HYR Hydrodec Group Plc

TIDMHYR

RNS Number : 4921Y

HydroDec Group plc

22 August 2018

22 August 2018

Hydrodec Group plc

("Hydrodec", the "Company" or the "Group")

Hydrodec's unique transformer oil re-refining technology patent extended to Europe

Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to announce that today The European Patent Office granted a European Patent which strengthens Hydrodec's Intellectual Property position in the global market and will lead to validation in the UK, German and Danish markets. This milestone adds to the recent US Patent grant. The Patent protects the operating and design intellectual property improvements made to its original re-refining technology developed over ten years of commercial operation. The grant of the European Patent reinforces the ongoing commercial protection of Hydrodec's proprietary technology leadership in the production of sustainable and high quality oil products at market competitive prices.

Hydrodec licenced the original Patent for the production of electrical insulating oil from used oil from CSIRO, Australia in 2004, with the full rights assigned in 2009. The European Patent captures design and process improvements to the re-refining process that enhance process economy, reliability and consistency of the core re-refining technology.

Colin Moynihan, Executive Chairman and Interim Chief Executive Officer of Hydrodec commented:

"This patent provides continuing protection to Hydrodec's unique re-refining technology for production of high quality SUPERFINE transformer oil from used electrical insulating oils. SUPERFINE adds value through its unique carbon credit generation and assists customers looking to boost their sustainability ratings and green credentials. The Patent provides a platform on which expansion into other markets with re-refined oil products can be built. As a second phase we have filed patent applications for all European markets in which the re-refining of used oil takes place."

For further information please contact:

 
Hydrodec Group plc                               hydrodec@vigocomms.com 
Lord Moynihan, Executive Chairman and Interim 
 Chief Executive Officer 
Arden Partners plc (Nominated Adviser and 
 Broker)                                         0207 614 5900 
Chris Hardie 
 Ciaran Walsh 
 Alex Penney 
Vigo Communications (PR adviser to Hydrodec)     020 7830 9700 
Patrick d'Ancona 
 Chris McMahon 
 

Notes to Editors:

Hydrodec Group plc is a clean-tech industrial oil re-refining group with operations in the USA and Australia.

Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process principally targeted at the multi-billion US dollar market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from USD 1.98 billion in 2015 to USD 2.79 billion by 2020 at a CAGR of 7.14%.

Used transformer 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 (polychlorinated biphenyls), a toxic additive banned under international regulations.

In 2016 Hydrodec received carbon credit approval from the American Carbon Registry ("ACR"), enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Company's proprietary technology and standing as a leader in its field.

Hydrodec's plants are located at Canton, Ohio, US and Bomen, New South Wales, Australia.

Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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.

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