TIDMEQT
RNS Number : 1770G
EQTEC PLC
16 March 2020
16 March 2020
EQTEC plc
("EQTEC", the "Company" or the "Group")
Collaboration Framework Agreement with ewerGy to develop project
portfolio
EQTEC plc (AIM: EQT), the technology solution company for
advanced gasification in waste to energy projects, is pleased to
announce the signing of a Collaboration Framework Agreement (the
"Agreement"), with the German EPC company ewerGy GmbH ("ewerGy")
covering the key terms of the proposed cooperation for the
development of a portfolio of projects in Greece and the Balkan
Region (the "Territory").
On 3 March 2020, the Company announced that it had entered into
an MOU for the first gasification plant in Greece, under which it
is intended that the Group will provide its gasification technology
to the plant as nominated subcontractor to ewerGy.
Highlights
-- The purpose of the Agreement is for EQTEC and ewerGy to
co-operate and collaborate to develop projects together in the
Territory and to promote and introduce to each other commercial
opportunities.
-- The parties will focus their joint efforts to develop a
selected project portfolio in the region and to use EQTEC's
Advanced Gasification Technology in projects which will include
electricity generation, heat supply and/or CCHP (combined cooling
heating and power), as well as syngas to chemicals.
-- The intention is to focus on a portfolio approach in the
Territory that would meet the strategic interests of both EQTEC and
ewerGy.
-- ewerGy will act as an ongoing business developer for EQTEC in
the Territory and, in Greece specifically, ewerGy will also operate
as the EPC contractor and O&M partner.
-- EQTEC will provide engineering and technical design services,
technology and project development support.
-- The parties have identified 11 potential projects in the
pipeline: Two are under development, of 0.5MWe and 1MWe
respectively (as announced on 3 March 2020), with the remaining
projects under due diligence.
-- All of the projects have the required permitting, economic
feasibility studies and secured biomass feedstock, supplied by the
local communities, for proposed development.
-- The Agreement will be valid for an initial 60-month period.
EQTEC and ewerGy have full confidence in the potential of the
Agreement and the Company will update the market accordingly when
the projects under review are progressed into a qualified
contracted pipeline. Any project that the parties decide to take
forward and develop would be subject to a separate detailed
contract and further announcements will be made, as and when
appropriate.
David Palumbo, CEO of EQTEC, commented:
Since January, we have been working with ewerGy and its local
partner, ECO Hellas, on the development of the first advanced
gasification plant in Greece, for which we recently announced an
MOU. This collaboration has already been very productive, and the
expertise, professionalism and local know-how of ewerGy and ECO
Hellas have made clear to us the value of a wider collaboration
with them. We are looking forward to opening up Greece and
neighbouring countries for advanced gasification plants, and we are
convinced ewerGy and ECO Hellas are the right partners to do so and
have, already inside their network, access to an interesting
prospective pipeline of projects."
Gerd Kromarck, CEO of ewerGy, commented:
"In the announcement of the MOU for the first advanced
gasification plant in Greece, we indicated that we are very
confident that, together with our partners EQTEC and ECO Hellas, we
will set a very high standard in the market. As project developer
and EPC contractor we will work closely together with EQTEC and ECO
Hellas to execute as fast as possible our current projects
pipeline.
"The opportunity is there: Greece and the Balkans can progress
from a sub-standard waste management situation to a world class
best practice in Waste-to-Energy."
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
Enquiries
EQTEC plc +353 21 2409 056
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
James Harris / James Dance / Jack Botros
SI Capital Limited - Broker +44 1483 413 500
Nick Emerson / Jon Levinson
IFC Advisory - Financial PR & IR +44 20 3934 6630
Tim Metcalfe / Graham Herring / Zach
Cohen
Notes to Editors
About EQTEC plc
EQTEC is the technological solution partner for converting waste
to clean energy.
EQTEC mission is to provides sustainable technological solutions
to address two of the world's greatest challenges: managing rising
levels of waste and meeting the growing demand for clean
energy.
EQTEC's business model involves sourcing and providing
assistance in developing waste elimination projects which will
convert waste into clean energy, to which it will ultimately sell
its EQTEC Advanced Gasification Technology and O&M services.
EQTEC Advanced Gasification Technology 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.
EQTEC also seeks to provide O&M services to established
operating co-generation plants generating recurring revenues over
the life of the projects.
The Company is quoted on AIM, bears the Green Economy Mark
awarded by the London Stock Exchange and trades as EQT. Further
information on the Company can be found at www.eqtecplc.com .
About ewerGy
ewerGy is a German company with extensive experience in the
renewable energy market, in project development, implementation and
construction, as well as O&M.
For more information, please visit: www.ewergy-germany.com
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
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contact rns@lseg.com or visit www.rns.com.
END
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