TIDMMEN
RNS Number : 1180N
Molecular Energies PLC
21 September 2023
21 September 2023
MOLECULAR ENERGIES PLC
("Molecular" or the "Company")
Molecular takes first steps to develop an industrial scale
production of synthetic fuel
Paraguay drilling and spin-out and IPO of Green House Capital on
track
New Corporate Presentation
Molecular Energies (AIM: MEN), the international energy company,
is pleased to provide a corporate update ahead of the General
Meeting being held at 3pm today to approve the sale of the entire
issued share capital of President Energy Holding UK Limited.
Molecular Aviation
Molecular's management team has been evaluating alternative
major energy projects to place the Group at the forefront of the
ongoing energy revolution utilising its assets and knowhow.
Molecular's focus has included sustainable aviation fuel ("SAF"),
being synthetic kerosene. SAF is the most impactful initiative with
regard to reducing carbon emissions in the hard to abate aviation
industry (McKinsey 2023). Many of the world's leading airlines have
committed to using SAF for up to 30% of their total jet fuel by
2030. SAF can be produced through the interaction of hydrogen and
carbon-based products such as, but not limited to, biomass.
Due to the current high costs involved, SAF is currently
significantly more expensive than fossil fuel derived product.
Molecular considers that it may be in an advantageous position with
access to economic feedstock and offtake, capitalising on its
presence in South America, all sourced from its know-how, network
of contacts and related companies. Accordingly, Molecular is
commencing feasibility planning for the industrial scale production
of SAF. The Company has incorporated Molecular Aviation Limited as
a wholly owned subsidiary.
Molecular's work is at a preliminary stage but it has already
signed several non-disclosure agreements with potential
stakeholders and relevant partners with whom it enjoys established
relationships. Aecom, the international engineering and
infrastructure company with a turnover of over US$13 billion in
2022 has been appointed Owners Engineer for the potential project.
Aecom is also the Owners Engineer of Molecular's sister company,
Atome Energy, for its industrial scale green hydrogen to green
fertiliser project in Paraguay.
Paraguay Drilling
The high impact exploration well is now expected to spud at or
around the end this month or the first week of October. The Rig
mast has been erected and rig testing is now commencing with the
repaired blow-out preventer after final testing currently now
scheduled for delivery at the end of September.
Green House Capital
The Company continues, with its advisors, to work on the
spin-out and IPO of Green House Capital which is progressing on all
fronts. The Company expects to provide further updates in the
coming weeks.
New Corporate Presentation
Molecular has issued a new corporate presentation now available
for investors to see on the Company's website at
www.molecularenergiesplc.com as well as on its social media
channels.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker
has changed its name to Cavendish Capital Markets Limited following
completion of its own corporate merger.
Peter Levine, Chairman, commented: "The exit of the Argentine
business preserves an income stream for Molecular which we
anticipate in the current circumstances will commence in H2
2024.
"In the meantime, Molecular is shortly to spud its high impact
Paraguay exploration well and has the valuable Atome Energy
investment complemented by its exciting Green House Capital Group
planned spin-off from Molecular and IPO later this year.
"The potential move to industrial scale production of synthetic
fuel for Molecular is both logical and compelling and continues the
Company's strategy, successfully evidenced by Atome and Green House
in capitalising on the Group's existing contacts, know how and
experience to move into alternative high potential future
technologies and industries."
For further information, please visit
www.molecularenergiesplc.com or contact:
Molecular Energies PLC +44 (0) 207 016 7950
Peter Levine, Chairman info@molecularenergiesplc.com
Rob Shepherd, Finance Director
Cavendish Capital Markets Limited
(Nominated Advisor and Broker)
Simon Hicks, George Dollemore +44 (0) 207 220 0500
Tavistock (Financial PR and IR)
Simon Hudson, Nick Elwes, Charles
Baister +44 (0) 20 7920 3150
Notes to Editors
Molecular Energies PLC is an AIM listed company at the forefront
of energy development and has interests across the energy spectrum,
from oil and gas projects to subdivisions in the green and
alternative energy sub-sectors. The Company has oil and gas
production in Argentina as well as exploration assets in both
Argentina and Paraguay. The Company has two separate subdivisions
which are focused on early-stage opportunities in the green and/or
alternative energy sub-sector.
Activities in the green and alternative energy space are being
carried out under the Green House Capital brand and through AIM
listed Atome Energy PLC, a green hydrogen, ammonia, and fertiliser
company operating in Paraguay, Costa Rica and Iceland, in which
Molecular currently has 20.5%.
With a strong strategic and institutional base of support, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, Molecular gives UK investors access to an energy
growth story combined with world class standards of corporate
governance, environmental and social responsibility.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Robert Shepherd,
Financial Director.
-ends-
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