Business
BP Ventures participates in Tricoya Consortium
BP Ventures participates in Tricoya Consortium.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 8693N Accsys Technologies PLC 03 February 2016 \n\n \n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n3 February 2016\n \nACCSYS TECHNOLOGIES PLC\n(\"Accsys\" or \"the Company\")\n \nBP Ventures named as participant in proposed Tricoya Consortium\n \nAccsys, the chemical technology group, focused on the acetylation of wood, is pleased to announce that BP Ventures (\"BPV\") will participate in a proposed consortium (the \"Consortium\") to fund, build and operate the world's first Tricoya® wood elements acetylation plant. \n \nTricoya® Wood Elements (www.tricoya.com) are produced using Accsys's proprietary technology for the acetylation of wood chips, and particles for use in the fabrication of panel products such as medium density fibreboard and particle-board. These products demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications that were once limited to tropical hardwood or man-made products.\n \nAccsys and BPV have agreed initial funding in respect of the Consortium, with BPV acquiring a 3% equity interest in Tricoya Technologies Limited (\"TTL\"), implying a valuation of TTL at €35 million today. BPV's on-going participation in the Consortium remains conditional upon the full Consortium constitution being finalised later this calendar year with third parties. This is expected to result in significant additional funding from BPV and others to build the dedicated Tricoya acetylation plant. \n \nBPV's investment follows €1.3m already contributed by it and other Consortium partners since Accsys announced new arrangements for its Tricoya business in April 2015. TTL has now completed the Front End Engineering and Design and detailed planning is continuing for the plant, which is expected to be located at the Saltend Chemicals Park in Hull, UK, adjacent to BP's existing acetyls facility. \n \nBP's involvement in the Consortium results from a historical interest in acetylation with some of the initial research and development into wood acetylation having been carried out at its Hull site in the past. BP Chemicals has also been a key partner of Accsys, supplying acetic anhydride for its Accoya plant in Arnhem since agreeing a collaborative strategic relationship in 2012. \n \nThe Tricoya plant is expec...