Verditek PLC LOI signed with Industrial Climate Solutions Inc. (6260Y)

TIDMVDTK

RNS Number : 6260Y

Verditek PLC

07 December 2017

7 December 2017

Verditek PLC

("Verditek" or the "Company")

Westec Environmental Solutions signs Letter of Intent with Industrial Climate Solutions Inc. for the commercialisation of its CO(2) absorber technology

Verditek plc, (AIM: VDTK), the clean technology company, is pleased to announce that, further to the announcement made on 29 November 2017, its group company Westec Environmental Solutions ("WES") has signed a Letter of Intent ("LOI") with Industrial Climate Solutions Inc. ("ICSI") to develop and enter into a licence agreement for the commercialisation of WES' CO(2) absorber technology.

ICSI is a Canadian company focused on the development and commercialisation of industrial process equipment and technologies to address greenhouse gas emissions at an industrial scale. WES will work with ICSI for the commercialisation of its CO(2) absorber technology, as well as providing technical support. Initial products will focus on gas/liquid contactors for flue gas scrubbing, CO(2) capture, industrial gas processing and air quality applications.

WES' patented absorption technology, which comprises a uniquely developed contactor, offers new solutions that optimise the mass transfer of gas/liquid for industrial emissions/control and for CO(2) capture. Currently WES' technology is in the penultimate phase of its optimisation pilot project, carried out in collaboration with SINTEF (Norway's largest research institute for energy and climate technology) and one of Canada's CMC Research Institutes, the Carbon Capture & Conversion Institute (CMCRI CCCI), prior to scale-up to full industrial volumes.

Theo Chapman, CEO of Verditek plc said: "We are delighted to be working with ICSI who bring a wealth of knowledge and experience in helping us bring our technology to market. This commitment reflects the strong progress the team at WES continues to make and validates the significant performance improvements our technology offers compared to conventional technologies. We look forward to finalising the binding agreement with ICSI and updating shareholders in due course."

Enquiries:

 
Verditek plc 
                                                [phone] 
 Geoffrey Nesbitt (Non-Executive Chairman)      1110 
 Theodore Chapman (Chief Executive Officer)     [e-mail] 
Stockdale Securities Limited (NOMAD 
 and Broker) 
Antonio Bossi                                 [phone] 
 Hanan Lee                                     6100 
 
                                                [phone] 
                                                715 
Yellow Jersey PR (PR & IR)                      [phone] 
 Georgia Colkin                                 882 
 Harriet Jackson                                [phone] 
 Henry Wilkinson                                336 
 

Notes to Editors

Verditek plc

AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company has a unique liquid gas absorption technology expected to revolutionise the global CO(2) capture industry; two solar manufacturing production lines in San Marino each of 25MWp (total 50MWp) producing what is believed to be an innovative and un-paralleled solar PV building material; and a pioneering filtration deodorisation technology, which is commercially proven and tackles a wide range of odours within air and water at a high efficiency.

For more information please visit or contact the following: https://www.verditek.plc.uk/

Westec Environmental Solutions (WES)

Verditek plc holds a 23.64% stake in WES, with an option to increase it to 51%. The WES Absorber provides powerful new solutions for all applications where gas/liquid absorption or scrubbing occurs.

The WES Absorber froth column is unlike any currently available gas/liquid absorber.

The WES Absorber creates a micro-froth matrix that dramatically intensifies mass transfer. This micro-froth matrix mass transfer provides a remarkable increase in absorption surface area compared to conventional gas/liquid absorbers.

The WES Absorber differs from conventional absorption technology by utilizing co-current absorption, rather than counter current. With this, WES is able to operate at gas velocities far in excess of those tolerated in conventional gas/liquid absorbers, without significant solvent losses through entrainment and flooding. The efficiency of the WES process increases with increasing gas velocity- a characteristic truly unique to WES.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 07, 2017 02:00 ET (07:00 GMT)