursuit of its strategy to develop waste plastic recycling sites in the United Kingdom.

On 2 November 2022, Sabien announced that b.grn had entered into a binding contract with COF for the supply of the first 24 tonne plastic to oil recycling plant using COF's Regenerated Green Oil ("RGO") system on a site in the Midlands region of the UK ("Midlands").

As previously announced in Sabien's Interim Results (31 March 2023), Sabien board members and key management met with COF representatives in South Korea recently. Following these meetings, Sabien is pleased to announce the signing of a Memorandum of Understanding ("MOU") between b.grn, COF, Hanyang Corporation Co. Ltd ("Hanyang") and Woori Technology Inc. ("Woori") (together "the Parties"). This MOU governs the intention of the parties to deliver, jointly, a Recycling Project Cluster plan for the site in the Midlands.

The Parties

In addition to the UK operating company, b.grn and the technology provider, COF, the Parties also include now Hanyang and Woori. Hanyang is an international construction, project development and energy company with operations in the US and Europe. Woori, a KOSDAQ listed company, is a multidisciplinary organisation with operations in power generation and transport. It is an existing technology and funding partner of COF.

The Recycling Cluster concept

The Parties intend to develop the site in the Midlands with a Recycling Cluster Project. The recycling project combines a COF Plastic-to-Oil plant, equipped with green smart farm technology which utilises waste heat energy from the recycling plant. A presentation of a similar project involving the same industrial partners and planned for construction in Korea by 2025 is available on the Investor Communications page of the Sabien website.

Reflecting on the Recycling Cluster Project, Dr Athan Fox, Sabien's Chief Scientific Officer, commented:

"In my opinion, the COF technology presents a solution for the treatment of end-of-life plastics which is both innovative and efficient. The technology produces high-quality naphtha and fuel oil at significantly lower temperatures, without the harmful by-products, toxic emissions, and difficult-to-process waste associated with pyrolysis. In co-operation with the partners now joining the Recycling Cluster Projects, we believe that Sabien, b.grn, and COF are building 'true' recycling in the UK and beyond."

Commenting on the b.grn update, Richard Parris, Sabien Executive Chairman, said:

"The visit to South Korea developed further key relationships between Sabien. b.grn, and COF. Specifically, and critically, the project now includes key partnerships with Hanyang and Woori; both bringing important components to this multifaceted project. The MOU brings together all the necessary elements in order to deliver the first UK Recycling Project Cluster in the Midlands. It builds on the low energy, low emission RGO process and will provide additional benefits from the utilisation of waste heat."

  For Further Information: 
  Sabien Technology Group plc            +44 20 7993 3700 
  Richard Parris, Executive Chairman     Scott.fulton@sabien.com 
  Scott Fulton, Investor Relations 
Allenby Capital Limited (Nominated 
 John Depasquale / Nick Harriss / 
 Vivek Bhardwaj                          +44 203 328 5656 
Peterhouse Capital Limited (Broker) 
 Duncan Vasey / Lucy Williams            +44 207 469 0930 

The person who arranged for the release of this announcement on behalf of the Company was Richard Parris, Executive Chairman.

A copy of this announcement will be available from the Company's website at www.sabien-tech.com.

Notes to Editors

Parris Group and Sabien own 66.67% and 33.33% of the SPV respectively. It has been registered on Companies House under the name b.grn Group Ltd.

Parris Group Limited is owned exclusively by Richard Parris, Executive Chairman of Sabien, and his family.

Sabien's existing agency agreement with COF provides for a revenue stream to Sabien through the supply of technology, equipment and recurring support and maintenance. Sabien will receive a commission of 10% of the selling price of all products sold on behalf of COF to the SPV.

About Reach announcements

This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word "Reach" in the source column of the News Explorer pages of London Stock Exchange's website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

April 17, 2023 02:00 ET (06:00 GMT)

Sabien Technology (LSE:SNT)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024 Click aqui para mais gráficos Sabien Technology.
Sabien Technology (LSE:SNT)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024 Click aqui para mais gráficos Sabien Technology.