RCS - Sabien Technology - MOU signed with Irish Renewable Fuels Ltd.

Sabien TechnologyAnnouncement

02/02/2022 07:00

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RNS Number : 4410A  Sabien Technology Group PLC  02 February 2022

2 February 2022

 

Sabien Technology Group plc

("Sabien" or the "Company")

 

MOU signed with Irish Renewable Fuels Ltd.

The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on a
Green Aggregation Strategy, announces today that it has entered into a
Memorandum of Understanding with Irish Renewable Fuels Ltd., ("IRF")  in
relation to a proposed reprocessing facility utilising the City Oil Field
("COF") plastic to oil technology to be established in the Republic of Ireland
(the "MOU")

The key elements of the MoU
are:

1.   Sabien acting as sales agent on behalf of COF in the Republic of
Ireland

2.   b.grn Group Ltd, in which Sabien holds a minority equity position, is
also a party to the MOU and is expected to participate as a development
partner in the potential project

3.   The customer, IRF, has an existing site and buildings in the Irish
Midlands where it plans to install COF equipment

 

4.   The MOU anticipates a formal contract will be entered into within the
next year 12 months of the date of the MOU

 

Commenting on the MOU, Richard Parris, Executive Chairman, said:

"Sabien is delivering on its strategy of building a portfolio of operations
which, in combination, provide critical elements of the transition to a Green
Economy. I am pleased that this MOU extends the geographic reach of our
activity on behalf of COF to include the Republic of Ireland. The site
proposed by IRF is within an establish industrial complex that already has
some key environment permits in place. IRF inform me that they are well placed
to secure feedstock supply in sufficient volume to power multiple COF lines. I
am excited that this proposed development has the potential to create the
first operating COF facility in Europe. This will provide early agency
commission revenues to Sabien".

Further Information:

 Sabien Technology Group plc                  +44 20 7993 3700

 Richard Parris, Executive Chairman

 Allenby Capital Limited (Nominated Adviser)  +44 203 328 5656

 John Depasquale / Nick Harriss

 Peterhouse Capital Limited (Broker)          +44 207 469 0930

 Duncan Vasey / Lucy Williams

 

The person who arranged for the release of this announcement on behalf of the
Company was Richard Parris, Executive Chairman.

A copy of this announcement will be available from the Company's website at
www.sabien-tech.com (http://www.sabien-tech.com)

 

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