1st Apr 2015 09:26
LONDON (Alliance News) - Accsys Technologies PLC said Wednesday that it has signed a memorandum of understanding with an undisclosed chemical group to replace its existing joint venture partner for its Tricoya wood project, Ineos Group Ltd.
Tricoya is a wood fibre product made by using acetylation technology on wood ingredients. Accsys expects the changes it is making to its Tricoya Technologies Ltd joint venture to "optimise" its participation in the building and operation of the first Tricoya chip acetylation plant, including allowing it to derive revenue from licensing and manufacturing in the future.
Under the memorandum of understanding, Accsys has secured funding, technical and other operational support for the next stage of developing the project. It has agreed to buy up the 50% share owned by Ineos for an undisclosed sum until it can establish the new joint venture.
Full agreements are expected to follow later in the year.
Accsys said that the joint venture is also in talks with other parties which it expects to lead to the formation of a new consortium to fund, build and operate the new plant.
"These are exciting developments for the Tricoya project. We are grateful for the support that Ineos has given to Accsys to date. I am confident that, with the support from our prospective consortium partners, we will be able to realise the exciting potential of our Tricoya technology for the benefit of our shareholders," said Chief Executive Paul Clegg in a statement.
Shares in Accsys are trading up 2.3% at 77.25 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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