Deeside Project Update and Extension to SPA

RNS Number : 7251Q

EQTEC PLC

30 June 2022

 

30 June 2022

EQTEC plc

("EQTEC", the "Company" or the "Group")

Deeside Project Update and Extension to Share Purchase Agreement

EQTEC plc (AIM: EQT), a world-leading technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production confirms that, further to its announcement on 1 April 2022, Deeside WTV Limited ("Deeside WTV"), a wholly owned subsidiary of EQTEC, and Logik Developments Limited (" Logik ") have reached an agreement to further extend the date for completing the  share purchase agreement signed by Deeside WTV and Logik on 7 December 2020 (as amended by the supplemental agreement announced on 6 December 2021 and further amended by the supplemental agreement announced on 1 April 2022) (the "SPA") to 31 August 2022.  The SPA relates to the currently approved 182,000 tonne waste reception plant along with 2 MW anaerobic digestion facility and a 9.9 MWe EQTEC Advanced Gasification Technology facility, (the "Project") at Deeside, Flintshire, UK.

Project progress

The Company is in the final stage of discussions to appoint Black and Veatch, a global engineering, procurement, consulting and construction company specialising in sustainable infrastructure development, for the powertrain FEED (front end engineering design) which follows the EQTEC gasification plant.

Discussions with shortlisted technology partners and EQTEC are ongoing, in order that the selected companies can provide their technical and commercial proposal for the downstream technology to convert syngas into hydrogen.

Ongoing discussions with development and infrastructure investors, as well as owner-operators for a minimum of £15 million sale of the Project SPV are progressing with a number of parties engaged at due diligence stage.

Further information about the Project

EQTEC is lead developer and technology provider for the Project in partnership with Logik and Anaergia Inc. through the Project SPV. As announced on 28 October 2021,  Flintshire County Council's Planning Committee has resolved to grant planning permission for the proposed 9.9 MWe plant to enable a complete and local waste-to-energy solution, combining a 182,000 tonne waste reception plant along with 2 MW anaerobic digestion ("AD") and EQTEC Advanced Gasification Technology. The planning authority's decision follows its prior approval of the site for the original plan of a recycling and AD facility.  Additionally, through the Project, EQTEC and Toyota are exploring an innovative, circular and sustainable waste-to-energy solution for Toyota's engine manufacturing plant in Deeside.  The  site is currently on 6.27 hectares of land off Weighbridge Road on Deeside Industrial Estate, one of Europe's largest such industrial sites. The Project site is wholly owned by the Project SPV (acquired December 2020) and was formerly a Gaz de France power station.

The Project is one of three waste-to-energy/fuel projects that the Group is developing in the UK, including at Billingham, Teesside and Southport, Merseyside.

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No  596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

ENQUIRIES

EQTEC plc	[phone]
David Palumbo / Nauman Babar
Strand Hanson - Nomad & Financial Adviser	[phone]
James Harris / Richard Johnson
Arden Partners - Joint Broker	[phone]
Ruari McGirr (Corporate) / Simon Johnson (Sales)
Canaccord Genuity - Joint Broker	[phone]
Henry Fitzgerald-O'Connor / James Asensio / Patrick Dolaghan
Alma PR - Financial Media & Investor Relations	[phone]
Josh Royston / Sam Modlin	[e-mail]
Instinctif - General Media Enquiries	[phone] / [phone]
Chris Speight / Tim Field	[e-mail]

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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