Verditek plc, a holding company with three businesses operating within the clean technology sector with proven products considered as being at the point of commercialisation, is pleased to announce its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange (“Admission”). Dealings are expected to commence on AIM in May 2017.
The Company is focused on what it considers to be emergent and fast-growing clean technology sectors including and not limited to next generation solar panel technology, liquid gas absorption for CO2 capture and emission control and filtration de-odourisation for water and air. Stockdale Securities Limited (“Stockdale”) is acting as Nominated Adviser and Broker to the Company in relation to Admission.
· Three clean technology businesses considered as being at the point of product commercialisation and with growth potential:
o Greenflex Energy Limited (51%) which holds Greenflex RSM S.r.l. (100%):
o Solar photovoltaic (“PV”) technology which the Board considers has various product innovations including interconnectivity of individual PV cells, increased flexibility and lightness;
o Intend to generate revenues from the sale of ‘solar enhanced’ PV products such as roof tiles and facades;
o Potential for the product to be used as a modern, more efficient solution to fit easily over existing solar panels and boost the output of existing solar farms; and
o Wholly owned manufacturing production lines in the Republic of San Marino – initial capacity of 50MWp per annum.
o Verditek USA Ltd (100%) to hold Westec Environmental Solutions LLC conditional upon Admission (38.25% with an option to increase to 51%):
o Patented absorption technology that optimises mass transfer of gas/liquid for industrial emissions / control and for CO2 capture;
o Gas to liquid absorber with high mass transfer rates with the intention to produce and manage solids in situ – novel multiphase contacting process using proprietary froth generator;
o Addressing the CO2 capture market (utilisation and storage) and other emissions control technologies for numerous industries including natural gas processing and petroleum refineries;
o Board believes that Carbon Capture and Utilisation (“CCU”) presents the quickest path to market and that the modular design is scalable to suit multiple end users;
o Huge potential for growth due to the growing threat posed by continued CO2 emissions into the atmosphere;
o Strategic partnerships in place with environmental services groups:
· Blue Planet Limited (which works with cement plants);
· SINTEF in Norway (partly funded under CLIMIT, the Norwegian research programme established by the Norwegian Ministry of Petroleum and Energy which is managed by Gassnova SF and the Research Council of Norway);
· CMC Research Institutes, Inc. of Canada; and
· Process Holdings Pty Ltd in Australia.
o BBR Filtration Limited to be held conditional upon Admission (51%):
o Patented filtration deodorisation technology and sole distributorship rights with the potential for certain geographical exclusivity;
o Removes over 99% of hydrogen sulphide from wastewater streams;
o 2016 trial with TOHO Water Authority in Florida, US; and
o Board considers the technology to have significant commercial advantages including lower costs and greater sustainability.
· Growth strategy focused on driving value in businesses that the Board considers to have the following characteristics:
o Proven products at the point of or near commercialisation;
o IP which has a proven competitive technological / commercial edge; and
o Large, lucrative and global addressable markets.
· Highly experienced management team and board with meaningful industry relationships: the Board on Admission includes Geoff Nesbitt, currently CTO of Petrofac, a FTSE 250 company, as Chairman; Theo Chapman who has over two decades in the clean technology industry as Chief Executive Officer; Janet Donovan, former CFO at Cella Energy Limited, as CFO; and José Luis del Valle Doblado, former Global CFO of Santander and CEO of Scottish Power, as Non-Executive Director;
· Proposing to raise approximately £3.5 million (before expenses): through a placing by Stockdale of new shares at a price of 10 pence per share (the “Placing”); and
· Funds raised will be primarily utilised for: investment into Verditek’s three businesses for the development of products towards commercialisation and for general working capital purposes.
Theodore Chapman, CEO of Verditek, commented:
“We are delighted to announce our intention to list on AIM, an attractive marketplace for us at this transformational juncture in Verditek’s development, as we look to progress our three clean tech businesses with exciting, disruptive technologies and proven products in solar, carbon capture and filtration. We envisage that the listing will enable us to accelerate their growth, scale the businesses and bring each of the proprietary products to market.
“Verditek has been founded to bring disruptive clean technologies with possible early revenues to market whilst delivering long-term game changing technologies for the sector. In this regard we have focused on a unique liquid gas absorption technology expected to revolutionise the global CO2 capture industry; the acquisition of two solar manufacturing production lines in San Marino each of 25MWp (total 50MWp) producing what is believed to be an innovative and un-paralleled solar PV building material; and a pioneering filtration deodorisation technology, which is commercially proven and tackles a wide range of odours within air and water at a high efficiency.
“We have a highly experienced management team with strong leadership and experience in the clean technology sector. We feel that with our talent and expertise coupled with the proceeds from the Placing we will be well positioned to maximise the potential of these businesses to establish strong sales pipelines to drive revenue.”
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