Sabien reports progress with special-purpose vehicle for plastic recycling
Sabien Technology Group updated the market on its special purpose vehicle “b.grn” which it formed with Parris Group on Thursday.
The AIM-listed company said that since its inception in December, b.grn has actively engaged with land sellers and the company’s technology partner City Oil Field (COF) in pursuit of its strategy of purchase and development of plastic waste recycling sites in the UK.
He said b.grn had identified two sites in the UK, one of which was located in an existing freeport zone, while the other was in an area with pending freeport status.
The company was in negotiations to secure one or both sites.
Sabien said the locations are in addition to the Northampton site announced in December, which remains under consideration.
However, in light of the situation created by the Russian invasion of Ukraine, b.grn has accelerated the development of the site portfolio to reflect the emerging need for larger sites.
In addition, b.grn has also had “substantive” discussions with COF on the development of European manufacturing facilities for COF’s plant and processing equipment.
The company said the negotiations could lead to an investment in b.grn by South Korean interests alongside British and European investors, in support of the project’s initial capital requirements.
“The b.grn special purpose vehicle strategy is proving successful,” Sabien Executive Chairman Richard Parris said.
“The company has been advancing negotiations for the sites at a rapid pace.
“At a time of growing geopolitical tensions, the UK’s energy security and oil supply is likely to be of paramount national importance for many years to come.”
Parris said the company’s mission was to enable processing capacity to have a “meaningful impact” on such a “critical” need.
“Boards of b.grn and Sabien are pleased with this progress and look forward to further announcements, in due course, outlining continued progress.”
At 1:36 p.m. BST, shares of Sabien Technology Group rose 7.22% to 25.73p.