Extension of Sales Agency Agreement

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 6,611m²and 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 )

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 )

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: Sabien Technology Group plc Richard Parris, Executive Chairman	[phone]
Allenby Capital Limited (Nominated Adviser) John Depasquale / Nick Harriss / Vivek Bhardwaj	[phone]
Peterhouse Capital Limited (Broker) Duncan Vasey / Lucy Williams	[phone]

 

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