HydroDec Group plc Contract Win (4886H)
August 18 2016 - 2:01AM
UK Regulatory
TIDMHYR
RNS Number : 4886H
HydroDec Group plc
18 August 2016
18 August 2016
Hydrodec Group plc
("Hydrodec" or the "Company")
Long Term Utility Contract Awarded
The Company is pleased to report that its Australian operation
has been awarded a 5 year contract for the supply of inhibited
transformer and switchgear oil by Essential Energy, a major
Australian utility. The contract includes the collection and
re-refining of all generated PCB and non-PCB waste oils and is
expected to generate over 1 million litres of new transformer oil
sales over the life of the contract. The contract was awarded under
a competitive tender process, with the Company successfully
competing against a range of new oil suppliers. Under this
contract, Hydrodec will become the sole supplier of new inhibited
transformer and switchgear oil to Essential Energy. The Company
expects to start supplying oil under the new contract from
September 2016.
Commenting on this success, Chris Ellis, Chief Executive Officer
of Hydrodec said "I am hugely encouraged by this contract award as
it is a significant milestone in the evolution of the Company's
activities. Although it will only make a modest contribution at the
Group level, it is a very significant contract both locally and
strategically. We are delighted that our re-refined transformer oil
was successful in a competitive tender and exceeded the technical
product acceptance criteria. It is further evidence of the quality
of our product and provides the basis to develop similar
relationships with other utilities in Australia and elsewhere."
For further information please contact:
020 3300
Hydrodec Group plc 1643
Chris Ellis, Chief Executive
Officer
Canaccord Genuity
(Nominated Adviser and 020 7523
Broker) 8000
Guy Marks
Henry Fitzgerald-O'Connor
Vigo Communications 020 7830
(PR adviser to Hydrodec) 9700
Patrick d'Ancona
Chris McMahon
Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil
re-refining and chemical process initially 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%. Spent oil is
currently processed at two commercial plants 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. Hydrodec's plants are located at Canton,
Ohio, US and Bomen, New South Wales, Australia.
Hydrodec's shares are listed on the AIM Market of the London
Stock Exchange. For further information, please visit
www.hydrodec.com.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPRMPTMBIBBMF
(END) Dow Jones Newswires
August 18, 2016 02:01 ET (06:01 GMT)
Hydrodec (LSE:HYR)
Historical Stock Chart
From Apr 2024 to May 2024
Hydrodec (LSE:HYR)
Historical Stock Chart
From May 2023 to May 2024