TIDMAXS
RNS Number : 8919V
Accsys Technologies PLC
12 August 2020
AIM: AXS
Euronext Amsterdam: AXS
12 August 2020
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Accsys forms Accoya USA in joint venture with Eastman Chemical
Company
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, and Eastman Chemical Company (NYSE: EMN),
world leader in the production of acetyls, have formed a joint
venture company, Accoya USA LLC. The joint venture intends to
construct and operate an Accoya(R) wood production plant to serve
the North American market.
The new company has been formed and a technology licence entered
into so that front-end engineering and design for the proposed
plant in the USA can be completed. Accsys' share of the initial
engineering and design costs is expected to be approximately
EUR1.5million, in-line with the use of proceeds from the Company's
fundraise in December last year. The plant is being designed to
initially produce approximately 40,000 cubic metres (17 million
board feet) of Accoya(R) per annum and to allow for cost-effective
expansion.
A decision to proceed to the next stage with plant construction,
and as to funding, is expected to be made following the initial
engineering and design work which is expected to be completed in
the first quarter of the 2021 calendar year. A further update will
be made at the time by Accsys as to the next steps of the
project.
Rob Harris, CEO of Accsys, commented:
"Accsys' purpose is 'changing wood to change the world', and
together with our work in Arnhem and Hull, this joint venture with
Eastman represents a further step forward for our growth strategy.
While evaluation works are at an early stage we are excited about
the prospect of increasing our total production capacity and global
presence, increasing the positive impact we can have on the
world."
Paul Mitchell, Director of Strategy and Business Development of
Eastman, commented:
"Sustainability is at the heart of Eastman's values and
strategy, and as the global leader in acetic anhydride production
Accoya(R) represents a great opportunity: using one of our
specialty products to create a material that offers architects,
builders, specifiers and homeowners a choice to build more
sustainably."
ENDS
For further information, please contact:
Accsys Technologies Robert Harris, CEO via FTI Consulting
PLC William Rudge, FD
Numis Securities Limited
-Nominated Adviser
and Oliver Hardy (NOMAD)
Joint Broker Ben Stoop +44 (0) 20 7260 1000
Carlton Nelson
Investec Bank plc - James Rudd
Joint Broker Alex Wright +44 (0) 20 7597 5970
Matthew O'Keeffe
FTI Consulting Alex Le May +44 (0) 20 3727 1340
Frank Neervoort +31 681 734 236
Off the Grid (The Netherlands) Yvonne Derkse +31 622 37 96 66
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with
a purpose: changing wood to change the world. The company combines
chemistry, technology and ingenuity to make high performance wood
products that are extremely durable and stable, opening new
opportunities for the built environment and giving the world a
choice to build sustainably.
Accsys transforms fast-growing, certified sustainable wood into
building materials with characteristics that match or better those
of man-made, intensely resource-depleting and heavily
carbon-polluting alternatives.
The company's primary focus is on the production of Accoya (R)
wood and Tricoya (R) wood elements, as well as technology licensing
via its subsidiaries Titan Wood Limited and Tricoya Technologies
Limited. Accsys has its head office in London, UK, production
operations in Arnhem, the Netherlands, an American office in
Dallas, Texas, and is constructing the world's first Tricoya (R)
plant in Hull, UK.
Accsys is committed to a more sustainable world, and uses
abundantly available wood sources that are certified as
sustainable. With our business model already aligned with several
UN Sustainable Development Goals, Accsys is currently working on
identifying further strategic ESG priorities to have an even
greater positive impact on the world.
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,
under the symbols 'AXS'.
More information about Accsys can be found at
www.accsysplc.com
Accoya (R) wood is a sustainable, durable and stable solid wood
product with exceptional performance, finish and sustainability.
Accsys' proprietary acetylation process makes the wood more
dimensionally stable and, because it is no longer easily
digestible, extremely durable. Produced from certified (e.g. FSC
(R) ) sustainable sources, Accoya (R) wood has many environmental
credentials and ecolabels, and is one of very few building
materials to be Cradle to Cradle Certified(TM) at the Gold level,
with a Platinum rating for Material Health, confirming that no
harmful or toxic additives or chemicals are present to leach out
into the environment.
With an up to 50 year warranty and 70+ year service life, the
combination of sustainability, dimensional stability, durability
and retained strength means that Accoya (R) wood offers a wealth of
new opportunities to architects, designers, specifiers,
manufacturers and homeowners. These benefits result in lower
maintenance and total cost of ownership while also offering
significant sustainability benefits. For more information about
Accoya (R) wood, visit www.accoya.com .
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 (MDF) and particle-board.
Panel products made with Tricoya (R) wood elements are truly
durable and stable enough for use outdoors and in wet environments.
Combining the sustainability, durability and stability from our
acetylation process with the ease of use and quality finish of wood
panel products, the enhanced durability and dimensional stability
opens new opportunities for the use of these products, making them
suitable in applications and environments that previously required
solid wood, synthetic or unsustainable materials.
Tricoya (R) wood elements have been lauded as the first major
innovation in the wood composites industry in more than 30 years.
For more information about Tricoya (R) wood elements, visit
www.tricoya.com.
In March 2017, Accsys announced the formation of the Tricoya (R)
Consortium to fund, build, own and operate the Tricoya (R) plant in
Hull, UK, through its subsidiary Tricoya Ventures UK Limited.
Members of the consortium include BP and the leading manufacturer
of sustainable wood-based panels, MEDITE Europe DAC. More
information is available at:
https://www.accsysplc.com/about-us/accsys-corporate-structure/
Wood acetylation is a process which increases the naturally
occurring acetyl content of wood, thereby changing its physical
properties. When carried out to a sufficient degree throughout the
wood, as with Accsys' proprietary process, it significantly reduces
the ability of the wood to absorb water without adding any toxic or
harmful compounds, elements or substances that were not already
present in the wood. This makes it much more dimensionally stable
and, because it is no longer easily digestible to most organisms,
extremely durable.
'Accsys' and 'Accsys Technologies' are trading names of Titan
Wood Limited ("TWL"), a wholly-owned subsidiary of Accsys
Technologies PLC. Accoya (R) , Tricoya (R) and the Trimarque Device
are registered trademarks owned by TWL, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya (R) registered trademark, from Tricoya Technologies
Limited, a subsidiary of TWL with exclusive rights to exploit the
Tricoya (R) brand.
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
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