Altona Energy PLC - Pyrolysis Update
RNS Number : 4535K
Altona Energy PLC
14 December 2018
 

Altona Energy plc

("Altona" or the "Company")

Pyrolysis Update

Further to the announcement of 29 November 2018, Altona (AIM: ANR) is pleased to provide an update on discussions with another holder of South Australian coal assets who is interested in applying pyrolysis technology to their project.

Altona has an exclusive licence granted by Leinad Ltd ("Leinad") to use its Pyrolysis technology in Australia and the People's Republic of China.  Altona will be entitled to retain 95% of any revenues generated using this licence, the remaining 5% passing to Leinad (as announced on 28 August 2018).

Further discussions have taken place and the holder of the coal assets is very interested to progress this opportunity and has invited Nicholas Lyth, CEO of Altona, to Australia in early January.  The purpose of these discussions is to identify the most advantageous way to utilise the pyrolysis technology with their coal asset to generate electricity for South Australia and to produce a framework of how a Joint Venture would work between the two companies.

Altona will also develop a plan for the potential sale of part of its coal assets in combination with the same pyrolysis technology.

Nicholas Lyth, CEO of the Company, said: "The economics of power generation using pyrolysis technology in an area of significant shortfalls in electricity generation are appealing.  South Australia has closed its conventional coal to electricity generation capacity so it is expected that the state government would be receptive to any future proposal to convert Altona's large coal assets into electricity in a way that meets the appropriate emissions regulations."

 

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Enquiries

 

Altona Energy plc

Nicholas Lyth, Chief Executive Officer

 

 

+44 7769 906 686

 

Northland Capital Partners Ltd (Nomad and Broker)

Matthew Johnson / Gerry Beaney / Jamie Spotswood (Corporate Finance)

Abigail Wayne (Corporate Broking)

 

 

+44 20 3861 6625

 


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