TIDMEQT
RNS Number : 4490O
EQTEC PLC
09 February 2021
9 February 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
Exclusive Collaboration Agreement signed with Logik
EQTEC plc (AIM: EQT), a world leading gasification technology
solutions company for sustainable waste-to-energy projects, is
pleased to announce that it has signed a Collaboration Framework
Agreement (the "Agreement"), with Logik Developments Limited
("Logik") (together with EQTEC, the "Parties"), a specialist,
strategic land developer committed to the development of
waste-to-value projects in the UK. The Agreement covers all key
terms of the proposed cooperation between the Parties for the
development of certain waste-to-energy projects across the UK.
On 8 December 2020, the Company announced its participation in
the Deeside Refuse Derived Fuel project (the "Deeside RDF
Project"), through the acquisition of Logik WTE Limited, the
project SPV, from Logik. Logik is currently progressing a portfolio
of waste-to-energy projects in the north of England and across the
rest of the UK.
The purpose of the exclusive Agreement is to further strengthen
and extend the commercial relationship between the Parties,
following the recent, successful acquisition of the Deeside RDF
Project, which involves the proposed r ecycling of waste,
production of RDF and construction of an anaerobic digestion
facility at the Deeside site in Flintshire, Wales. EQTEC continues
to seek additional planning permission so that its advanced
gasification technology and solutions can be applied to the Deeside
RDF Project, which would reduce the environmental impact of the
project, whilst also improving its economics.
David Palumbo, CEO of EQTEC, commented:
"This exclusive Collaboration Framework Agreement with Logik is
a natural next step for EQTEC. We are delighted to commit to
commercial partnerships of this kind: they have significant
potential to quickly enhance our pipeline with high-calibre
partners. The Agreement with Logik builds on the increasing demand
in the UK market for projects that will apply EQTEC's advanced
gasification technology and solutions and sustainably convert a
variety of genuine waste into clean energy.
"This collaboration is also expected to help accelerate the
delivery of our projects in the UK, creating local jobs and
significantly reducing harmful emissions when compared with
alternative waste-to-energy processes. I look forward to providing
updates as projects are progressed through this Agreement and
beyond."
Highlights of the Agreement
-- EQTEC and Logik will collaborate and develop projects
together in the UK and jointly promote other commercial
opportunities.
-- Throughout the duration of the Agreement, Logik will grant
EQTEC exclusivity, by right of first refusal, for the development
of waste-to-energy projects in Logik's UK portfolio.
-- The Parties will focus their joint efforts on the development
of a defined portfolio of projects in the UK and use EQTEC's
advanced gasification technology in projects that include
electricity generation, heat supply, combined cooling heating and
power (CCHP) and syngas-to-biofuels.
-- The Agreement will apply a portfolio approach in the UK to
meet the strategic interests of both EQTEC and Logik.
-- The Parties have already identified five project
opportunities for joint pursuit. The first, the Deeside RDF
Project, is already under development (as announced on 8 December
2020), with four additional projects subject to preliminary due
diligence.
-- The development of any project by the Parties will be subject
to, inter alia, definitive agereements and funding.
-- The initial collaboration period defined in the Agreement is three years.
Neil Spencer, Director of Logik, commented:
"We are delighted to be working with EQTEC. Its leadership team
and industry-leading technical professionals are exemplars of
innovative gasification technology and solutions. More than ever,
we are confident in realising, with EQTEC, the tremendous economic
and social value from waste-to-energy projects across the UK."
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
------------------------------
Arden Partners - Broker +44 20 7614 5900
------------------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
------------------------------
Maitland/AMO - Communications & PR/IR adviser +44 20 7379 5151
------------------------------
James Benjamin/Rhys Jones EQTEC-maitland@maitland.co.uk
------------------------------
About EQTEC plc
EQTEC is a world leading gasification technology partner with
proven proprietary patented technology for sustainable
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 versatile solutions are
independently proven to process over 50 different types of
feedstock, including municipal waste, agricultural waste, biomass
and plastics with no hazardous waste or toxic emissions . 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.
EQTEC's 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
.
About Logik Developments
Logik is a specialist strategic land developer, seeking to
responsibly shape communities by collaborating with sector
specialists.
The Logik team has more than 50 years' experience in responsibly
developing strategic sites. Logik works collaboratively with
funders and city authorities, ensuring it can unlock and transform
new spaces. Through its connections, Logik has the ability to bring
new and unique sites to market which not only potentially advance a
city's strategic masterplan but also deliver long term value to the
community, through aspirational residential developments as well as
waste to energy projects.
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END
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