TVI Pacific Inc. currently holds an approximate 3.71% equity stake in Integrated Green Energy Solutions Ltd. (“IGES”). IGES is a public company that was incorporated in New South Wales, Australia on 16 December 1988 and has been listed on the Australian Stock Exchange (“ASX”) since November 1989. IGES trades under the symbol “IGE”.
IGES is focused on converting to fuel waste plastic that is destined for landfill or discarded into the environment. Further to the IGES public disclosure documents, the patented plastic to fuels process of IGES results in a range of fuels and products, including EN590 (Road Ready Diesel), EN228 (Road Ready Petrol), Naphtha, Marine fuel and Marine Diesel Oil (MDO). The specific products IGES provides are determined by the territory requirements for each individual site location.
IGES has been re-listed on the ASX since January 30, 2018 and shares have actively traded since that time following a trading halt requested by IGES in July 2015 while it moved to re-focus on resource recovery rather than resource extraction. This included the move to exploit opportunities related to three (3) key technologies (“IGE Technologies”) it acquired at that time in relation to:
- Plastics to Fuel
- Biomass to Fuel
- Biomass to energy / power
With the re-listing of IGES in January 2018 and their issue of shares to raise capital through that process, TVI Pacific’s equity interest in IGES was diluted to 5.22% and has since been reduced further by the issue of more shares by IGES to raise additional working capital and to fund business development. The equity interest of TVI Pacific in IGES currently approximates 3.71% (at June 30, 2019). The ASX has advised that all shares and unlisted options held by TVI Pacific are not subject to any ASX restrictions.
Prior to considering the purchase of IGE Technologies, the business of IGES had historically been the exploration of mineral sands in Papua New Guinea (“PNG”). Pursuant to a Heads of Agreement signed between TVI Pacific and IGES on August 28, 2012, TVI Pacific and IGES established a Joint Venture Agreement relating to the Amazon Bay Iron Sands Project (“Amazon Bay”) in PNG which was comprised of Exploration Licenses totaling 1,171 square km containing an iron, titanium and vanadium sand deposit. Both TVI Pacific and IGES have since fully written-down their interest in Amazon Bay and no longer hold an interest in this project.
Since changing their focus to resource recovery, IGES has been successful in establishing a number of joint ventures and business partnerships committed to the conversion of plastics to fuel, the most advanced of which is their Amsterdam project. IGES, winner of the International Association of Ports and Harbors World Ports Sustainability Award in May 2019, has announced that their IGES patented core module representing 50 tonnes per day (“TPD”) of capacity arrived in Amsterdam in March 2019 and that cold and hot testing commenced in June. A second 50 TPD module arrived in Amsterdam in July and installation is proceeding in parallel with the first module to increase processing capacity to 100 TPD of plastic to produce 35 million liters EN 590 standard fuel per annum commencing in November 2019. This is expected to be the first operating facility of IGES.
Other IGES sites, as summarized in their announcement of August 16, 2019, include:
|
Site No.
|
Country
|
City
|
Volume (TPD) expected at start-up
|
Status
|
|
1
|
Netherlands
|
Amsterdam
|
100
|
Currently under construction -- operations due to commence end of 2019.
|
|
2
|
Thailand
|
Prachinburi
|
200
|
Approval to operate facility received from Thai authorities. Design process underway.
|
|
3
|
UK
|
Northamption
|
200
|
Approval to operate facility received from UK authorities. Design process underway.
|
|
4
|
Hong Kong
|
EcoPark
|
200
|
Approval for site received from Hong Kong authorities. Design process underway.
|
|
5
|
UK
|
Grimsby
|
200
|
Deposit placed on site and expected to be settled in September 2019. Approvals and design process underway.
|
|
6
|
China
|
Shandong
|
200
|
JV entered into with publicly listed waste company, Beautiful China. Approval process underway.
|
|
7
|
USA
|
Camden
|
1500
|
JV entered into with GEP Fuel & Energy, Indiana, who will provide feedstock.
|
|
8
|
UK
|
Connah's Quay
|
200
|
Site selected and sale conditional on receiving approvals.
|
|
9
|
Spain
|
Murcia
|
200
|
Term sheet entered into with local partner.
|
|
10
|
Spain
|
Almeria
|
200
|
Term sheet entered into with local partner.
|
|
11
|
Indonesia
|
West Java
|
200
|
Term sheet entered into with local partner.
|
|
12
|
Philippines
|
Valenzuela
|
200
|
Term sheet entered into with local partner.
|
|
13
|
Belgium
|
Ghent
|
200
|
Discussions being held with local Port Authority and potential feedstock providers, in addition to the Government of Flanders through the Flanders Investment
& Trade organization.
|
|
14
|
USA
|
Tri-State
|
200
|
Local partner and feedstock provider selected. Agreement to be executed shortly.
|
|
15
|
UK
|
Billangham
|
200
|
Local partner and feedstock provider selected. Agreement to be executed shortly.
|
|
16
|
India
|
Indore
|
200
|
Local partner and feedstock provider selected. Agreement to be executed shortly.
|
|
17
|
India
|
Bhopal
|
200
|
Local partner and feedstock provider selected. Agreement to be executed shortly.
|
|
18
|
Malaysia
|
Balok
|
200
|
Local partner and feedstock provider selected. Agreement to be executed shortly.
|
|
19
|
Germany
|
Thuringia
|
200
|
Local feedstock provider selected.
|
|
20
|
Germany
|
Bavaria
|
200
|
Local feedstock provider selected.
|
TVI Pacific’s approximate 3.71% equity interest in IGES (at June 30, 2019) includes 14,685,894 shares of IGES. At June 30th, 2019, IGES shares were trading at A$0.175, reflecting a fair market value of TVI Pacific’s investment of CAD $2,358,518 (in the 52 weeks prior IGES shares had traded at a high of A$0.500 and a low of A$0.155). TVI Pacific also holds an additional 9,158,621 IGES options with a conversion price of A$0.20 and expiry date of December 31, 2019.
IGES has reported that its patented technology has been independently verified as producing fuels that reduce the carbon footprint by 31% and 38% respectively over conventional petrol and diesel.
For more information on FOY, please visit http://www.igesolutions.org/.