Today, on 24th April 2019, Integrated Green Energy Solutions Ltd (ASX: IGE) announced an operational update on Amsterdam Plant. The progress of the facility is divided into four segments, which are Module Installation and Testing; Shipment of Second Module; Operating Conditions; and Commissioning Update.
Under Module Installation and Testing, the company’s patented core module representing 50 tonnes per day (“TPD”) of capacity arrived in Amsterdam on 29th March 2019 and was locked into position as per existing approved site plans. The erection of scaffolding around the unit has now been completed, and the installation of ancillary equipment is well underway. The initial cold and hot testing of this first 50 TPD module, in line with the existing environmental approval, is expected to begin in six weeks. This testing is a precursor to the commissioning process and will be conducted to ensure the safe and efficient start-up of the plant in due course.
Under Construction and Shipment of Second Module, the construction of the second 50 TPD module is nearing completion and is scheduled for shipment by 10th May 2019. It is expected that this module will arrive on site in Amsterdam in July, with the installation to occur immediately. Once both modules are installed, the Amsterdam facility will be able to process 100 TPD of plastic and produce 35 million litres of fuel per annum.
As per the operating conditions, the company has the requisite approval to operate in place, and it continues to provide information regarding operating conditions to the Amsterdam Competent Authority (“CA”) who have taken a structured and logical approach to ensure that the site complies with all the relevant regulations and requirements before commencement. A detailed exchange of information was undertaken at a meeting held with the CA on Friday, 19th April. During this meeting, final questions from the CA with regard to hazard escalation and fire safety were addressed. These responses will be provided as a formal written submission on 26th April 2019, as a last step in the CA process.
The commissioning will occur in two major stages. Stage 1 is the commissioning of the first 50 TPD module, and Stage 2 is the commissioning of the second 50 TPD module. When the company upgrades from one module to two modules, there will be a brief (2-3 days) shut-down of processing. The commissioning of the first 50 TPD module (Stage 1 Commissioning) will occur as soon as all operating conditions have been agreed with the CA. Commissioning of the full 100 TPD facility is expected to start in August 2019, once the second module is installed, with a ramp up to full 100 TPD operations beginning in November 2019.
On the stock information front, at the time of writing (on 24th April 2019, AEST: 01:00 PM), the stock of Integrated Green Energy is trading at a price of $0.24, with a market capitalisation of ~$94.23 million. Its 52 weeks high is at $0.67, with an average volume of 87,948. Its absolute return for one year, six months and three months are -40%, -36%, and -22.58%, respectively.
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