TIDMAXS
RNS Number : 8693N
Accsys Technologies PLC
03 February 2016
AIM: AXS
NYSE Euronext Amsterdam: AXS
3 February 2016
ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")
BP Ventures named as participant in proposed Tricoya
Consortium
Accsys, the chemical technology group, focused on the
acetylation of wood, is pleased to announce that BP Ventures
("BPV") will participate in a proposed consortium (the
"Consortium") to fund, build and operate the world's first
Tricoya(R) wood elements acetylation plant.
Tricoya(R) Wood Elements (www.tricoya.com) are produced using
Accsys's proprietary technology for the acetylation of wood chips,
and particles for use in the fabrication of panel products such as
medium density fibreboard and particle-board. These products
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications that were once
limited to tropical hardwood or man-made products.
Accsys and BPV have agreed initial funding in respect of the
Consortium, with BPV acquiring a 3% equity interest in Tricoya
Technologies Limited ("TTL"), implying a valuation of TTL at EUR35
million today. BPV's on-going participation in the Consortium
remains conditional upon the full Consortium constitution being
finalised later this calendar year with third parties. This is
expected to result in significant additional funding from BPV and
others to build the dedicated Tricoya acetylation plant.
BPV's investment follows EUR1.3m already contributed by it and
other Consortium partners since Accsys announced new arrangements
for its Tricoya business in April 2015. TTL has now completed the
Front End Engineering and Design and detailed planning is
continuing for the plant, which is expected to be located at the
Saltend Chemicals Park in Hull, UK, adjacent to BP's existing
acetyls facility.
BP's involvement in the Consortium results from a historical
interest in acetylation with some of the initial research and
development into wood acetylation having been carried out at its
Hull site in the past. BP Chemicals has also been a key partner of
Accsys, supplying acetic anhydride for its Accoya plant in Arnhem
since agreeing a collaborative strategic relationship in 2012.
The Tricoya plant is expected to have an initial capacity of
30,000 metric tonnes of acetylated Tricoya chips per annum,
equivalent to approximately 40,000 cubic metres of panel products.
The acetylated chips will be used as feedstock for the production
of high performance MDF or particle board panels in a market
estimated to be approximately 200 million cubic metres annually.
The Consortium envisages constructing the plant in Hull in such a
way that further capacity can be added to the site as demand
grows.
The Consortium is also expected to include Medite, part of the
Coillte group and Accsys's historic joint development partner.
Medite has received board approval in principle to invest in the
Consortium and to enter a long-term offtake commitment for up to
60% of the Tricoya plant's initial annual capacity, subject to
finalisation of contracts acceptable to all parties and receipt of
approval from Coillte's shareholder. Medite continues to
successfully sell Medite Tricoya Extreme, developing the market
ahead of the plant's construction.
TTL will also continue to exploit the Tricoya intellectual
property on a global basis and is exploring the possibility of
working with other parties. In this respect TTL has deepened its
relationship with Masisa, TTL's existing licence option holder and
one of the largest panel forming companies in the world. Masisa
continues to successfully develop the market in South America,
selling Masisa Tricoya XB.
Paul Clegg, Accsys CEO and TTL Chairman said "Today's
announcement marks a very exciting moment in the exploitation of
our technology platform and development of the long and well
established relationship we have with our partners BP and Medite.
Tricoya panels, made from Tricoya chips, offer an exceptionally
high performing panel alternative for broad use in the
construction, joinery and civil engineering sectors the world over.
Accsys continues to commit significant efforts to exploiting many
wood applications with our unique expertise, as well as continuing
to develop the markets for Accoya and Tricoya with all our partners
and customers."
Akira Kirton, BP Ventures, said "We are delighted to be joining
this consortium with Accsys and Medite. BP Chemicals has been
working with Accsys for a number of years and being able to
participate with Accsys to facilitate further downstream
integration options for BP is very exciting. This collaboration
fits perfectly with BP Ventures' strategy of investing in new
technologies that can be rapidly commercialised in partnership with
BP's operating businesses, leveraging our global reach and
presence."
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via MHP Communications
PLC Hans Pauli, COO
Will Rudge, FD
Nominated Adviser: Oliver
Cardigan
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
Tim Rowntree
James White +44 (0) 20 3128
MHP Communications Tess Harris 8100
Frank Neervoort +31 681 734 236
Off the Grid (The Netherlands) Giedo Van Der Zwan +31 624 212 238
Notes to editors:
Accsys Technologies PLC (www.accsysplc.com) is a chemical
technology group whose primary focus is on the production of
Accoya(R) wood and technology licensing via its subsidiary, Titan
Wood Limited, which has manufacturing operations in Arnhem, the
Netherlands (through its subsidiary Titan Wood B.V.), a European
office in Windsor, United Kingdom, an American office in Dallas,
Texas (via its subsidiary Titan Wood, Inc) and technology licencing
associated with the acetylation of wood elements via its subsidiary
Tricoya Technologies Limited. All group subsidiaries are ultimately
100% owned by Accsys and trade as Accsys Technologies. Any
references in this announcement to agreements with Accsys shall
mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. Accsys Technologies PLC is listed on
the London Stock Exchange AIM market and on Euronext Amsterdam by
NYSE Euronext, under the symbols 'AXS'. Accsys' operations comprise
three principal business units: (i) Accoya(R) wood production; (ii)
technology development, focused on a programme of continuous
development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the
development of technology for the acetylation of wood elements; and
(iii) the licensing of technology for the production of Accoya(R)
wood and Tricoya(R) wood elements across the globe.
Accoya(R) wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology, that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Unlike most tropical and European hardwoods, its colour does not
degrade when exposed to ultraviolet light. Moreover, the Accoya(R)
wood production process does not compromise the wood's strength or
machinability. The combination of UV resistance, dimensional
stability, durability and retained strength means that Accoya(R)
wood offers a wealth of new opportunities to architects, designers
and specifiers. These benefits result in lower maintenance and
total cost of ownership while using a higher sustainable and
environmental responsible building material. For a full archive of
Accoya(R) news, visit www.accoya.com/news.asp.
Tricoya(R) Wood Elements (www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips,
and particles for use in the fabrication of panel products such as
medium density fibreboard and particle-board. These products
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications that were once
limited to solid wood or man-made products. Exploitation of Accsys'
proprietary technology relating to Tricoya(R) Wood Elements is
carried out through Tricoya Technologies Limited. Tricoya(R) Wood
Elements are lauded as the first major innovation in the wood
composites industry in more than 30 years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. When carried out to a sufficient level throughout the
wood, this process protects wood from rot by making it "inedible"
to most micro-organisms and fungi, without - unlike conventional
treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and
ensuring that, when painted, it requires dramatically reduced
maintenance.
BP Ventures identifies and invests in private, high growth,
game-changing technology companies, accelerating cutting edge
innovations across the entire energy spectrum. The Investment
portfolio is primarily focused on emerging technologies in oil and
gas exploration and production and downstream conversion processes.
BP Ventures also partners with entrepreneurial companies
specialising in biotech, water, advanced materials, and digital
technology.
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