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Curzon Energy resets reboot with Poseidon Enhanced Technologies deal

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Curzon Energy PLC (LON:CZN) has reset its reboot, and is now set to be the vehicle for a British plastic recycling business.

The company told investors it has terminated its letter of intent with Sun Seven Stars Investment Group (SSSIG), a move that closes the door on the previously proposed and protracted deal for the London Critical Metals Market (LCMM).

Curzon has, at the same time, announced the signing of a separate letter of intent with Poseidon Enhanced Technologies Limited.

The Poseidon deal envisages a reverse takeover which would see the AIM-quoted entity become a producer of low-cost recycled plastics for the food and beverage industry.

Poseidon has developed a proprietary chemical recycling technology at its facilities on Teesside, in northeast England. 

The technology is designed to process all ‘waste’ PET plastic including previously unrecyclable plastics (for example coloured bottles, trays, fibre and films). It produces a plastic feedstock that can be used by manufacturers.

Poseidon is planning an industrial scale roll-out, facilitated by a stock market listing process and a capital raise.   

Curzon and Poseidon will now enter an initial period of exclusivity to allow both parties to conduct due diligence. During this period they will also work towards a definitive purchase agreement. Poseidon is to provide interim funds, as a loan, to Curzon.

This initial period will run to February 28, 2021.

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