TIDMEQT
RNS Number : 3404Y
EQTEC PLC
08 May 2019
8 May 2019
EQTEC plc
("EQTEC" or the "Company")
Billingham Energy Project MOU with COBRA and Scott Bros
EQTEC plc (AIM: EQT), the technology solution company for waste
gasification to energy projects, is pleased to announce that it has
entered into a conditional Memorandum of Understanding ("MOU") with
COBRA Instalaciones Y Servicios ("COBRA"), the Company's strategic
partner for the development of the waste-to-energy projects, and
Scott Bros. Enterprises Limited ("Scott Bros") (together, the
"Parties") to jointly develop the proposed up to 25 MW Billingham
Energy waste gasification and power plant in Haverton Hill,
Billingham, UK (the "Project"). The Project is anticipated to
process 200,000 metric tons per annum of refuse derived fuel from
municipal waste ("RDF").
Pursuant to the MOU, EQTEC will act as lead developer and
technology provider for the Project. EQTEC will also provide its
engineering, design and technology expertise to the Project, and
will work alongside COBRA to produce the full engineering,
procurement and construction ("EPC") and operations and maintenance
("O&M") offer for the Project.
Ian Price, CEO of EQTEC, commented:
"We are extremely happy to have executed the MOU, representing
our first deal with COBRA, our major strategic partner. This has
the potential to be a flagship project of significant scale, with
the intention to process at least 200,000 metric tons per annum of
RDF, with an estimated project value in the range of GBP150 million
to GBP180 million.
"Working alongside COBRA, on a project of this magnitude as lead
developer, is a major achievement for EQTEC and enables us to use
our project development expertise and network to take the Project
to a successful close. We look forward to providing further updates
in due course.
"With our project pipeline continuously expanding and developing
key strategic partnerships, we aim to deliver significant value for
our shareholders with key contract wins in the near term."
Ian Fraser, Director of Scott Bros, commented:
"We are delighted to have entered into this agreement with the
highly experienced EQTEC team, alongside a world class EPC Group
such as COBRA. We have been working closely with local government
and stakeholders to advance the Project, which has included
securing the planning for the Project. This type of infrastructure
development will bring significant benefits and investment in the
local community and we are very happy to play a part in it."
Details of the MOU
The MOU sets out the basis on which the Parties will collaborate
to advance the Project.
EQTEC will act as the lead developer and technology provider to
the Project, as well as providing its engineering, design and
technology expertise. EQTEC will work alongside COBRA to produce
the full EPC and O&M offering for the Project as well as
seeking to secure the necessary funding for the construction and
development of the Project, through the introduction of third-party
equity and debt investors ("Financial Close").
Financial Close is conditional on, inter alia, the completion of
due diligence on the Project, execution of definitive agreements
between the Parties, the necessary funding being secured and the
EPC and O&M contracts having been entered into. Scott Bros will
assist both EQTEC and COBRA with all documentation and additional
permitting required for the Project and will also be entitled to a
developer's fee payable on Financial Close.
The MOU is subject to an exclusivity period of six months, which
can be extended by the mutual consent of the Parties.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries
EQTEC plc +353 (0)21 2409 056
Ian Price - Chief Executive Officer
Gerry Madden - Finance Director
Strand Hanson - Nomad, Financial
Adviser & Broker +44 (0) 207 409 3494
James Harris/Richard Tulloch/Jack
Botros
IFC Advisory - Financial PR & IR +44 (0) 203 934 6630
Tim Metcalfe / Miles Nolan / Zach
Cohen
Notes to Editors
About EQTEC plc
EQTEC's business model involves sourcing and providing
assistance in developing waste elimination projects to which it
will ultimately sell its EQTEC Gasifier Technology ("EGT") and
O&M services. EGT enables project developers to construct waste
elimination plants and recover electrical and thermal energy from
the waste streams.
EQTEC sources projects that have a local supply of waste in need
of elimination and conversion. It builds relationships and brings
together the developers, the waste owners, the building contractors
and funders. It then supplies the energy recovery technology and
provides engineering services to the projects. Furthermore, EQTEC
will provide O&M services to the operating projects generating
recurring revenues over the life of the projects.
The Company is quoted on AIM and trades as EQT. Further
information on the Company can be found at www.eqtecplc.com.
About Cobra Instalaciones y Servicios SA
COBRA is engaged in the engineering, construction, operation,
installation and maintenance of industrial and energy
infrastructures for clients in the Americas, Europe, Africa, Asia
and Oceania. The company's main business areas are renewable energy
and the environment; industrial engineering and plants (EPC
projects); electric networks and infrastructures, installations,
assemblies and services; and technologies and services.
The COBRA Group was founded in 1944 and is based in Madrid, with
presence in over 70 countries worldwide, more than 35,000 employees
and a turnover in excess of EUR3 billion in 2017. Further
information on the company can be found at www.grupocobra.com.
About Scott Bros
Based in Stockton-on-Tees, Scott Bros is a wholly owned
subsidiary of Scott Bros. Holdings Limited. Scott Bros. Holdings
was founded in 1971 and is a well-established haulage and plant
hire business, with a long history of working with the local
community and local government, investing in environmental
solutions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAXSPEEPNEEF
(END) Dow Jones Newswires
May 08, 2019 03:14 ET (07:14 GMT)
Eqtec (LSE:EQT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eqtec (LSE:EQT)
Historical Stock Chart
From Jul 2023 to Jul 2024