HydroDec Group plc Board Changes and Appointments at HoNA (5243S)
12 Março 2019 - 4:02AM
UK Regulatory
TIDMHYR
RNS Number : 5243S
HydroDec Group plc
12 March 2019
12 March 2019
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Board Changes and Appointments at Hydrodec of North America
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil
re-refining group, is pleased to provide updates on Board
membership and personnel within Hydrodec of North America.
The Company announces that Caroline Brown has resigned as a
Non-Executive Director and Chair of the Audit Committee of the
Board following the completion of her three-year term of service.
The Board is grateful to her for her leadership of the Audit
Committee and commitment to the Company as the Board's Senior
Independent Director and wishes her well for the future.
The Board is pleased to announce the appointment of Chris Ellis
as Non-Executive Director and Chair of the Audit Committee. Chris,
a former CEO and CFO of Hydrodec with a detailed knowledge of the
Company, is a qualified chartered accountant. He has more than 20
years' board level finance and management experience of running
large international businesses, including a significant period
within GE Capital, and will provide valuable continuity on our
Board of Directors.
Further to the renegotiation of the ownership and governance
structure of Hydrodec of North America (HoNA) at the turn of the
year, the Company can announce the following update on personnel in
HoNA. Michael Pitcher has left HoNA and David Dinwoodie, Hydrodec's
CEO, becomes HoNA's President. Ron Kubala is promoted to the HoNA
board as the third Hydrodec-nominated director and is
simultaneously appointed Director of Production and Operations. Ed
Superior returns to HoNA as Director of Procurement, Sales and
Marketing. Further appointments are anticipated in the Finance,
Sales and Marketing Departments over the next few weeks.
Lord Moynihan, Chairman of Hydrodec, commented:
"I am delighted to welcome Chris back to the Board as a
Non-Executive Director and Chair of the Audit Committee. His years
in an executive capacity as CFO and then CEO of the Company bring a
wealth of financial and governance experience to the Board and will
add strength to our ability to support the development of Hydrodec.
Our CEO, David Dinwoodie, has been with me in our plant in Canton
last week as part of the implementation of our strategic review and
I am pleased we have been able to announce our new management team
at HoNA as we look to build on our strong platform in North
America."
David Dinwoodie, CEO of Hydrodec, commented:
"I am pleased to welcome Chris Ellis back to the Board. Hydrodec
is now focused on building an even stronger business in the US,
uniquely able to sell carbon credits to US utilities as a result of
its market- leading technology. This will be a turnaround year when
we will build strong partnerships to secure feedstock and extend
the reach of the sales of Superfine, our re-refined transformer
oil. I will be providing a trading update to the market before the
end of the month."
In addition to his appointment to the Board, Christopher John
Ellis, aged 58, holds or has held the following directorships or
partnerships in the past five years:
Current directorships/partnerships: Previous directorships/partnerships:
Phoenix Film Partners LLP Hydrodec Group plc
Hydrodec Holdco Limited
Hydrodec Development Corporation
(UK) Limited
Hydrodec Rerefining (UK) Limited
Slicker Recycling Limited
Hydrodec Development Corporation
Pty Limited
Hydrodec Australia Pty Limited
Hydrodec Inc
Hydrodec of North America LLC
Hydrodec Japan Co Limited
Hydrotek Eco Japan Co Limited
Chris Ellis holds 33,011 ordinary shares in the Company.
Hydrodec Group plc hydrodec@vigocomms.com
Lord Moynihan, Executive Chairman
David Dinwoodie, Chief Executive Officer
Arden Partners plc (Nominated Adviser and Broker) 0207 614 5900
Ciaran Walsh / Steve Douglas / Alex Penney - Corporate Finance
Simon Johnson - Corporate Broking
Vigo Communications (PR adviser to Hydrodec) 020 7390 0230
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. MarketsandMarkets forecasts that the global
transformer oil market is expected to grow from US$1.98 billion in
2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to
2020. Spent oil is currently processed at two commercial plants
with distinct competitive advantage delivered through very high
recoveries (>99%), producing transformer oil that meets or
substantially exceeds applicable international standards at
competitive cost and without environmentally harmful emissions. The
process also eliminates PCBs, 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 current 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.
This information is provided by RNS, the news service of the
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END
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