TIDMEQT
RNS Number : 8394E
EQTEC PLC
12 July 2021
12 July 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
Clarification with respect to North Fork Community Power
("NFCP") project
EQTEC plc (AIM: EQT), a world-leading gasification solutions
company building the future of a cleaner waste-to-energy industry,
feels obliged to clarify certain matters with respect to recently
published minutes on the website of North Fork Community
Development Council ("NFCDC"), following its Regular Board Meeting
held on 28 June 2021 (the "Minutes").
The Minutes contain some claims in relation to North Fork
Community Power LLC ("NFCP"), its partners, its funding and
management of the project underway to build a 2MWe plant based on
EQTEC technology and that will transform locally sourced forestry
waste into power and biochar for the local community whilst
reducing the risk of forest fires in the area ("the Project"). As
some of the comments in the Minutes suggest a lack of understanding
of project accountabilities and contractual relationships, the
Company has written directly to NFCDC to clarify these points and
express its concerns.
NFCDC is a volunteer-led, not-for-profit, local, community
initiative formed to promote in particular the old mill site on
which the Project is located. The members of NFCDC are primarily
residents in the North Fork area of California. NFCDC is, like the
Company, a Managing Member of NFCP.
EQTEC would like to clarify that it is the technology provider
to the Project and has no role or scope in relation to project
management. In its role as a Managing Member and equity owner in
NFCP with a vested interest in the success of the Project, the
Company has consistently driven NFCP to appoint dedicated,
professional Owners Representatives and Project Managers to improve
discipline, focus and risk management on the Project. Since 2020,
EQTEC has taken the lead in sourcing, vetting and introducing to
NFCP professional candidates to carry out this role, even advancing
the funds to NFCP to pay their fees.
Based on its continued interest and investment in the Project,
the Company has also taken a lead in bringing all investors and
stakeholders into negotiations aimed at ensuring the Project is
fully funded and can proceed with construction, commissioning and
live operations. The Company has made a non-binding proposal to
provide requisite funding, as a convertible loan facility, to take
the Project to completion ("the Proposal"). The proposed facility,
if fully drawn down and converted, would result in the Company
taking a controlling interest in NFCP and the Project.
The Proposal was signed by all Managing Members of NFCP,
including NFCDC. The terms are currently undergoing final
negotiations for legal execution and the Company anticipates this
will conclude shortly, so that accelerated, focused work can
continue at pace on the Project.
David Palumbo, CEO of EQTEC, commented:
"We remain fully committed to the North Fork community and value
our relationship with North Fork Community Development Council, our
fellow Managing Member for NFCP. The plant at North Fork, enabled
by EQTEC's Advanced Gasification Technology, is the beginning of
our efforts to generate cleaner energy for California and reduce
the risk of forest fires, through clearing out forestry waste and
putting it to constructive use. It is our hope that the North Fork
plant becomes another Market Development Centre ("MDC") for us that
allows us to bring our capabilities to more communities across the
state."
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
-----------------------
Arden Partners - Joint Broker +44 20 7614 5900
-----------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
-----------------------
Canaccord Genuity - Joint Broker +44 20 7523 8000
-----------------------
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
-----------------------
Alma PR - Financial Media & Investor Relations +44 20 3405 0205
-----------------------
Josh Royston / Sam Modlin / Matthew Young EQTEC@almapr.co.uk
-----------------------
+44 7554 014 188 / +44
BECG - General Media Enquiries 7867 452 269
-----------------------
Carrie Lowe / Tom Gosschalk EQTEC@BECG.com
-----------------------
About EQTEC plc
As one of the world's most experienced gasification technology
and engineering companies, with a growing track record of
delivering operational and commercial success for transforming
waste-to-energy through best-in-class technology innovation,
engineering and project development , EQTEC brings together design
innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. EQTEC's
proven, proprietary and patented technology is at the centre of
clean energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, supplies and builds advanced gasification
facilities in the UK, EU and US, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process over 50 varieties of feedstock, including
forestry wood waste, vegetation and other agricultural waste from
farmers, industrial waste and sludge from factories and municipal
waste, all with no hazardous or toxic emissions . EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of synthetic natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to
lead collaborative ecosystems of qualified partners and to build
sustainable waste reduction and green energy infrastructure around
the world.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange has awarded EQTEC the Green Economy Mark, which 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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