An interesting tale emerges of how one fossil fuel minnow wants to re-shape its future, preparing to become part of the low-carbon ‘circular economy’.
On Tuesday The Energyst published numbers on how hydrocarbon behemoth BP now invests almost as much capital in its clean energy future, as in its legacy, carbon-profligate businesses.
Curzon Energy, a gas explorer and extractor microscopic in size beside BP – market capitalisation of less than £1 million, against BP’s of £1.5 trillion – , outlined to investors how it plans to let itself be bought up by Poseidon Enhanced Technologies plc (PET), a British innovator claiming a potentially world-changing first in technology to digest tough plastics.
Teesside-based Poseidon asserts its proprietary technology can salvage and thus re-purpose plastics previously considered unrecyclable, such as coloured bottles, trays, fibre and films. The trademarked ‘Poseidon rBHET’ thus produced would have value as an interim feedstock, to be cycled back into the world’s packaging and garment industries.
‘PET’ is a knowing reference by the British firm to the compound polyethylene terephlatate. Chemists will recognise the compound as (C10H8O4) n . Recycling experts will know it as PET or, in a garment context, polyester. An estimated 60% of world PET production goes to synthetic fibres; another 30% is used in producing plastic bottles.
Curzon’s business activities are US-centred, but it lists its shares on the London Stock Exchange. They have been suspended from trading since November, as it talks to suitors, Poseidon being the latest.
Since February the two companies have been in purdah, holding talks over a reverse takeover. They’ve been looking at each other’s accounts, and consulting advisors over mutual due diligence.
Today Curzon said that period of exclusivity and pre-nuptial financial courtship will be extended to June 1.
Some green campaigners believe a new wave called ‘hedonistic environmentalism’ – a call to green pleasures – may convince the world’s millions to change their behaviours, investors as well as citizens. ”Isn’t life a beach, boys?”, might be the motto of this philosophy.
God only knows, investors may decide that wouldn’t it be nice for the firms to wed. Smiles all round, particularly in Teesside, and across the surf, in Holland. “Hang Ten!”