Despite COVID-19 restrictions, the Resolute project proceeds to progress close to schedule. Negotiations with the site owner continue and initial site work is planned to start end third quarter of 2021. Steps have been taken to minimize the effects of raw material and shipping price increases for machinery and material orders, and an update on cost budget implications will be given within the Q3 financial reporting period.
Negotiations on sales agreements remain positive with all partners and the level of inquiries for the bio-based solvent Cyrene remains sturdy. Traditional fossil-based and toxic competitors to Cyrene have seen huge price increases recently and there is some hesitancy in the market to commit to large off-take capacities with the presently volatile pricing stages.
Circa is also taking a proactive step to engage with a limited number of global brand owners where there are synergies between circa’s product offering and the companies’ sustainability objectives.
Tony Duncan, CEO of Circa Group quoted
“Circa continues to move forward on all fronts of the business, despite COVID-19 headwinds. We see strong regional and EU support for the Resolute™ project and high interest in our biochemical products from customers and distribution partners. During the quarter, we have also been very pleased to advise Tone Leivestad has been appointed as our new CFO. Tone will be based in Oslo, Norway, and start on 1 September”
Circa had no significant sales in the quarter. No substantial sales are expected before the commissioning and start-up of the resolute plant in the first quarter of 2023. As of 30 June 2021, Circa had cash and cash equivalents of EUR 49.7 million.
For more details: www.circa-group.com
