The Tribune Group have made HUGE headway in the roll out of Alchemist both Nationally and Internationally.
For those of you that are not aware – Bure Valley Group, assisted TGL with an EIS round of funding of £2.5m back in Aug 2016, since then, the company has gone from strength to strength and we are ecstatic to have been a major part of that journey.
If you are one of the smart investors that BACKED the technology, you will want to read this exciting update……
First thing to highlight is the change of chairman.
Phil Buck became the Chairman in August this year and brings to Tribune 40 years of business experience with particular skills in business & product development and managing growth and change. His predecessor Tim Lewin did a fantastic job bringing stability to the company and more importantly secured the manufacturing relationship with TT electronics, the very heart of Tribunes activities. Tim has now retired with Phil Buck stepping up to take the challenge. We wish them every success.
Further changes will be made to the already strong board as they make necessary transitions from Product Development to Business Development with the end goal of FULL commercialisation, which is in clear sight.
Acquisition of the IP
After making a formal proposal requesting ownership from the shareholders, Tribune are in the process of acquiring EHT P&L. This will result in TGL obtaining full ownership of the IP thus giving them unrestricted global rights. This will of course bring tremendous value to Tribune and its shareholders and allow them to control and develop the technology, making tribune much more attractive for new investment.
As well as being accepted onto the Welsh Governments Advanced Growth Program (AGP) which creates a strong position to receive real support to accelerate growth, Tribune Group are also in discussions to obtain an Asset Finance Loan to enable them to build stock ahead of expected sales drive.
Results speak for themselves!
The first major order of Alchemist was a fleet roll out to MJD Group Ltd. Tribune are two thirds of the way into the installations and from December 2018 they will produce monthly revenues.
Expectations from the current business order pipeline is for around 2,500 units to the haulage industry – Sales at this level in 2019 could generate an annual lease income of around £24 million.
Statement from the Head Engineer Dave Mulholland. (Eddie wrapping up business with Stephen Dole, Managing Director of MJD)
“The knowledge we have all acquired both new and existing has proved extremely valuable and in turn allowed us to make the necessary changes to overcome objections, and perfect Alchemist. Making everything from here on out far more productive, with a much faster process.”
Testimonials have been provided to Tribune from happy trialists and soon to be clients. Below is one example compiled by Mark Holt, the director of Wells Farm Dairy Ltd.
Wells Farm Dairy run approximately 100 trucks and were referred to TGL via a larger operator S J Bargh (approx. 1200 trucks) who too are trialling Alchemist.
Mark Holt, the director of Wells Farm Dairy Ltd, said the following.
“The Holt family have farmed at Wells Farm for 100 years. It is currently farmed by the Fourth generation Paul and Mark Holt.
In this competitive market where it is important to deliver good value to our customers, we at Wells farm are always looking at ways we can reduce our carbon impact on the environment and remain competitive.
On the 10th September 2018 we fitted The Alchemist fuel saving and emission reducing technology to one of our Mercedes 6 X 2 Actros which travels daily from Stafford to Newark covering 160 miles each day. Over this 7-week period we have seen an MPG improvement of up to 20% which means a reduction of 20% on CO2 emission. The NET savings will end up at around 15% once all contract fees are taken into consideration.
Installing the system was quick and easy. We are very impressed with the Alchemist product and will be installing LPG bunkering facilities at our depot in preparation for the roll out of fitting our entire fleet with this impressive fuel saving technology.”
It´s not just nationally that things are hotting up for Tribune Group, their international sales teams and JVP´s are now starting to come into fruition, with “ADDvantage” the American re-seller, fronted by Danny Mitchell – A Director of Tribune, leading the charge. They have covered huge ground in a very short space of time in adapting the technology to the larger, more robust American trucks. They are expecting sales imminently, marry that with complete infrastructure in place. ADDvantage are now a fully functioning and operational re-seller for TGL.
Tribune also recently concluded an agreement in South Africa, where they expect to generate business early 2019. They are also currently negotiating a potential partner in France, Germany and other parts of the world are not far behind with a long list of potential customers awaiting trails.
The Sky is the Limit!
Greater levels of funding and the recent addition of Mike Ayles, who joined Tribune from TTE as the Head of Development earlier this year, has enabled Tribune to have a sole focus on product development and carry out rigorous modelling of Alchemist and are now able to objectively investigate the product in ways that were not possible before.
Tribune have already undergone testing and adaption on the Alchemist for use on Tier 1, 2 and 3 generators. Operators are scurrying to find a solution to reduce emissions since this was made an immediate requirement through recent legislation. Further testing is on-going, but it looks like Alchemist could be the most impactful and cost-effective options available, there are tens of thousands of these generators in the UK alone.
As diesel generators use a very similar technology to the rail industry this development will rapidly speed up the entry to the Rail market, they will now be able to offer a product already proven in power generation sector.
This is a hugely exciting time for Tribune Group and we are very proud to be apart of it!