EQTEC PLC Billingham Project MOU Extension (0955G)
November 23 2020 - 2:05AM
UK Regulatory
TIDMEQT
RNS Number : 0955G
EQTEC PLC
23 November 2020
23 November 2020
EQTEC plc
("EQTEC", the "Company" or the "Group")
Waste gasification and power plant at Billingham, UK:
MOU Extension to facilitate legal execution of Call Option
Exclusivity Agreement.
EQTEC plc (AIM: EQT), a world leading gasification technology
solutions company for waste-to-energy projects, is pleased to
announce that the Parties have agreed to extend the exclusivity
period of the Billingham MOU until 18 December 2020.
On 8 May 2019, the Company entered into a conditional Memorandum
of Understanding (the "Billingham MOU") with Scott Bros.
Enterprises Limited ("Scott Bros") (together, with EQTEC, the
"Parties") to jointly develop the proposed up to 25 MWe Billingham
Energy waste gasification and power plant in Haverton Hill,
Billingham, UK (the "Project"). The Billingham MOU has been the
subject of previous extensions, as announced by the Company on 23
October 2019, 23 June 2020 and 18 September 2020.
Subsequent to the extension announced in September 2020, the
Parties acknowledge that the legal execution of the Option
Agreement (the "Agreement") is at an advanced stage, with the
majority of the commercial material terms agreed. The Parties agree
to use all reasonable endeavours to finalise legal execution of the
Agreement no later than 18 December 2020.
The Company has progressed the proposed development of the
Project, including inter alia: discussions with potential
co-developers and funders; instructed and received a full quotation
for the grid connection from the grid operator, Nothern Powergrid;
and completed technical due diligence with insurance providers.
The extension of the exclusivity period announced herein is with
the aim of finalising the execution of a legally binding option
agreement with Scott Bros which, if agreed, will grant EQTEC and
its partners the right, but not the obligation, to purchase the
entire issued share capital of Billingham EFW Limited, the Project
SPV, from Scott Bros, subject to agreement on consideration and
other terms.
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
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Arden Partners - Broker +44 20 7614 5900
------------------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
------------------------------
Maitland/AMO - Strategic Communications &
PR/IR adviser +44 20 7379 5151
------------------------------
James Benjamin EQTEC-maitland@maitland.co.uk
------------------------------
About EQTEC plc
EQTEC is a world leading gasification technology partner with
proven proprietary patented technology for cost effective
waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that
have a higher efficiency product offering and are modular and
scalable from 1MW to 25MW. EQTEC's solutions are independently
proven to process over 50 different types of feedstock, including
municipal waste, agricultural waste, biomass and plastics. EQTEC's
solutions produce a uniquely pure high-quality synthesis gas
(syngas), that is capable of being used for the widest applications
in the creation of energy, hydrogen and biofuels.
Proprietary technology design together with deployment and
maintenance capabilities mitigate the risks when using third party
equipment. EQTEC's Technology Integration capabilities enable the
Group to lead collaborative ecosystems that build sustainable,
waste elimination and green energy infrastructure.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange awarded EQTEC the Green Economy Mark that recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at
www.eqtec.com
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