|By PR Newswire||
|April 8, 2014 02:00 PM EDT||
BORDEAUX, April 8, 2014 /PRNewswire/ --
The adjustments carried out to the CHO Power plant in Morcenx in March have improved its performance, close to the level set in the take-over procedure, but not quite sufficient to meet them in a stable manner.
During the last week of March, the plant processed 555 tons of biomass, delivered 160 MWh of renewable electricity to the grid, and produced a high-quality syngas without added methane. These results were encouraging, but insufficient, and the plant has been stopped on 31 March in order to carry out further adjustments to improve the overall plant performances. These adjustments essentially concern the enhanced measurement and control of air into the gasifier, in temperature, flow, and pressure.
Concurrently, the cash situation of the group was continuing to deteriorate given the TOD delays.
Confronted to these financial and technical uncertainties and in a context where information was difficult to control due to the multiplicity of external interventions, the company has decided to suspend trading of the ALEUP stock on 31st March.
Since then, the financial visibility of the group has improved, thanks to the support of the French state, of our industrial partners, and of our financial partners. This support is currently being implemented, it will allow the CHO Power and CHOPEX teams to work towards optimizing plant performances with more serenity.
The plant has re-started yesterday. Again the capacity ramp-up will be executed prudently, over several days, seeking to secure process stability at each intermediate step.
Jean-Eric Petit, C.E.O. of the Group specifies: "At this stage, I am not planning to re-activate trading of the ALEUP stock before we have a good visibility over the materialization of the financial support, expected in the next few days, and the capacity of the Morcenx plant to reach TOD performance levels, expected in the next few weeks. I thank shareholders as well as public and private partners for their understanding and patience".
Europlasma is a French Group operating in the clean technologies and renewable energy production industries. Founded in 1992 to apply its proprietary plasma torch technology to hazardous waste destruction, it is now built on the following three business units:
- Torches & Processes - Europlasma is a world-wide supplier of plasma heating systems and related applications
- Hazardous Waste - Inertam is the global specialist in the destruction and recycling of asbestos and hazardous waste
- Renewable Energies - CHO Power is a producer of electricity from waste and biomass gasification.
http://www.europlasma.com [Alternext - NYSE Euronext Paris - Mnemo : ALEUP - Isin : FR0000044810]
Press and investor contacts
Jean-Eric PETIT, Chief Executive Officer / Estelle MOTHAY, Chief Financial Officer
Anne BORDERES, Press & Shareholders contact / Tel: +33-556-497-000 / [email protected]