Accsys Technologies is a chemical technology company focused on the development and commercialisation of a range of transformational technologies based on the acetylation of solid wood and wood elements for use as high performance, environmentally sustainable construction materials.
At the end of 2019, Accsys successfully raised c €46m (gross proceeds) to fund further expansion of Accoya capacity at Arnhem (expected completion end FY22), progress the Tricoya newbuild facility at Hull (expected to be operational in the second half of CY20) and support preliminary evaluation work for a possible US Accoya facility (in conjunction with possible partner Eastman). Announced at the same time, H120 results detailed volume growth for Accoya (all regions) and Tricoya driving increased revenues and profitability at both gross and EBITDA level, with a strong step up in the Accoya contribution. Net bank debt increased to €54.2m at the end of H120 (ie prior to the fund-raising) following further fixed capital investment, with IFRS 16 leases on hand of €5m. Our estimates are under review.
Accsys has a technically proven process and wide international market acceptance for its modified wood output. As well as successful capex execution, the sales and marketing challenge is to pull through demand to absorb newly available capacity and develop licence partners. Management has previously stated long term market potential of 1m m3 pa of Accoya wood and 1.6m+ m3 of Tricoya panel products.