Sabien Technology Group (LSE:SNT) has ended commercial discussions with Haydale and SaveMoneyCutCarbon regarding a proposed UK distribution and implementation agreement for its M2G boiler optimisation technology.
The discussions had been continuing for an extended period but did not result in agreement on binding commercial and legal terms.
Sabien said it will instead pursue an independent growth strategy for M2G while seeking to work with a broader range of commercial partners.
The company said the decision provides greater clarity for its strategy as it seeks to develop an asset-light technology business and expand its commercial partnerships.
City Oil Field Review Suspended
Sabien has also suspended the strategic review of its interests in b.grn Group and City Oil Field, or COF, which had previously been announced by the company.
The decision follows what Sabien described as increasing commercial activity surrounding COF’s Regenerated Green Oil technology in Canada and the north-eastern United States.
The company said new business development activity is taking place in North America, while prospective Canadian counterparties are expected to visit COF’s facility in South Korea.
Development costs associated with the project are currently being funded at the b.grn level. Sabien said this means its shareholders retain exposure to the potential development of the COF technology without additional near-term funding requirements from Sabien.
The company has not committed to additional capital investment and said it retains flexibility over whether it participates in future funding.
More about Sabien Technology
Sabien Technology Group plc is a UK-listed energy efficiency technology company.
Its M2G intelligent boiler optimisation technology is designed to reduce energy consumption and carbon emissions from commercial heating systems and improve building energy efficiency.
Sabien holds the London Stock Exchange’s Green Economy Mark, which identifies companies and funds deriving at least half of their revenues from products and services contributing to the global green economy.
Leave a Reply