EQTEC PLC Extension of Billingham Energy Project MOU (8493Q)
October 23 2019 - 4:18AM
UK Regulatory
TIDMEQT
RNS Number : 8493Q
EQTEC PLC
23 October 2019
23 October 2019
EQTEC plc
("EQTEC", the "Company" or the "Group")
Extension of Billingham Energy Project MOU
EQTEC plc (AIM: EQT), the technology solution company for waste
gasification to energy projects, announces that, further to the
Company's announcement of 8 May 2019, regarding the conditional
Memorandum of Understanding ("MOU") with COBRA Instalaciones Y
Servicios SA ("COBRA"), the Company's strategic partner for the
development of waste-to-energy projects, and Scott Bros.
Enterprises Limited ("Scott Bros") (together with EQTEC, 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 Parties have agreed to extend
the exclusivity period of the MOU until 22 July 2020.
In accordance with the terms of the MOU, the Parties had a
number of meetings to review the progress made on the Project with
regard to grid connection, planning and feedstock supply. It was
deemed by the Parties that progress has been satisfactory and, as a
result, the Parties agreed an extension in order to further
progress discussions with potential funding partners.
Ian Fraser, Director of Scott Bros, commented:
"Following our Project meetings with EQTEC, we continue to be
reassured they are a team with extensive project development
expertise and we are happy with the progress made to date on the
Project. This has been sufficient for us to feel confident in
granting an extension and looking forward to further progressing
this significant development for the region."
David Palumbo, CEO of EQTEC, commented:
"We are pleased that COBRA and Scott Bros are reassured by the
progress achieved by our operational team to date on this ambitious
energy from waste infrastructure project. We look forward to
progressing discussions with potential funders interested to own
energy infrastructure in a sector which is gaining significant
traction and one which could have such an important positive
environmental impact."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Enquiries
EQTEC plc +353 (0)21 2409 056
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser +44 (0) 20 7409 3494
James Harris / James Dance / Jack Botros
SI Capital Limited - Broker
Nick Emerson / Jon Levinson +44 (0)1483 413 500
IFC Advisory - Financial PR & IR +44 (0) 20 3934 6630
Tim Metcalfe / Graham Herring / 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.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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