REG - Sabien Technology - Extension of Sales Agency Agreement

Sabien TechnologyAnnouncement

16/08/2022 07:01

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RNS Number : 1479W  Sabien Technology Group PLC  16 August 2022

16 August 2022

 

Sabien Technology Group plc

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

Extension of Sales Agency Agreement

Ground-breaking on first Korean Production Plant and South Korean Delegation
to UK

Sabien Technology Group plc (AIM:SNT), the company focused on a green
aggregation strategy, announces that its Sales Agency Agreement with City Oil
Field ("COF"), originally announced 15 September 2021, has, effective 14
August, been rolled forward for a further 12-month period from 14 September
2022, as specified in the contract.

This contract extension proceeds the ground-breaking ceremony for the first
COF production plant, which took place on the 28 July 2022 in Jeonnam
Province, Korea, and was attended by Governor Kim Young-rok, Gwangyang Mayor
Jeong In-hwa, and local government officials. Located on the 2nd Chonam
Industrial Complex in Gwangyang, Jeollanam-do, the plant's footprint will
occupy 6,611m(2)and is capable of treating 7,920 tons of waste plastic per
year. The Jeonyoung Regenerated Green Oil Company is in charge of the
construction and operation of COF's regenerated green oil ("RGO") technology
applied plant. The expected completion date is March 2023. COF expects to
produce an average of 4,752 tons of high-quality recycled oil annually by
normal operations after the completion of the plant.

(Korean language announcement here -
https://n.news.naver.com/article/009/0004996130
(https://n.news.naver.com/article/009/0004996130) )

To support the development of the first COF RGO outside of Korea, specifically
in the UK, Sabien further announces it will be hosting an executive level
delegation from its Korean partner, and Korean Environmental Corp., a
quasi-governmental organisation affiliated to the Korean Ministry of
Environment, during September 2022.

(The Korean Environmental Corp. was established in 2010 with the sole purpose
of contributing to the eco-friendly national development through the
improvement of the environment and promotion of resource circulation.
https://www.keco.or.kr/en/main/index.do
(https://www.keco.or.kr/en/main/index.do) )

Senior officials from the Korean Environment Corporation, including the
General Manager and Deputy General Manager of the Department of Energy
Facilities, equivalent to the UK's Environment Agency, will be visiting the UK
to undertake knowledge exchange with UK government agencies, and to support
the commercial development of COF's partnership with Sabien and b.grn Group
Ltd ("b.grn"), Sabien's development partner, in relation to the previously
announced Project Coffee.

The delegation visit will include a Trade Summit and Reception, hosted by
Sabien, to be held in Westminster on 19 September 2022, meetings with
significant investors, parliamentarians, and UK Environment Agency officials.
Furthermore, visits to inspect potential sites for joint development are
planned. The delegation intends to forge strong trading links between the UK
and Korea on important environment and trade matters.

The previously announced partnership with COF has continued to develop since
the end of the financial year to 30 June 2022. A number of sites have been
identified and work is continuing towards securing them for the purposes of
deploying the COF technology.

In addition to reviewing this work, the delegation will also attend meetings
with a number of stakeholders and officials in order to gain a better
understanding of the UK's emerging environmental program.

Commenting on the visit, Richard Parris, Chairman of Sabien, stated:

"Over the last 12 months we have achieved significant progress positioning COF
technology with key UK influencers, and we look forward to enabling the first
production deployment outside of Korea. We are honoured to host this important
delegation. The UK's credentials within environmental innovation are well
known. The combination of our urgent need for an alternative to traditional
fuel supplies and COF's undoubted lead in recycling technology is unparalleled
in the United Kingdom. Through our commitment to the circular economy, Sabien
is positioned to accelerate the UK's transition to net-zero. Sabien, b.grn,
and COF are all excited to demonstrate this opportunity to South Korean and UK
officials."

 For Further Information:                               +44 20 7993 3700

 Sabien Technology Group plc

 Richard Parris, Executive Chairman

 Allenby Capital Limited (Nominated Adviser)

 John Depasquale / Nick Harriss / Vivek Bhardwaj       +44 203 328 5656

 Peterhouse Capital Limited (Broker)                   +44 207 469 0930

 Duncan Vasey / Lucy Williams

 

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