Integrated Green Energy Solutions Ltd (ASX: IGE) generates renewable energy. The Company converts and processes waste plastics and biomass to fuel and energy generation. Integrated Green Energy Solutions serves customers in Australia.
The company, today on 29 March 2019, has updated regarding its Thailand project. As an integral part of the IGES global expansion, the Kingdom of Thailand was selected as an ideal location to construct and operate an IGES plastics to road ready fuel facility. This was first announced to the market on 2 November 2018. The company has declared that they have now been approved by the Thailand Board of Investment (“BOI”) for promotion under category 1.16.2 Manufacture of Fuel from Waste.
This project will see IGES Thailand establishing a site that will consist of four patented 50 tonnes per day (“TPD”) plastic to fuel processing modules. The site will remove 200 TPD (66,000 tonnes per annum) of an end of life non-recyclable plastics from Thailand’s landfills and waterways. This equates to 70 million litres of road-ready fuel being produced that meets the EN 590 diesel specification and EN 228 petrol specification. This fuel requires no further blending, refining or additives and will be used to replace existing fossil fuels that are currently being used.
The use of this road ready fuel in Thailand will give the local environment the benefit of a 38% reduction in the carbon footprint relating to the use of diesel and a 31 % reduced carbon footprint in the use of petrol. The Company will now start working with Thailand’s BOI to complete the necessary paperwork to be issued with the BOI promotion certificate, which is the next step required as part of moving forward with the Thailand IGES project.
IGES continues to pursue other business partnerships globally to maximise the benefit of the IGES technology and value of the Company to shareholders. As regards the Amsterdam, the ship carrying the IGES patented 50 tonnes TPD plastic to fuel processing module, the Höegh Trigger V/19, is arriving in Amsterdam Friday 29 March (Amsterdam time). The module will be transported via trucks to the Company’s Amsterdam facility in the next few business days. Bevan Dooley, the IGES Chief Technical Director, will travel from Australia next week to be onsite to oversee the assembly and installation of the module. Concerning the developments in Hongkong, IGES has appointed international engineering consulting firm Meinhardt to conduct an Environmental Feasibility Study for IGES’s proposed 200 TPD facility located at Eco Park, Hong Kong. The scope of work comprises two main aspects which are the Environmental Impact Assessment requirements; and the implications of the proposed project.
The results of this independent feasibility study supported the IGES initiative and concluded that the site is fit for purpose. The Company will continue to work with the local government and regulatory bodies to obtain the necessary approvals for the construction of the IGES facility in Hong Kong.
On the price-performance front, the stock has posted the year till date return of -27.54%. The company also has posted returns of -38.65% & -21.88% & over the past six & three months respectively. At the time of writing, i.e., on 29th of March 2019 AEST 2:32 PM, the stock of the company was trading at a price of A$ 0.257, up 2.8 % during the day’s trade with a market capitalisation of ~A$ 98.16 Mn. The stock opened the day at A$ 0.260, which was also the intraday high and touched an intraday low of $ 0.257, with an average daily volume of more than 26,000. It had a 52-week high price of $ 0.670 and a 52 weeks low price of $ 0.240, with an average volume of, 80,170 approximately.
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