Altona Energy PLC MOU regarding Pyrolysis Technology (2642Q)

TIDMANR

RNS Number : 2642Q

Altona Energy PLC

05 June 2018

Altona Energy Plc

("Altona" or "the Company")

Memorandum of Understanding regarding Pyrolysis Technology

Altona (AIM:ANR) is pleased to announce the signing of a non-binding Memorandum of Understanding ("MOU") with GCAT Energy Group Inc. ("GCAT"). GCAT owns the licence to use a patented pyrolysis technology which it intends to use to develop a waste recycling project in Spain.

The pyrolysis technology which converts carbon matter into a variety of outputs including syngas, which can be used to generate electricity, carbon black, naptha and diesel. The technology has already been demonstrated successfully and is expected to be suitable for the conversion of thermal coal into these outputs.

Under the terms of the MOU, GCAT and the Company have confirmed their intention to negotiate terms under which Altona may be able to invest in the equity of the joint venture company formed to exploit the technology. In addition, Altona will be granted a licence to use this technology in other specific projects including at the Company's Australian coal project.

Nick Lyth, CEO, commented:

"I am delighted to announce this potential exciting development for Altona. The pyrolysis technology can process a wide spectrum of carbon matter so there are a number of potential routes to commercialisation.

"In addition, the demonstration unit has been shown to work at high levels of efficiency and as such, the economics of the project are potentially very attractive.

"Initial negotiations have already taken place with the owners of the licence and I hope to be able to update the market with a positive outcome soon."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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For further information, please visit www.altonaenergy.com or contact:

 
Altona Energy plc 
 Nicholas Lyth, Chief Executive Officer        [phone] 
Northland Capital Partners Ltd (Nomad and 
 Broker) 
 Matthew Johnson / Gerry Beaney (Corporate 
 Finance) 
 John Howes (Corporate Broking)                [phone] 
 

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June 05, 2018 02:00 ET (06:00 GMT)