Collaboration Framework Agreement with ewerGy

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	[phone]
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser	[phone]
James Harris / James Dance / Jack Botros
SI Capital Limited - Broker	[phone]
Nick Emerson / Jon Levinson
IFC Advisory - Financial PR & IR	[phone]
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

 

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