HydroDec Group plc New patent (9621Q)

TIDMHYR

RNS Number : 9621Q

HydroDec Group plc

18 September 2017

18 September 2017

Hydrodec Group plc

("Hydrodec" or the "Group")

New patent

Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, is pleased to announce that it has been successful in its application for a new patent in respect of its transformer oil re-refining process.

The granting of a new patent benefits the Group in ensuring that Hydrodec's technology continues to lead the field in this area for the foreseeable future. The successful application is expected to provide a marketing and operational advantage by extending the ability to claim patent protection over Hydrodec's process by a further 20 years from the patent priority date of 2014.

The new patent covers a method for producing a higher quality non-corrosive product using a specific but incremental improvement to the original Hydrodec process. It has been granted in the US, which is the Group's largest and most important market, subject only to payment of the final fee. Applications in respect of other territories, including the EU, Australia and Japan, are on-going.

The Board expect to announce the Group's interim results for the 6 month period ending 30 June 2017 on or around 25 September.

Chris Ellis, CEO of Hydrodec, commented: 'The award of this patent reinforces the strength of our technological offering and our market leadership. With our transformer oil output now generating carbon credits, we are moving towards a uniquely environmentally friendly business model within the refining and re-refining industry, founded upon a world-leading technology.'

For further information please contact:

 
Hydrodec Group plc                                  01372 824750 
Chris Ellis, Chief Executive 
Canaccord Genuity (Nominated Adviser and Broker)    020 7523 8000 
Henry Fitzgerald-O'Connor 
 Richard Andrews 
Vigo Communications (PR adviser to Hydrodec)        020 7830 9700 
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 (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.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 18, 2017 02:00 ET (06:00 GMT)