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Environmental Clean Technologies

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Environmental Clean Technologies Environmental Clean Technologies Clean sweep in hydrogen Share Price: A$0.001 ASX: ECT This company’s leading technology, Coldry, allows the transformation of low-grade brown coal into a product with Sector: Commercial & Professional Services qualities closer to high-grade black coal. A related technology 8 December 2020 called HydroMOR allows primary iron to be made using lignite instead of coking coal. ECT is also entering the waste-to- Market Cap. (A$ m) 9.6 energy space where there is potentially a shorter lead time to # shares outstanding (m) 9,601.0 commercialisation and higher finished product margin. # share fully diluted (m) 11,475.0 Currently addressing near-term cash flow Market Cap Ful. Dil. (A$ m) 11.5 Free Float 77% During 2015–2019, ECT collaborated with two Indian federal 12 months high/low ($) 0.002 / 0.001 government majority-owned companies to set up an Average daily volume (m) 7.0 integrated Coldry demonstration and Matmor pilot plant in Website ectltd.com.au India. However, the collaborations failed to materialise and Source: Company, Pitt Street Research ECT had to withdraw from the projects. ECT is currently executing an alternative strategy outlined in September 2019 Share price (A$) and avg. daily volume (m, r.h.s.) which involves expanding and upgrading the Bacchus Marsh facility for end products such as Coldry solid fuel, Char and $0.005 120.00 Syngas. The upgrade project will be executed in two phases, $0.004 100.00 with the first phase being completed by mid-2021 which is $0.004 expected to generate positive cash flow. We think the shift $0.003 80.00 $0.003 60.00 in strategy to focus on near-term operational profitability will $0.002 be welcomed by investors once ECT executes this project $0.002 40.00 $0.001 successfully. 20.00 $0.001 $0.000 - Promising play in the hydrogen market Aug-19 Sep-19 Nov-19 Dec-19 Feb-20 Mar-20 May-20 Jun-20 Aug-20 Sep-20 Nov-20 Hydrogen industry development is the next big emerging play, especially for Victoria’s lignite resource. ECT believes Source: Refinitiv Eikon, Pitt Street Research that Coldry can be useful in preparing feedstock for the standard hydrogen production route known as steam Valuation metrics reforming. However, its newer COHgen technology may DCF (cents) 0.30 – 0.41 provide a low-cost, lower CO2 emission alternative to the WACC 13.9% steam reforming route to produce hydrogen from brown coal, if scaled successfully. We see potential for this Assumed terminal growth rate None technology to find a valuable commercialisation partner in the near term. Valuation range of 0.30 – 0.41 cents per share Subscribe to our research HERE ECT is sufficiently funded for its plant upgrade project and our intrinsic value for the stock based on just this project indicates a significant upside potential. In our view, the stock Analysts: Stuart Roberts, Cheng Ge price is being dragged down by the disappointment over the Tel: +61 (0)447 247 909 India collaboration not working out and investors have still not factored in the potential benefits of the change in the [email protected] company’s strategy. [email protected] Readers should be aware that Pitt Street Research Pty Ltd has been engaged and paid by the company covered in this report for ongoing research coverage. Please refer to the final page of this report for the General Advice Warning, disclaimer and full disclosures. 1 Environmental Clean Technologies Table of Contents Introducing Environmental Clean Technologies 3 Coldry continues to hold promise as one of the better ‘clean coal’ technologies available 4 ECT’s September 2019 recovery plan 6 Priority focus on upgrading Coldry project 6 Sufficient funding available through multiple channels 7 Market for ECT’s end products 8 Matmor/HydroMOR and COHgen allow other valuable products to be made from lignite 10 CDP-WTE’s acquisition has enabled ECT to move into the promising waste-to-energy sector 11 Valuation 12 Re-rating 14 Risks 14 Companies to watch in the ‘clean coal’ tech space 15 Appendix I – ECT’s Intellectual Property 15 Appendix II – Glossary 15 Appendix III – Analyst Qualifications 16 General Advice Warning, Disclaimer & Disclosures 17 Readers should be aware that Pitt Street Research Pty Ltd has been engaged and paid by the company covered in this report for ongoing research coverage. Please refer to the final page of this report for the General Advice Warning, disclaimer and full disclosures. 