News blog
Nviro Cleantech
- BY: Andrew Hore |
- POSTED: 09/03/2009 |
Nviro Cleantech is changing its strategy in the US.
It is putting the clean coal project with its partner Cincinnati Bulk Terminals in Ohio on hold. Changes in the economy and the US Supreme Court’s suspension of the Clean Air Act in 2008 mean that the project in its original form would not be economic. The competing higher quality coal is no longer as dear as it was and gas prices have also fallen.
Instead Nviro is going to redeploy its Vertus Reductive Thermal Processing technology to other sites where the partner will bear the cost of the installation and shares the revenues with Nviro.
Nviro will also reconfigure part of its plant to produce fuels that are in demand. Revenues are not expected from this until the first quarter of 2010.
Nviro believes the new strategy will help it conserve cash. The cash balance was £6.6m at the beginning of March 2009. This should be enough to satisfy the Vertus cash requirements for more than 12 months.
All this disappointed the market and the shares in Nviro fell 7p to 10p each. That values Nviro at £6.6m - equal to its cash figure.
Potential joint ventures are being considered for MDF and particle board recycling technology Microrelease. Laseair, a laser-based technology which could be used for air decontamination, and 65%-owned Organotect, a portable hazardous chemical detection system, are both reaching a point where Nviro will have to decide what to do with them.
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