Circa Group - Q3 Results - Continued progress and positive market activity

Circa Group - Q3 Results - Continued progress and positive market activity

25 Nov 2021 06:55 CET

PRESS RELEASE

CONTINUED PROGRESS AND POSITIVE MARKET ACTIVITY

OSLO, NORWAY - 25 November 2021 - Circa Group (Euronext Growth Oslo: CIRCA)
today announced its third quarter results. A webinar will be held at 08.30 CET
today, register your interest by sending an email to [email protected].

Circa Group is enabling the transition to sustainable chemistry by providing a
safe low carbon alternative to toxic fossil-based chemicals, and new
opportunities for specialty material and pharmaceutical manufacturers. ReSolute™
will be the first of several industrial scale plants to be commissioned in a
growth plan that will see manufacturing capacity of the bio-solvent Cyrene™
increase to 80,000 tonnes per year by 2030.

The announcement in October of increased costs to build ReSolute has led to a
sharp focus on activities to address the capex increase. These include reviews
of the process, optimisation activities, funding reallocation, grants and vendor
financing. The internal review continues into Q4, with Circa continuing to
evaluate options to increase plant productivity and efficiency, and to reduce
plant opex.

"The review is providing an opportunity to refine technologies to increase
yield, while char to energy approaches would reduce costs and reinforce our low
carbon position. I am also very pleased with the strong support from the French
government and local community for ReSolute™. Increasingly positive market
engagement, supported by our growing team is confirming Circa will play an
important role in the transition to sustainable production of advanced bio-based
chemicals," says Tony Duncan, CEO of Circa Group.

Two further distribution companies are in discussions for offtake agreements -
one for the UK markets and another for Australia and specific Asian country
markets. In parallel product development proceeds well, under a new focussed
team led by Dr Marc Hein, targeting market opportunities for levoglucosenone in
flavours, pharma, agrochemicals and polymers.

A new royalty arrangement for Cyrene™ has been agreed with the University of
York and this will see rates reduce, supported by ongoing R&D and application
development work looking at new solvents and specific levoglucosenone
derivatives.

The company remains well-funded following the capital raising in March 2021, and
projections indicate a long financial runway.

Full quarterly report: https://circa-group.com/stock-announcements

About Circa
Established in 2006, Circa Group converts waste, non-food biomass into advanced
bio-based chemicals with its proprietary Furacell™ process. Its developing
product portfolio includes flavours, biopolymers, and bio-solvents including
Cyrene™, an alternative to traditional polar aprotic solvents, which is produced
in one step from platform biomolecule levoglucosenone. By creating novel and
replacement chemicals from renewable feedstocks, Circa is both extracting value
from non-food, waste biomass, and addressing growing market demands for
bio-based alternatives that are driving a more sustainable economy. In March
2021, Circa Group successfully listed on the Euronext Growth Market in Oslo,
stock symbol CIRCA.

https://circa-group.com/

Investor Contact
Tone Leivestad, Chief Financial Officer, Circa Group AS
[email protected]
Tel: +47 406 39 455

Media Contact
Scott Engebrigsten
Hill and Knowlton Strategies
[email protected]
Tel: +47 900 43 484

More information:
Access the news on Oslo Bors NewsWeb site

547769_20211125 NewsPoint release Circa Group AS Q321.pdf
547769_20211125 Circa Group AS Financial Report Q321.pdf
547769_20211125 Circa Group AS Presentation Q321.pdf

Source

Circa Group AS

Provider

Oslo Børs Newspoint