– UK, London – Hydrodec Group plc (LON:HYR), the cleantech industrial oil re-refining group, today provided updates on Board membership and personnel within Hydrodec of North America.
The Company announces that Caroline Brown has resigned as a Non-Executive Director and Chair of the Audit Committee of the Board following the completion of her three-year term of service. The Board is grateful to her for her leadership of the Audit Committee and commitment to the Company as the Board’s Senior Independent Director and wishes her well for the future.
The Board announces the appointment of Chris Ellis as Non-Executive Director and Chair of the Audit Committee. Chris, a former CEO and CFO of Hydrodec with a detailed knowledge of the Company, is a qualified chartered accountant. He has more than 20 years’ board level finance and management experience of running large international businesses, including a significant period within GE Capital, and will provide valuable continuity on our Board of Directors.
David Dinwoodie, CEO of Hydrodec, commented: “I am pleased to welcome Chris Ellis back to the Board. Hydrodec is now focused on building an even stronger business in the US, uniquely able to sell carbon credits to US utilities as a result of its market- leading technology. This will be a turnaround year when we will build strong partnerships to secure feedstock and extend the reach of the sales of Superfine, our re-refined transformer oil. I will be providing a trading update to the market before the end of the month.”
Lord Moynihan, Chairman of Hydrodec, commented: “I am delighted to welcome Chris back to the Board as a Non-Executive Director and Chair of the Audit Committee. His years in an executive capacity as CFO and then CEO of the Company bring a wealth of financial and governance experience to the Board and will add strength to our ability to support the development of Hydrodec. Our CEO, David Dinwoodie, has been with me in our plant in Canton last week as part of the implementation of our strategic review …/…”
Hydrodec’s technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world’s electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from US$1.98 billion in 2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries, producing transformer oil that meets or substantially exceeds applicable international standards at competitive cost and without environmentally harmful emissions. The process also eliminates PCBs, a toxic additive banned under international regulations.
In 2016 Hydrodec received carbon credit approval from the American Carbon Registry, enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Company’s proprietary technology and standing as a leader in its field.
Hydrodec’s current plants are located at Canton, Ohio, US and Bomen, New South Wales, Australia.
Hydrodec’s shares are listed on the AIM Market of the London Stock Exchange.
For more information : https://www.hydrodec.com
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