Extension of Billingham Energy Project MOU

RNS Number : 8493Q

EQTEC PLC

23 October 2019

 

23 October 2019

EQTEC plc

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

Extension of Billingham Energy Project MOU

EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announces that, further to the Company's announcement of 8 May 2019, regarding the conditional Memorandum of Understanding ("MOU") with COBRA Instalaciones Y Servicios SA ("COBRA"), the Company's strategic partner for the development of waste-to-energy projects, and Scott Bros. Enterprises Limited ("Scott Bros") (together with EQTEC, the "Parties"), to jointly develop the proposed up to 25 MW Billingham Energy waste gasification and power plant in Haverton Hill, Billingham, UK (the "Project"), the Parties have agreed to extend the exclusivity period of the MOU until 22 July 2020.

In accordance with the terms of the MOU, the Parties had a number of meetings to review the progress made on the Project with regard to grid connection, planning and feedstock supply.  It was deemed by the Parties that progress has been satisfactory and, as a result, the Parties agreed an extension in order to further progress discussions with potential funding partners.

Ian Fraser, Director of Scott Bros, commented:

"Following our Project meetings with EQTEC, we continue to be reassured they are a team with extensive project development expertise and we are happy with the progress made to date on the Project.  This has been sufficient for us to feel confident in granting an extension and looking forward to further progressing this significant development for the region."

David Palumbo, CEO of EQTEC, commented: 

"We are pleased that COBRA and Scott Bros are reassured by the progress achieved by our operational team to date on this ambitious energy from waste infrastructure project.  We look forward to progressing discussions with potential funders interested to own energy infrastructure in a sector which is gaining significant traction and one which could have such an important positive environmental impact."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). 

Enquiries

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

Notes to Editors

About EQTEC plc

EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT") and O&M services.  EGT 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. Furthermore, EQTEC will provide O&M services to the operating projects generating recurring revenues over the life of the projects.

The Company is quoted on AIM and trades as EQT.  Further information on the Company can be found at www.eqtecplc.com.

 

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