05/05/2022 | Press release | Distributed by Public on 05/04/2022 23:38
5 May 2022
("b.grn" or the "Company")
London, 5th May 2022. b.grn Group Ltd, provides the following update to its progress in developing the first commercially viable operation in this market.
b.grn is a Special Purpose Vehicle (SPV) in which Sabien Technology Group Limited ("Sabien") has a 33% shareholding and Parris Group owns 67%. b.grn was formed to build a large-scale UK processing capability that utilises technology from City Oil Field Inc. ("COF"), of South Korea for which Sabien holds the exclusive UK sales agency. Under this agreement, Sabien will receive a commission of 10% of the selling price of all products sold on behalf of COF to the SPV.
b.grn's strategy is to locate processing capacity in geo-economically relevant sites, initially across the UK, from which it will provide a meaningful contribution to the local production of fuel oil without the need for primary hydrocarbon imports.
Against this strategy, b.grn has made the following progress:
b.grn is working constructively across a range of components, vital to its strategy. It has identified its initial sites. It has reinforced, further, its commercial relationship with the manufacturer of the core technology. It has entered into negotiations with financial investors to support the development of its strategy.
Commenting on the update, Richard Parris of b.grn, said:
"We are accelerating the development of b.grn to reflect the emerging geo-political and economic landscape. Fuel sources are more important than at any time in recent experience. This has created an unprecedented combination of national and local governments, waste management and fuel customers, and land vendors, all seeking a solution. In my opinion, b.grn is that solution. We have been impressed with the speed and level at which we have engaged with interested parties, and we look forward to taking the Company to the next stage: being on site and producing fuel."
Caption: Sabien Executive Chairman, Richard Parris, meets with Member of Parliament for Ynys Mȏn, Virginia Crosbie, at the Holyhead site to promote Project Panad and to campaign for Holyhead to be granted Freeport status. This is critical to b.grn's impending decision to locate a +£50m facility in Anglesey.
b.grn Group Ltd Ed Sutcliffe Chief Financial Officer | [email protected] |
Scott Fulton (Investor Relations) | +44(0) 7788 144993 |