Molecular Energies, the international energy company, is pleased to provide a corporate update ahead of the General Meeting being held at 3pm today to approve the sale of the entire issued share capital of President Energy Holding UK Limited .
Molecular's management team has been evaluating alternative major energy projects to place the Group at the forefront of the ongoing energy revolution utilising its assets and knowhow. Molecular's focus has included sustainable aviation fuel ("SAF"), being synthetic kerosene. SAF is the most impactful initiative with regard to reducing carbon emissions in the hard to abate aviation industry (McKinsey 2023). Many of the world's leading airlines have committed to using SAF for up to 30% of their total jet fuel by 2030. SAF can be produced through the interaction of hydrogen and carbon-based products such as, but not limited to, biomass.
Due to the current high costs involved, SAF is currently significantly more expensive than fossil fuel derived product. Molecular considers that it may be in an advantageous position with access to economic feedstock and offtake, capitalising on its presence in South America , all sourced from its know-how, network of contacts and related companies. Accordingly, Molecular is commencing feasibility planning for the industrial scale production of SAF. The Company has incorporated Molecular Aviation Limited as a wholly owned subsidiary.
Molecular's work is at a preliminary stage but it has already signed several non-disclosure agreements with potential stakeholders and relevant partners with whom it enjoys established relationships. Aecom, the international engineering and infrastructure company with a turnover of over US$13 billion in 2022 has been appointed Owners Engineer for the potential project. Aecom is also the Owners Engineer of Molecular's sister company, Atome Energy, for its industrial scale green hydrogen to green fertiliser project in Paraguay .
The high impact exploration well is now expected to spud at or around the end this month or the first week of October. The Rig mast has been erected and rig testing is now commencing with the repaired blow-out preventer after final testing currently now scheduled for delivery at the end of September.
Green House Capital
The Company continues, with its advisors, to work on the spin-out and IPO of Green House Capital which is progressing on all fronts. The Company expects to provide further updates in the coming weeks.
New Corporate Presentation
Molecular has issued a new corporate presentation now available for investors to see on the Company's website at www.molecularenergiesplc.com as well as on its social media channels.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker has changed its name to Cavendish Capital Markets Limited following completion of its own corporate merger.
Peter Levine , Chairman, commented: "The exit of the Argentine business preserves an income stream for Molecular which we anticipate in the current circumstances will commence in H2 2024.
"In the meantime, Molecular is shortly to spud its high impact Paraguay exploration well and has the valuable Atome Energy investment complemented by its exciting Green House Capital Group planned spin-off from Molecular and IPO later this year.
"The potential move to industrial scale production of synthetic fuel for Molecular is both logical and compelling and continues the Company's strategy, successfully evidenced by Atome and Green House in capitalising on the Group's existing contacts, know how and experience to move into alternative high potential future technologies and industries."