Accsys Technologies PLC Provides Tricoya Plant Construction Update

Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announced an update regarding the status of construction of the new Tricoya® plant at Hull, UK by Tricoya UK Limited (‘Tricoya UK’), Accsys’s joint venture in relation to the Hull plant.

As announced by the Company on 16 April 2021, based upon management experience the plant construction schedule at Hull was at risk of being delayed due to COVID-19 related challenges, recent engineering changes, and the final stages of construction taking longer than anticipated, and Accsys was considering a full range of options to mitigate these risks.

We have now received and are considering a notice from the lead contractor responsible for the delivery of the plant, Engie Fabricom UK Limited, purporting to terminate the engineering, procurement and construction agreement for the project by reason of force majeure arising out of the COVID-19 pandemic and stating that they plan to demobilise over the next two weeks.

The Tricoya® plant construction is in its final stages. Accsys is committed to the safe completion and operation of the plant and has been looking forward to obtaining greater control over the site and completing the commissioning as soon as possible.

The purported termination may now result in Tricoya UK taking over earlier than previously anticipated the completion of the final stages of construction and subsequent commissioning. This may be with or without assistance of a new lead contractor given the advanced status of the project.

We will update the market on any possible implications for the timeline and costs for the project as soon as possible, and will be releasing Accsys’ preliminary results for the year ended 31 March 2021 later this month.

About Accsys Technologies PLC

Accsys (Accsys Technologies PLC) is a fast growing business with a purpose: changing wood to change the world. The company combines chemistry, technology and ingenuity to make high performance wood products that are extremely durable and stable, opening new opportunities for the built environment and giving the world a choice to build sustainably. Accsys transforms fast-growing, certified sustainable wood into building materials with characteristics that match or better those of man-made, intensely resource-depleting and heavily carbon-polluting alternatives. The company’s primary focus is on the production of Accoya® wood and Tricoya® wood elements, as well as technology licensing via its subsidiaries Titan Wood Limited and Tricoya Technologies Limited. Accsys has its head office in London, UK, production operations in Arnhem, the Netherlands, an American office in Dallas, Texas, and is constructing the world’s first Tricoya® plant in Hull, UK. Accsys is committed to a more sustainable world, and uses abundantly available wood sources that are certified as sustainable. With our business model already aligned with several UN Sustainable Development Goals, Accsys is currently working on identifying further strategic ESG priorities to have an even greater positive impact on the world. Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified. Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols ‘AXS’. More information about Accsys can be found at www.accsysplc.com

Contact:

Matthew O’Keeffe – FTI Consulting – Media Contact – +44 (0) 20 3727 1340

Source: Accsys Technologies PLC