Drax Group Plc (DRX.L), a renewable energy company, on Thursday announced a 20-year joint venture, or JV, agreement with Power Minerals Limited, or PML, to process pulverised fuel ash, or PFA, a byproduct of power generation at Drax power station.
With this, a new facility will process PFA into a supplementary cementitious material, SCM, which can be sold to the construction industry and used in the production of cement with a lower carbon footprint.
PML will construct, own, and operate the new facility, whilst Drax will sell PFA to the JV as well as provide power and water to the site. The new plant is expected to begin operations by the end of 2026, with a projected annual production of 400,000 tons once operating at full capacity.
The new facility will be located adjacent to the Drax power station site, on land leased from Drax Power Limited. There is no capital investment required by Drax, the Group said in a statement.
Further, the company said:"Drax believes the project could generate incremental Adj. EBITDA of c.£5 million pa for Drax post 2027 through to 2046."
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.