2 Environmental Clean Technologies Introducing Environmental Clean Technologies Environmental Clean Technologies (ASX: ECT) is a Melbourne-based company developing a suite of technologies designed to upgrade waste and low-grade resources with low carbon emissions. The company’s leading technology, called Coldry, allows a zero net emissions transformation of low- grade brown coal into a product with qualities closer to high-grade black coal. Coldry provides the base technology platform upon which its other technologies are then integrated. ECT has developed a Coldry pilot plant at Bacchus Marsh in outer Melbourne and has looked to develop commercial- scale plants in Australia and India. The company also has technology which produces low-emission/low-cost primary iron and low-emission hydrogen production technology. ECT in its current form has largely been built on Coldry and Matmor/HydroMOR. The company’s work on Coldry began in 20061 with the acquisition of Asia Pacific Coal and Steel Pty Ltd, which held the rights to the Coldry technology, and a related iron-production technology called Matmor2. ECT spent the next 12 years largely focusing on developing the Coldry and Matmor technologies, with a goal of establishing commercial-scale Coldry and Matmor plants in Victoria and India for producing high-value solid fuel and primary iron. These commercial projects have completed feasibility and basic engineering design phases. ECT has also started to move into the waste-to-energy space, where there is potentially a shorter lead-time to commercialisation and higher finished product margin. In July 2019, the company acquired a waste-to-energy technology3. The technology, called CDP-WTE, has the potential to provide a low-cost way to process wood, end-of-life plastics and other wastes into diesel fuel, particularly when the feedstock is combined with fuel produced from the Coldry technology. ECT’s primary focus in the near term is on generating positive group cash ECT believes it can be cash flow from expansion of its existing Coldry pilot plant. A September 2019 flow break-even within 12 market release lays out a plan for the company to be cash flow positive within months 12 months, which involves expanding and upgrading the Bacchus Marsh facility for end products beyond coal in addition to the company’s move into the waste-to-energy and hydrogen sectors. If ECT is so good, why is it only capitalised at A$9.6m (US$6.7m)? We believe the current low market capitalisation of ECT is due to disappointment over the India collaboration not working out as planned. However, now that ECT has obtained fresh funding through its rights issue, it can move ahead and execute the value creation strategy outlined in the September 2019 announcement. We believe that ECT’s shift in strategy to focus on near-term operational profitability and cash flow is a prudent step and will help support the advancement of its multiple clean-tech opportunities in the medium term. While investors may not have still factored in the benefits of this positive step, we expect the situation to change once ECT’s management starts demonstrating success in executing the strategy. 1 Prior to 2006 the company’s main focus was Enersludge, a pyrolysis and gasification-based method for managing sewage sludge. For background on Enersludge see Water Sci Technol. 2004;49(10):217-23. The company worked on Enersludge as ‘Environmental Solutions International Ltd’ but changed its name to ‘Environmental Clean Technologies Ltd’ in late 2006 to reflect the change of focus. For many years it retained the old ASX code of ESI but changed this in mid-2018 to ECT. 2 See ECT’s 10 February 2006 market release headlined ‘ESI enters into an agreement to acquire 100% of Asia Pacific Coal and Steel Pty Ltd’. 3 See the company’s 7th and 13th June 2019 market releases. Readers should be aware that Pitt Street Research Pty Ltd has been engaged and paid by the company covered in this report for ongoing research coverage. Please refer to the final page of this report for the General Advice Warning, disclaimer and full disclosures. 3 Environmental Clean Technologies Coldry continues to hold promise as one of the better ‘clean coal’ technologies available Coldry can convert brown coal to black coal equivalent. First developed in the 1980s, Coldry allows lignite, that is, brown coal, to be processed into a coal product similar in properties to higher-grade black coal. Lignite is considered a low-grade coal because it has a high moisture content which means that it produces less energy and more carbon emissions compared to black coal when it is combusted, typically for use in electricity generation. Upgrading lignite to a black coal equivalent using Coldry will result in reduced carbon emissions because less coal will be required for the equivalent level of power generation, while the potential price of the black coal equivalent product will likely be much higher than raw lignite because of the higher calorific value per tonne. Since power stations are significant users of lignite around the world, particularly in Australia, Germany, India, Poland, Russia, Turkey and the US4, ECT has until recently focused on developing Coldry to integrate as part of power station coal supply, targeting a reduction in overall emissions.
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