Proposed Change of Name

RNS Number : 6508O

Camco International Ltd

15 October 2012

 

15 October 2012

Camco International Limited

("Camco" or the "Company")

Proposed change of name to Camco Clean Energy plc

Name change reflects Camco's core focus on developing clean energy assets and solutions in North America, Asia and Africa

Camco International Limited (AIM: CAO), today announces its intention to change its name to Camco Clean Energy plc. The name change reflects the broadening of Camco's focus from not just assisting its partners in developing clean energy project solutions to also becoming an owner and operator of projects in its own right, drawing on the Company's 20 year heritage in the sector.

Scott McGregor, CEO of Camco said: "We are passionate about clean energy and reducing emissions to build a sustainable future. At Camco we have always been proud of our ability to adapt to new market dynamics which has been demonstrated successfully in recent years with our entry into project development as a core business. With proven project development expertise, a strong pipeline, a network of local partners and the ability to implement projects successfully, I am confident that Camco Clean Energy plc will now accelerate its portfolio in the months and years ahead and continue to enjoy a leading position in the markets in which it operates."

In North America, Asia and Africa new markets are rapidly developing where carbon emissions policies are integrally linked with the clean energy market. Carbon credits, Camco's dominant revenue stream in recent years, is only one source of revenue from clean energy projects with other revenue derived from sales of electricity, green certificates, gas and other by-products. The growth in these regulatory incentives and falling technology costs are making clean energy projects increasingly commercially attractive.

The proposed name change is to better represent Camco's activities which revolve around clean energy projects, both developing energy and offsetting emissions, to build a sustainable future.

In January, Camco announced that its first 4.5 MW anaerobic digester plant at a 15,000 head dairy farm in Jerome, Idaho had commenced operations. This plant has been completed on schedule and within budget. The anaerobic digester produces biogas from cow manure that is used to produce renewable electricity sold on to local utilities through long-term power purchase agreements.

In August, Camco's strategy of developing, owning and operating clean energy assets was further demonstrated in Southeast Asia with the acquisition, of a 2MW biogas project at a leading palm oil mill in Palong, Pahang state, Malaysia. Once operational, the plant will generate revenue from the sale of electricity to the grid as well as from the sale of carbon credits.

Camco Clean Energy will continue to work across the following sectors; biogas, renewables, energy efficiency, land-use, energy storage and policy development. The Company derives project revenues from the development of clean energy assets and solutions through direct payments for power production, green certificates, by-products and other commodity based payments such as Carbon. More information on what Camco Clean Energy does and where it operates can be found on our new website www.camcocleanenergy.com.

The legal entity name change is subject to shareholder approval at a General Meeting to be held at 10.00 a.m. on 31 October 2012 at our offices, 4th Floor, 61-62 Berners Street, London W1T 3NJ. Following the approval by shareholders of the change in name, the Company also intends to change its EPIC/TIDM from "CAO" to "CCE".

Enquiries:

Camco	[phone]
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
Singer Capital Markets (Camco Nominated Adviser and Broker)	[phone]
James Maxwell
Kreab Gavin Anderson (Investor Relations)	[phone]
Ken Cronin
Citigate Dewe Rogerson (PR Advisor)	[phone]
Chris Gardner / Malcolm Robertson

 

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