- Environmental Clean Technologies (ECT) has seen Chief Financial Officer and Company Secretary, Martin Hill, resign ahead of ECT resuming operations at its Coldry Upgrade Project.
- This has made room for former Company Secretary, Adam Giles, to step back into his role, with Martin Hill to leave the business in September this year
- ECT is in the midst of upgrading its Coldry Project to commercially produce high-value energy products like char and solid fuel
- ECT is gearing up to commence site construction activities to increase capacity of its Coldry technology
- Company shares remain in the grey and are trading at 0.1 cents each at midday trade
Environmental Clean Technologies (ECT) has provided updates on personnel changes and its Coldry Upgrade Project.
Personnel changes
Chief Financial Officer and Company Secretary, Martin Hill, has resigned. The company stated this change provides an opportunity to “better align the finance role” with a focus on management accounting and controlling costs in support of the Coldry Upgrade Project.
Martin’s resignation will be effective from the end of September this year.
In light of this, Adam Giles has been appointed as the new Company Secretary, effective immediately.
Adam is a founding shareholder and has been with the company since its inception. Giles has also previously held the secretary role from December 2012 to December 2017 – making him a suitable fit for the role.
Coldry Upgrade Project
On June 18, ECT announced its return to normal operations and the focus of the remainder of the year: the Coldry Upgrade Project.
Essentially, Coldry is a unique coal drying and water recovery technology.
The company is undertaking capacity improvements of the former Coldry pilot plant and is adding a new “Char” plant and equipment to produce high-value energy products like char and solid fuel.
The project is being upgraded in two phases. Phase one is the Coldry process scale-up and phase two is the Char plant installation and integration.
Once these have been completed, ECT can focus on the commercial sale of solid fuel and char products. It believes there’s potential to generate revenues of over $5 million per annum.
During the earlier COVID-19 period, ECT focused on refining site layout options, developing basic design and tender packages, and project plan revisions.
The company originally utilised existing infrastructure to balance costs while undertaking research and development tasks but thought it was time for an upgrade due to its not being suitable for an intended commercial operation.
“However, we’re excited to unveil the new layout which features an increase in minimum design capacity of our Coldry technology to 25,000 tonnes per annum, from a much smaller site footprint,” Chief Engineer Ashley Moore said.
“The new plant will be built around the existing packed bed dryer, avoiding the need to move the largest piece of the existing plant, while also allowing for the efficient positioning of the primary processing train and integration with the char kiln,” he added.
A tender process for the process package has commenced. Once this is completed, ECT will have refined plant, equipment and other components which will enable the integrated design drawings to be completed and construction of the upgrades to commence.
Site construction and preparation activities are expected to begin in September this year.
“Entering the construction phase of the project will likely see the addition of 10+ jobs as we build a diversified energy plant that will hold the status of an essential industry at a time when Victoria and the local community is suffering the growing impact of the biggest economic recession in generations,” Chairman Glenn Fozard said.
Company shares remain in the grey and are trading at 0.1 cents each at midday trade.