Hydrodec logo

HYR - Hydrodec News Story

3.9p 0.2  4.0%

Last Trade - 12:00pm

Market Cap £1.06m
Enterprise Value £11.5m
Revenue £11.9m
Position in Universe 1787th / 1816

HydroDec Group plc - Directorate Change

Fri 6th December, 2019 7:30am
RNS Number : 0155W
HydroDec Group plc
06 December 2019
 

6 December 2019

 

Hydrodec Group plc

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

 

Directorate Change

 

Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, today announces that following a year in which he has focused on the turnaround of the Group and the development of the closed loop utility strategy in the United States, Lord Moynihan has now reached the decision that it is time, after seven years as Chairman of the Company to step down from the Board and resign as a Director with immediate effect. He intends to pursue a number of new opportunities at the beginning of 2020 and will return to active involvement in the work of the House of Lords following the upcoming General Election. As a result, the Board has agreed to Lord Moynihan's request.

Following this change, Chris Ellis, Chief Executive Officer, will with immediate effect carry out the additional role of Interim Executive Chairman and it is the Company's intention to appoint a suitable replacement candidate in due course.

Commenting on Lord Moynihan's departure Chris Ellis said:

 

"It is with a deep sense of gratitude and sadness that the Board has agreed to Colin's departure. I would like to thank him personally and on behalf of the company for all the energy, wise counsel and stewardship he has provided during the years of his Chairmanship and I look forward to continuing the progress he has made over the last twelve months in strengthening Hydrodec's relationships with leading U.S. utilities to provide the platform for growth in 2020 which is the cornerstone of our turnaround strategy. I look forward to providing further updates in the near future as we continue to develop these relationships."

 

For further information, please contact:

 

Hydrodec Group plc

hydrodec@vigocomms.com

Chris Ellis, Chief Executive Officer and Interim Executive Chairman

 

 

 

Arden Partners plc (Nominated Adviser and Broker)

0207 614 5900

Ciaran Walsh

 

 

 

Vigo Communications (PR adviser to Hydrodec)

020 7390 0230

Patrick d'Ancona

 

Chris McMahon

 

Charlie Neish

 

 

 

Notes to Editors:

 

Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process principally 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. Used transformer oil is processed 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 Group's proprietary technology and standing as a leader in its field.

 

Hydrodec's operating plant is located at Canton, Ohio, US.

 

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 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.
 
END
 
 
BOAGRBDDBDGBGCL
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.