Accsys closer to realising Tricoya dream

Accsys Technologies was a step closer to realising its Tricoya dream on Wednesday, with fresh interest and funding coming from BP Ventures.

The AIM-traded chemical technology group focused on the acetylation of wood said Tricoya Wood Elements are produced using Accsys's proprietary technology, for use in the fabrication of panel products such as medium density fibreboard and particleboard.

Accsys said, as part of the deal, BP Ventures would acquire a 3% equity interest in Tricoya Technologies, implying a valuation of €35m (£26.4m).

The company said BP Ventures' ongoing participation in the consortium remained conditional on the full constitution being finalised later in the calendar year, which would result in significant additional funding from BP Ventures and others to build the dedicated Tricoya acetylation plant.

"BP Chemicals has been working with Accsys for a number of years, and being able to participate with Accsys to facilitate further downstream integration options for BP is very exciting", said Akira Kirton of BP Ventures.

The investment from BP Ventures followed €1.3m already contributed by it and other consortium partners since Accsys announced the arrangements for the Tricoya business in April 2015.

Accsys said the consortium was also expected to include Medite, part of the Coillte group and Accsys' historic joint venture partner.

"Today's announcement marks a very strong and exciting moment in the exploitation of our technology platform and development of the long and well-established relationship we have with our partners BP and Medite", said Accsys CEO and Tricoya chairman Paul Clegg.