Exclusive collaboration agreement with Logik

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 "DeesideRDF 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	[phone]
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser	[phone]
James Harris / James Dance / Jack Botros
Arden Partners - Broker	[phone]
Paul Shackleton (Corporate) / Simon Johnson (Sales)
Maitland/AMO - Communications & PR/IR adviser	[phone]
James Benjamin/Rhys Jones	[e-mail]

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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