Delorean Corporation announced that the Company has completed the Concept Stage of the Brickworks Building Products (“Brickworks”) Master Service Agreement (MSA) and formally progressed to the Development Stage. The Concept Stage included concept design, covering desktop planning and environmental assessments for sites in NSW, the completion of architectural drawings, completion of an independent review of the organics waste market within the respective regions and discussions with feedstock suppliers. Brickworks and Delorean have now formally moved to the Development Stage of the collaboration.

The objective of the Development Stage is for Delorean to further progress the feasibility study, which will provide each party with additional information on the viability of the Project(s) and inform the decision of whether to move forward into the final stage of development; Final Project Development Approval (or Final Investment Decision), which will include agreement on commercial terms. Brickworks will retain Delorean to undertake the feasibility study in respect to the initial anaerobic digestion (AD) plant under a separate agreement (a Services Contract), as per the terms set out in the MSA. As part of the Development Stage, Delorean will apply for all necessary development applications, consents and regulatory approvals in connection with the development, construction and operation of the AD plant. This will also be supported by other development works, including negotiating and closing out feedstock and offtake agreements for the Project.

Brickworks will be the applicant for all such applications, consents and approvals. Subject to the successful outcome of the Development Stage, Development Approval (DA) being granted and the parties determining to proceed with the project, Delorean and Brickworks intend to establish a commercial arrangement to construct and operate the bioenergy plant. With a more supportive Federal Government framework for green energy resulting from new Labor leadership, the reduction of emissions in hard to abate industrial sectors will be vital to achieving more ambitious 2030 targets.

In addition, the global energy crisis and soaring energy costs have increased the urgency of the shift towards renewables. This has enhanced the importance of these projects and the broader need for companies to commit to carbon abatement. These bioenergy projects for Brickworks have the potential to provide a sustainability model that can be scaled, thereby significantly contributing to Australia's moves towards reducing carbon emissions and achieving net zero.

The completion of the Concept Stage demonstrates important progress in the collaboration and Delorean looks forward to continuing to advance the agreement and move closer to Final Investment Decision.