EQTEC PLC - Financial close & signing of contract with ewerGy
("EQTEC" or the "Company")
Financial close and signing of Equipment Sale and Services Contract with ewerGy for
· EQTEC has signed a Nominated Subcontractor Agreement with ewerGy for the sale of Equipment and Engineering and Design Services worth
· Financial close for the Plant has occurred and the first milestone payment to be made to EQTEC of
· The fully permitted 0.5MWe Plant is fully financed with a bank facility from one of the main banks in
· Construction of the Plant is expected to begin next month and complete in Q4 2021, creating local jobs during the construction phase and once operational.
· Once operational, the Plant will use EQTEC's advanced gasification technology to convert agricultural waste from wheat, corn and cotton harvests, otherwise destined for landfill or burning in the fields, into green electricity that will be exported to the grid.
· A total of 22 projects in
· This follows the Company's announcements of 3 and
Under the Collaboration Framework Agreement, EQTEC and ewerGy continue to work closely together and are progressing well with a select portfolio of projects in the Territory that would use EQTEC's Advanced Gasification Technology, which will include electricity generation, heat supply and/or combined cooling heating and power (CCHP), as well as syngas to chemicals and EQTEC and ewerGy have opened conversations with a number of providers of project finance.
Having completed preliminary due diligence on a number of additional projects, the parties have added 6 new projects into the Collaboration Framework Agreement, bringing the total projects to 22 to be potentially jointly developed in the Territory following further due diligence by EQTEC and ewerGy.
"EQTEC's cooperation with ewerGy and ECO Hellas continues to strengthen and deliver results and we are pleased to have signed an equipment sales and services contract with them. With the strong and increasing appetite from traditional banking institutions to provide financing for projects applying EQTEC's advanced gasification technology, we look forward to commencing the construction of
"This plant and the growing pipeline of 18 potential projects that we are progressing well in
Gerd Kromarck, CEO of ewerGy, commented:
"Our aim has been to be the first in
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.
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+353 21 2409 056
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Strand Hanson - Nomad & Financial Adviser
+44 20 7409 3494
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Arden Partners - Broker
+44 20 7614 5900
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+44 20 7379 5151
IFC Advisory - Financial PR & IR
+44 20 3934 6630
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EQTEC is a gasification technology partner with proven proprietary patented technology for cost effective 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 solutions are independently proven to process over 50 different types of feedstock, including municipal waste, agricultural waste, biomass and plastics. 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.
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
Further information on the Company can be found at www.eqtec.com
ewerGy is a German company with over 12 years of experience in the renewable energy and biogas markets, delivering planning, project development, implementation and construction, refurbishment, as well as O&M services.
For more information, please visit: www.ewergy-germany.com
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