Papyrus Australia Ltd (PPY), an Australian company focused on developing and commercialising innovative technology based on converting waste banana tree trunks into a range of products, has issued a supplementary announcement to its August 20, 2025, release regarding an agreement with AQN. The company clarifies that it has entered into a binding term sheet with AQN, not a definitive agreement as initially indicated in the previous announcement’s headline. The current announcement provides additional information in accordance with ASX Listing Rules.
The term sheet is subject to two specific conditions. First, Papyrus must establish a production facility capable of producing the agreed-upon products, with commissioning expected in Q4 FY26. Second, the production samples must meet the product specifications outlined in the term sheet. Papyrus notes that initial testing and field trials completed in May 2025 demonstrated compliance with these specifications. The three-year term of the agreement will commence upon the fulfillment of both conditions.
Papyrus is currently finalising a location for the production facility in Adelaide. The establishment of this facility is subject to various approvals and consents, as well as the company securing the necessary investment funding. The company also clarified that there is no immediate revenue while the production facility is being established. Revenue generation will only begin once the facility is completed and production commences. Vince Rigano, Company Secretary, issued the announcement.
